Tidewater Reports Results for the Three Months Ended March 31, 2023

May 08, 2023 at 16:15 PM EDT

First Quarter 2023 Highlights

Revenue of $193.1 million; Highest quarterly revenue since fourth quarter of 2015; an 83% increase over the first quarter of 2022
Highest quarterly global average day rate since third quarter of 2015
Net income of $10.7 million, or $0.21 per share
Adjusted EBITDA of $59.1 million; Highest quarterly EBITDA since third quarter of 2015
Quarter-end net debt balance of $4.3 million

Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ended March 31, 2023 of $193.1 million compared with $105.7 million for the three months ended March 31, 2022. Tidewater's net income for the three months ended March 31, 2023, were $10.7 million ($0.21 per common share) compared with a net loss of $12.2 million ($0.29 per common share) for the three months ended March 31, 2022. Included in the net income for the three months ended March 31, 2023 were merger and severance expenses of $1.4 million. Excluding this item, we would have reported a net income for the three months ended March 31, 2023 of $12.2 million ($0.23 per common share). Included in the net losses for the three months ended March 31, 2022 were long-lived asset impairment credit, gain on bargain purchase and merger and severance expenses of $0.5 million. Excluding these items, we would have reported a net loss for the three months ended March 31, 2022 of $11.7 million ($0.28 per common share).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “We are encouraged by the continued momentum we saw during the first quarter and the new cyclical revenue and global average day rate high-water marks, especially for what is anticipated to be the slowest quarter of the year due to seasonality in certain markets. Consolidated global average day rates continued the upward trend we saw throughout 2022, with the average day rate increasing nearly $1,100 per day sequentially. In addition, each individual geographic region increased its average day rate during the quarter. Also, all individual vessel classes except the 4-8k AHTS class increased in average day rate during the quarter. Seasonality did play a factor during the quarter as activity in the North Sea and the Mediterranean declined sequentially though, notably, we did see net day rate improvements in these markets during the quarter.

“The first quarter is typically the slowest calendar quarter of the year due to harsher weather conditions, calendar year budgets and the contracting habits of some of our global customers. This year we used the period to reposition vessels and to perform as many drydocks as possible so that we can maximize the utilization and profitability during the higher activity periods we typically see in the second and third quarters. Incidentally, we anticipate a stronger fourth quarter than third quarter, which is atypical, but representative of a market strengthening in excess of the typical calendar year seasonality. The repositioning in the first quarter resulted in disproportionally higher drydock cost and idle time. Drydock days were up approximately 41.0% from the fourth quarter and drydock spend was approximately $31.0 million. Our forecasted drydock spend for the year remains unchanged at $77.0 million. Similar to what we are expecting in the fourth quarter of this year, first quarter revenue actually increased over the fourth quarter, as the $1,100 increase in the global average day rate overtook the active fleet utilization decrease of 1.9 percentage points.

“During the first quarter, we announced an agreement to acquire 37 PSVs from Solstad Offshore. We are excited about the addition of this high-quality fleet of PSVs to the Tidewater fleet. We expect to close the acquisition by the end of the second quarter, and we continue to evaluate a variety of commercial banking and debt capital market financing alternatives with the objective of optimizing the cost of capital and financial flexibility.

“Turning to our regional operating results, the Americas had a strong quarter as utilization improved five percentage points and day rate expanded by over $1,500 per day. This improvement was spread across nearly all of the subregions within the Americas segment, with particular strength in the Caribbean. The Asia Pacific region also experienced a strong quarter with significant sequential day rate expansion of approximately $5,700 per day, although vessels transiting in and out of Australia and drydocks materially impacted utilization. Vessel operating margin in Asia Pacific increased by nearly 16 percentage points to just over 43.0%, driven by the day rate expansion. Utilization in West Africa declined during the quarter as a number of vessels were in-transit within the region and the aforementioned increase in drydock days, nonetheless, the average day rates in the region improved by nearly $800 per day.

“As we survey the market and evaluate the momentum that built during the quarter, particularly as we moved beyond the seasonally slow period of the quarter, we remain confident in our outlook for 2023. As such, we reiterate our 2023 annual guidance of $900 million of revenue and approximately 50.0% vessel operating margin for the legacy Tidewater business and reiterate our updated pro forma 2023 guidance of $1.03 billion of revenue and approximately 50.0% vessel operating margin which contemplates closing the Solstad PSV acquisition by the end of the second quarter of 2023.”

In addition to the number of outstanding shares, as of March 31, 2023, the company also has the following in-the-money warrants.

Common shares outstanding			50,780,847
New Creditor Warrants (strike price $0.001 per common share)			81,244
GulfMark Creditor Warrants (strike price $0.01 per common share)			107,877
Total			50,969,968

Tidewater will hold a conference call to discuss results for the three months ending March 31, 2023 on May 9, 2023, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.888.770.7135 if calling from the U.S. or Canada (+1.929.203.0820 if calling from outside the U.S.) and provide Conference ID: 2444624 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 9, 2023 and will continue until 11:59 p.m. Central Time on June 9, 2023. 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 Forms 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, 2023 and December 31, 2022; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three months ended March 31, 2023 and 2022; and the Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022. Extracts are drawn from the March 31, 2023 unaudited quarterly and year to date financial statements and the December 31, 2022 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

In conjunction with the acquisition of Swire Pacific Offshore (SPO), we realigned our reportable segments to better reflect the post-acquisition operating environment. The previous Middle East/Asia Pacific segment has been split into the Middle East segment and the Asia Pacific segment. Our previous operations in Southeast Asia and Australia, along with the legacy SPO operations in the Asia Pacific region, now form the new Asia Pacific segment. Our segment disclosures reflect the current segment alignment for all periods presented.


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

	Three Months Ended
	March 31, 2023			March 31, 2022
Revenues:
Vessel revenues	$	191,180		$	103,876
Other operating revenues		1,924			1,853
Total revenues		193,104			105,729
Costs and expenses:
Vessel operating costs		115,459			68,511
Costs of other operating revenues		1,151			361
General and administrative		23,545			18,217
Depreciation and amortization		30,666			26,657
Long-lived asset impairment and other		—			(500	)
Gain on asset dispositions, net		(2,216	)		(207	)
Total costs and expenses		168,605			113,039
Operating income (loss)		24,499			(7,310	)
Other income (expense):
Foreign exchange loss		2,348			946
Interest income and other, net		130			3,486
Interest and other debt costs, net		(4,190	)		(4,175	)
Total other expense		(1,712	)		257
Income (loss) before income taxes		22,787			(7,053	)
Income tax expense		11,971			5,218
Net income (loss)		10,816			(12,271	)
Less: Net income (loss) attributable to noncontrolling interests		78			(103	)
Net income (loss) attributable to Tidewater Inc.	$	10,738		$	(12,168	)
Basic income (loss) per common share	$	0.21		$	(0.29	)
Diluted income (loss) per common share	$	0.21		$	(0.29	)
Weighted average common shares outstanding		50,604			41,412
Dilutive effect of warrants, restricted stock units and stock options		1,368			—
Adjusted weighted average common shares		51,972			41,412


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

	March 31, 2023			December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	165,145		$	164,192
Restricted cash		4,972			1,241
Trade and other receivables, less allowance for credit losses of $12,640 and $14,060 at March 31, 2023 and December 31, 2022, respectively		182,198			156,465
Marine operating supplies		24,448			30,830
Assets held for sale		695			4,195
Prepaid expenses and other current assets		18,978			20,985
Total current assets		396,436			377,908
Net properties and equipment		786,168			796,655
Deferred drydocking and survey costs		82,787			61,080
Indemnification assets		27,698			28,369
Other assets		34,058			33,644
Total assets	$	1,327,147		$	1,297,656

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	64,775		$	38,946
Accrued costs and expenses		107,348			105,518
Other current liabilities		43,220			50,323
Total current liabilities		215,343			194,787
Long-term debt		169,423			169,036
Other liabilities and deferred credits		68,968			67,843

Commitments and contingencies

Equity:
Common stock		51			51
Additional paid-in-capital		1,553,919			1,556,990
Accumulated deficit		(688,911	)		(699,649	)
Accumulated other comprehensive loss		8,254			8,576
Total stockholders' equity		873,313			865,968
Noncontrolling interests		100			22
Total equity		873,413			865,990
Total liabilities and equity	$	1,327,147		$	1,297,656


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

	Three Months Ended
	March 31, 2023			March 31, 2022
Net income (loss)	$	10,816		$	(12,271	)
Other comprehensive income (loss):
Unrealized loss on note receivable		(132	)		—
Change in liability of pension plans		(190	)		(197	)
Total comprehensive income (loss)	$	10,494		$	(12,468	)


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

	Three Months			Three Months
	Ended			Ended
	March 31, 2023			March 31, 2022
Operating activities:
Net loss	$	10,816		$	(12,271	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		21,048			17,673
Amortization of deferred drydocking and survey costs		9,618			8,984
Amortization of debt premiums and discounts		420			375
Provision for deferred income taxes		35			177
Loss on asset dispositions, net		(2,216	)		(207	)
Gain on bargain purchase		—			(1,300	)
Long-lived asset impairment and other		—			(500	)
Stock-based compensation expense		2,103			1,458
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables		(25,733	)		(15,570	)
Changes in due to/from affiliate, net		—			(20	)
Accounts payable		25,829			2,825
Accrued expenses		1,830			3,207
Deferred drydocking and survey costs		(31,325	)		(12,612	)
Other, net		369			(3,843	)
Net cash provided by (used in) operating activities		12,794			(11,624	)
Cash flows from investing activities:
Proceeds from sales of assets		5,716			4,628
Acquisitions, net of cash acquired		—			(1,039	)
Additions to properties and equipment		(8,651	)		(1,229	)
Net cash provided by (used in) investing activities		(2,935	)		2,360
Cash flows from financing activities:
Acquisition of non-controlling interest in a majority owned subsidiary		(1,427	)		—
Debt issuance and modification costs		—			(263	)
Tax on share-based awards		(3,747	)		(1,017	)
Net cash used in financing activities		(5,174	)		(1,280	)
Net change in cash, cash equivalents and restricted cash		4,685			(10,544	)
Cash, cash equivalents and restricted cash at beginning of period		167,977			154,276
Cash, cash equivalents and restricted cash at end of period	$	172,662		$	143,732


Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	98	$	—
Income taxes	$	17,057	$	3,200

Note: Cash, cash equivalents and restricted cash at March 31, 2023 includes $2.5 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 (loss)			interest			Total
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

Balance at December 31, 2021	$	41	$	1,376,494		$	(677,900	)	$	2,668		$	466		$	701,769
Total comprehensive loss		—		—			(12,168	)		(197	)		(103	)		(12,468	)
Issuance of common stock		1		(1	)		—			—			—			—
Amortization of share-based awards		—		441			—			—			—			441
Balance at March 31, 2022	$	42	$	1,376,934		$	(690,068	)	$	2,471		$	363		$	689,742

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, 2023				March 31, 2022
Vessel revenues:
Americas	$	47,687	25	%	$	28,444	27	%
Asia Pacific		22,024	12	%		4,897	5	%
Middle East		30,762	16	%		20,218	19	%
Europe/Mediterranean		31,250	16	%		23,919	23	%
West Africa		59,457	31	%		26,398	26	%
Total vessel revenues	$	191,180	100	%	$	103,876	100	%
Vessel operating costs:
Crew costs	$	66,643	35	%	$	40,837	39	%
Repair and maintenance		16,652	9	%		9,461	9	%
Insurance		2,005	1	%		1,384	1	%
Fuel, lube and supplies		13,555	7	%		7,076	7	%
Other		16,604	8	%		9,753	9	%
Total vessel operating costs		115,459	60	%		68,511	66	%
Vessel operating margin (A)	$	75,721	40	%	$	35,365	34	%

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

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

(In Thousands)	Three Months Ended
	March 31, 2023					March 31, 2022
Vessel operating profit (loss):
Americas	$	7,962		4	%	$	(82	)	(0	)%
Asia Pacific		5,568		3	%		2,173		2	%
Middle East		(344	)	(0	)%		(1,883	)	(2	)%
Europe/Mediterranean		2,036		1	%		(2,429	)	(2	)%
West Africa		17,221		9	%		3,215		3	%
Other operating profit		773		0	%		1,492		1	%
	33,216			17	%	2,486			2	%

Corporate expenses (A)		(10,933	)	(5	)%		(10,503	)	(10	)%
Gain on asset dispositions, net		2,216		1	%		207		0	%
Long-lived asset impairments and other		—		0	%		500		1	%
Operating income (loss)	$	24,499		13	%	$	(7,310	)	(7	)%

Note (A): General and administrative expenses for the three months ended March 31, 2023 and 2022, include stock-based compensation of $2.1 million and $1.5 million, respectively. In addition, vessel operating and general and administrative costs for the three months ended March 31, 2023 and 2022, include $1.4 million and $2.3 million in one-time acquisition, restructuring and integration related costs, respectively.


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

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2023			2022			2022			2022			2022
Revenues:
Vessel revenues	$	191,180		$	185,106		$	190,247		$	162,175		$	103,876
Other operating revenues		1,924			1,640			1,515			1,272			1,853
Total revenues		193,104			186,746			191,762			163,447			105,729
Costs and expenses:
Vessel operating costs (A)		115,459			115,496			113,037			100,257			68,511
Costs of other operating revenue		1,151			694			592			483			361
General and administrative (A)		23,545			28,633			27,267			27,804			18,217
Depreciation and amortization		30,666			29,881			30,856			31,766			26,657
Long-lived asset impairment (credit)		—			—			1,214			—			(500	)
(Gain) loss on asset dispositions, net		(2,216	)		(1,076	)		(264	)		1,297			(207	)
Total operating costs and expenses		168,605			173,628			172,702			161,607			113,039
Operating income (loss)		24,499			13,118			19,060			1,840			(7,310	)
Other income (expense):
Foreign exchange gain (loss)		2,348			2,105			(3,997	)		(1,881	)		946
Equity in net earnings (losses) of unconsolidated companies		—			14			9			(244	)		—
Interest income and other, net		130			981			581			349			3,486
Loss on warrants		—			—			—			(14,175	)		—
Interest and other debt costs, net		(4,190	)		(4,339	)		(4,391	)		(4,284	)		(4,175	)
Total other income (expense)		(1,712	)		(1,239	)		(7,798	)		(20,235	)		257
Income (loss) before income taxes		22,787			11,879			11,262			(18,395	)		(7,053	)
Income tax expense		11,971			1,697			6,352			6,619			5,218
Net income (loss)		10,816			10,182			4,910			(25,014	)		(12,271	)
Net income (loss) attributable to noncontrolling interests		78			(438	)		(470	)		567			(103	)
Net income (loss) attributable to Tidewater Inc.	$	10,738		$	10,620		$	5,380		$	(25,581	)	$	(12,168	)
Basic income (loss) per common share	$	0.21		$	0.22		$	0.12		$	(0.61	)	$	(0.29	)
Diluted income (loss) per common share	$	0.21		$	0.20		$	0.10		$	(0.61	)	$	(0.29	)
Weighted average common shares outstanding		50,604			48,766			44,451			41,814			41,412
Dilutive effect of warrants, restricted stock units and stock options		1,368			3,069			7,069			—			—
Adjusted weighted average common shares		51,972			51,835			51,520			41,814			41,412

Vessel operating margin	$	75,721		$	69,610		$	77,210		$	61,918		$	35,365

Note (A): One-time acquisition, restructuring and integration related costs	$	1,426		$	5,150		$	4,332		$	7,314		$	2,305


TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)

	March 31,			December 31,			September 30,			June 30,			March 31,
	2023			2022			2022			2022			2022
ASSETS
Current assets:
Cash and cash equivalents	$	165,145		$	164,192		$	115,014		$	87,981		$	136,234
Restricted cash		4,972			1,241			4,965			1,240			4,958
Trade and other receivables, net		182,198			156,465			181,646			189,259			112,953
Due from affiliates, net		—			—			—			—			21,191
Marine operating supplies		24,448			30,830			20,764			21,182			13,252
Assets held for sale		695			4,195			6,815			6,862			8,591
Prepaid expenses and other current assets		18,978			20,985			17,509			23,259			12,012
Total current assets		396,436			377,908			346,713			329,783			309,191
Net properties and equipment		786,168			796,655			815,990			838,612			677,580
Deferred drydocking and survey costs		82,787			61,080			57,877			53,661			44,362
Indemnification assets		27,698			28,369			30,117			30,269			—
Other assets		34,058			33,644			32,364			30,410			22,997
Total assets	$	1,327,147		$	1,297,656		$	1,283,061		$	1,282,735		$	1,054,130

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	64,775		$	38,946		$	31,829		$	30,537		$	23,696
Accrued costs and expenses		107,348			105,518			105,945			109,212			55,141
Due to affiliates		—			—			—			—			21,191
Other current liabilities		43,220			50,323			46,629			47,872			25,471
Total current liabilities		215,343			194,787			184,403			187,621			125,499
Long-term debt		169,423			169,036			168,649			168,279			167,997
Other liabilities and deferred credits		68,968			67,843			82,910			85,188			70,892


Equity:
Common stock		51			51			46			42			42
Additional paid-in-capital		1,553,919			1,556,990			1,555,388			1,554,561			1,376,934
Accumulated deficit		(688,911	)		(699,649	)		(710,269	)		(715,649	)		(690,068	)
Accumulated other comprehensive income		8,254			8,576			1,474			1,763			2,471
Total stockholders' equity		873,313			865,968			846,639			840,717			689,379
Noncontrolling interests		100			22			460			930			363
Total equity		873,413			865,990			847,099			841,647			689,742
Total liabilities and equity	$	1,327,147		$	1,297,656		$	1,283,061		$	1,282,735		$	1,054,130


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,
	2023			2022			2022			2022			2022
Operating activities:
Net income (loss)	$	10,816		$	10,182		$	4,910		$	(25,014	)	$	(12,271	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		21,048			20,983			22,252			22,614			17,673
Amortization of deferred drydocking and survey costs		9,618			8,898			8,604			9,152			8,984
Amortization of debt premiums and discounts		420			522			392			390			375
Provision for deferred income taxes		35			(98	)		(11	)		(32	)		177
(Gain) loss on asset dispositions, net		(2,216	)		(1,076	)		(264	)		1,297			(207	)
Gain on bargain purchase		—			—			—			—			(1,300	)
Long-lived asset impairment and other		—			—			1,214			—			(500	)
Loss on warrants		—			—			—			14,175			—
Stock-based compensation expense		2,103			2,028			1,923			1,963			1,458
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables		(25,733	)		26,172			4,784			(19,515	)		(15,570	)
Changes in due to/from affiliate, net		—			—			—			—			(20	)
Accounts payable		25,829			7,117			1,292			5,247			2,825
Accrued expenses		1,830			(427	)		(3,267	)		(853	)		3,207
Deferred drydocking and survey costs		(31,325	)		(12,117	)		(12,820	)		(18,451	)		(12,612	)
Other, net		369			(16,844	)		(896	)		(12,576	)		(3,843	)
Net cash provided by (used in) operating activities		12,794			45,340			28,113			(21,603	)		(11,624	)
Cash flows from investing activities:
Proceeds from sales of assets		5,716			5,093			312			3,535			4,628
Acquisitions, net of cash acquired		—			—			8,785			(28,486	)		(1,039	)
Additions to properties and equipment		(8,651	)		(4,929	)		(6,328	)		(4,151	)		(1,229	)
Net cash provided by (used in) investing activities		(2,935	)		164			2,769			(29,102	)		2,360
Cash flows from financing activities:
Proceeds from stock offering		—			117,202			70,630			—			—
Repurchase of SPO Acquisition Warrants		—			(117,202	)		(70,630	)		—			—
Acquisition of non-controlling interest in a majority owned subsidiary		(1,427	)		—			—			—			—
Debt issuance and modification costs		—			—			(22	)		(108	)		(263	)
Tax on share-based awards		(3,747	)		(47	)		(100	)		(1,159	)		(1,017	)
Net cash used in financing activities		(5,174	)		(47	)		(122	)		(1,267	)		(1,280	)
Net change in cash, cash equivalents and restricted cash		4,685			45,457			30,760			(51,972	)		(10,544	)
Cash, cash equivalents and restricted cash at beginning of period		167,977			122,520			91,760			143,732			154,276
Cash, cash equivalents and restricted cash at end of period	$	172,662		$	167,977		$	122,520		$	91,760		$	143,732

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	98		$	7,575		$	353		$	7,626		$	—
Income taxes	$	17,057		$	6,132		$	6,813		$	6,130		$	3,200
Supplemental disclosure of noncash investing activities:
Acquisition of SPO	$	—		$	—		$	—		$	162,648		$	—
Supplemental disclosure of noncash financing activities:
Warrants issued for SPO acquisition	$	—		$	—		$	—		$	162,648		$	—
Repurchase of SPO Acquisition Warrants	$	—		$	373		$	992		$	—		$	—


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

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2023		2022		2022		2022		2022
VESSEL REVENUE BY VESSEL CLASS

Americas fleet:
PSV > 900	$	20,556	$	17,814	$	15,676	$	15,204	$	9,462
PSV < 900		17,390		16,486		16,460		15,470		14,628
AHTS > 16K		3,395		2,873		3,429		2,390		971
AHTS 8 - 16K		2,807		1,899		1,601		1,130		774
AHTS 4 - 8K		1,521		1,553		1,185		1,438		1,472
Other		2,018		1,160		771		1,888		1,137
Total		47,687		41,785		39,122		37,520		28,444
Asia Pacific fleet:
PSV > 900		9,101		6,692		10,896		7,258		3,923
PSV < 900		5,133		3,120		3,891		3,006		—
AHTS > 16K		1,342		3,260		3,128		1,504		—
AHTS 8 - 16K		5,397		4,364		4,333		2,940		—
AHTS 4 - 8K		998		1,584		1,605		1,433		974
Other		53		50		49		221		—
Total		22,024		19,070		23,902		16,362		4,897
Middle East fleet:
PSV > 900		1,192		1,218		2,771		2,814		1,183
PSV < 900		14,965		15,517		16,063		13,798		9,559
AHTS > 16K		2,316		2,351		2,350		1,750		—
AHTS 8 - 16K		4,593		4,146		3,397		3,808		4,137
AHTS 4 - 8K		7,696		7,343		6,605		6,226		5,339
Total		30,762		30,575		31,186		28,396		20,218
Europe/Mediterranean fleet:
PSV > 900		23,368		24,783		27,167		23,684		18,390
PSV < 900		5,153		7,874		7,092		6,868		5,375
AHTS > 16K		2,511		643		5,251		1,776		—
Other		218		182		192		147		154
Total		31,250		33,482		39,702		32,475		23,919
West Africa fleet:
PSV > 900		9,900		10,534		8,041		6,487		3,987
PSV < 900		24,835		20,494		18,249		13,801		8,499
AHTS > 16K		6,237		5,385		6,152		4,315		—
AHTS 8 - 16K		9,827		11,810		11,236		10,724		5,049
AHTS 4 - 8K		2,360		5,780		6,445		4,576		1,547
Other		6,298		6,191		6,212		7,519		7,316
Total		59,457		60,194		56,335		47,422		26,398
Worldwide fleet:
PSV > 900		64,117		61,041		64,551		55,447		36,945
PSV < 900		67,476		63,491		61,755		52,943		38,061
AHTS > 16K		15,801		14,512		20,310		11,735		971
AHTS 8 - 16K		22,624		22,219		20,567		18,602		9,960
AHTS 4 - 8K		12,575		16,260		15,840		13,673		9,332
Other		8,587		7,583		7,224		9,775		8,607
Total	$	191,180	$	185,106	$	190,247	$	162,175	$	103,876


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2023			2022			2022			2022			2022
AVERAGE NUMBER OF VESSELS:

Americas fleet:
PSV > 900		10			10			11			10			10
PSV < 900		15			16			17			17			17
AHTS > 16K		2			2			2			2			1
AHTS 8 - 16K		2			2			1			1			1
AHTS 4 - 8K		2			2			2			3			3
Other		1			1			1			1			2
Total		32			33			34			34			34
Stacked vessels		(1	)		(2	)		(3	)		(5	)		(7	)
Active vessels		31			31			31			29			27
Asia Pacific fleet:
PSV > 900		5			5			5			6			3
PSV < 900		2			2			2			2			—
AHTS > 16K		1			2			2			1			—
AHTS 8 - 16K		3			3			3			2			—
AHTS 4 - 8K		2			3			4			3			2
Other		1			1			1			5			—
Total		14			16			17			19			5
Stacked vessels		(1	)		(2	)		(2	)		(1	)		—
Active vessels		13			14			15			18			5
Middle East fleet:
PSV > 900		1			2			2			2			1
PSV < 900		21			20			20			19			14
AHTS > 16K		2			2			2			1			—
AHTS 8 - 16K		5			5			5			6			5
AHTS 4 - 8K		14			14			13			13			13
Total		43			43			42			41			33
Stacked vessels		—			—			—			—			—
Active vessels		43			43			42			41			33
Europe/Mediterranean fleet:
PSV > 900		20			20			19			19			19
PSV < 900		6			6			6			7			9
AHTS > 16K		1			1			1			1			—
Total		27			27			26			27			28
Stacked vessels		—			—			—			(2	)		(4	)
Active vessels		27			27			26			25			24
West Africa fleet:
PSV > 900		7			6			6			4			3
PSV < 900		18			18			18			15			12
AHTS > 16K		5			4			4			3			—
AHTS 8 - 16K		11			11			12			10			5
AHTS 4 - 8K		8			8			8			6			3
Other		25			28			28			29			29
Total		74			75			76			67			52
Stacked vessels		(8	)		(10	)		(9	)		(8	)		(10	)
Active vessels		66			65			67			59			42
Worldwide fleet:
PSV > 900		43			43			43			41			36
PSV < 900		62			62			63			60			52
AHTS > 16K		11			11			11			8			1
AHTS 8 - 16K		21			21			21			19			11
AHTS 4 - 8K		26			27			27			25			21
Other		27			30			30			35			31
Total		190			194			195			188			152
Stacked vessels		(10	)		(14	)		(14	)		(16	)		(21	)
Active vessels		180			180			181			172			131

Total active		180			180			181			172			131
Total stacked		10			14			14			16			21
Total joint venture		—			1			1			1			1
Total		190			195			196			189			153


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2023		2022		2022		2022		2022
AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:
PSV > 900		907		922		1,012		943		900
PSV < 900		1,359		1,499		1,564		1,547		1,530
AHTS > 16K		180		184		184		152		90
AHTS 8 - 16K		180		184		122		91		90
AHTS 4 - 8K		180		184		184		246		270
Other		121		92		92		121		145
Total		2,927		3,065		3,158		3,100		3,025
Asia Pacific fleet:
PSV > 900		481		460		460		507		270
PSV < 900		180		184		184		183		—
AHTS > 16K		90		184		184		122		—
AHTS 8 - 16K		270		276		276		183		—
AHTS 4 - 8K		180		292		368		304		180
Other		48		92		92		453		—
Total		1,249		1,488		1,564		1,752		450
Middle East fleet:
PSV > 900		90		92		123		152		90
PSV < 900		1,842		1,840		1,840		1,700		1,269
AHTS > 16K		180		184		184		122		—
AHTS 8 - 16K		450		460		465		546		458
AHTS 4 - 8K		1,291		1,288		1,217		1,183		1,170
Total		3,853		3,864		3,829		3,703		2,987
Europe/Mediterranean fleet:
PSV > 900		1,762		1,838		1,748		1,729		1,710
PSV < 900		540		552		552		696		826
AHTS > 16K		90		92		92		61		—
Total		2,392		2,482		2,392		2,486		2,536
West Africa fleet:
PSV > 900		630		644		613		406		270
PSV < 900		1,620		1,656		1,656		1,367		1,103
AHTS > 16K		450		368		368		244		—
AHTS 8 - 16K		990		1,012		1,074		882		470
AHTS 4 - 8K		720		736		736		548		255
Other		2,256		2,545		2,582		2,639		2,610
Total		6,666		6,961		7,029		6,086		4,708
Worldwide fleet:
PSV > 900		3,870		3,956		3,956		3,737		3,240
PSV < 900		5,541		5,731		5,796		5,493		4,728
AHTS > 16K		990		1,012		1,012		701		90
AHTS 8 - 16K		1,890		1,932		1,937		1,702		1,018
AHTS 4 - 8K		2,371		2,500		2,505		2,281		1,875
Other		2,425		2,729		2,766		3,213		2,755
Total		17,087		17,860		17,972		17,127		13,706


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2023		2022		2022		2022		2022
OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:
PSV > 900		—		—		—		155		180
PSV < 900		99		211		276		273		270
AHTS 4 - 8K		—		—		—		64		90
Other		—		—		—		—		55
Total		99		211		276		492		595
Asia Pacific fleet:
AHTS 4 - 8K		—		54		61		—		—
Other		48		92		92		61		—
Total		48		146		153		61		—
Middle East fleet:
PSV < 900		—		—		—		—		25
Total		—		—		—		—		25
Europe/Mediterranean fleet:
PSV > 900		—		—		—		—		90
PSV < 900		—		—		—		150		286
Total		—		—		—		150		376
West Africa fleet:
PSV < 900		—		—		—		18		203
AHTS 8 - 16K		—		—		—		—		20
AHTS 4 - 8K		180		158		92		56		75
Other		540		797		747		678		630
Total		720		955		839		752		928
Worldwide fleet:
PSV > 900		—		—		—		155		270
PSV < 900		99		211		276		441		784
AHTS 8 - 16K		—		—		—		—		20
AHTS 4 - 8K		180		212		153		120		165
Other		588		889		839		739		685
Total		867		1,312		1,268		1,455		1,924


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2023		2022		2022		2022		2022
AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:
PSV > 900		907		922		1,012		788		720
PSV < 900		1,260		1,288		1,288		1,274		1,260
AHTS > 16K		180		184		184		152		90
AHTS 8 - 16K		180		184		122		91		90
AHTS 4 - 8K		180		184		184		182		180
Other		121		92		92		121		90
Total		2,828		2,854		2,882		2,608		2,430
Asia Pacific fleet:
PSV > 900		481		460		460		507		270
PSV < 900		180		184		184		183		—
AHTS > 16K		90		184		184		122		—
AHTS 8 - 16K		270		276		276		183		—
AHTS 4 - 8K		180		238		307		304		180
Other		—		—		—		392		—
Total		1,201		1,342		1,411		1,691		450
Middle East fleet:
PSV > 900		90		92		123		152		90
PSV < 900		1,842		1,840		1,840		1,700		1,244
AHTS > 16K		180		184		184		122		—
AHTS 8 - 16K		450		460		465		546		458
AHTS 4 - 8K		1,291		1,288		1,217		1,183		1,170
Total		3,853		3,864		3,829		3,703		2,962
Europe/Mediterranean fleet:
PSV > 900		1,762		1,838		1,748		1,729		1,620
PSV < 900		540		552		552		546		540
AHTS > 16K		90		92		92		61		—
Total		2,392		2,482		2,392		2,336		2,160
West Africa fleet:
PSV > 900		630		644		613		406		270
PSV < 900		1,620		1,656		1,656		1,349		900
AHTS > 16K		450		368		368		244		—
AHTS 8 - 16K		990		1,012		1,074		882		450
AHTS 4 - 8K		540		578		644		492		180
Other		1,716		1,748		1,835		1,961		1,980
Total		5,946		6,006		6,190		5,334		3,780
Worldwide fleet:
PSV > 900		3,870		3,956		3,956		3,582		2,970
PSV < 900		5,442		5,520		5,520		5,052		3,944
AHTS > 16K		990		1,012		1,012		701		90
AHTS 8 - 16K		1,890		1,932		1,937		1,702		998
AHTS 4 - 8K		2,191		2,288		2,352		2,161		1,710
Other		1,837		1,840		1,927		2,474		2,070
Total		16,220		16,548		16,704		15,672		11,782


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	March 31,				December 31,			September 30,			June 30,			March 31,
		2023			2022			2022			2022			2022
UTILIZATION - TOTAL FLEET:

Americas fleet:
PSV > 900			84.2	%		82.6	%		74.6	%		74.4	%		54.6	%
PSV < 900			79.8			68.1			69.3			67.7			63.3
AHTS > 16K			50.0			48.2			92.4			90.2			57.6
AHTS 8 - 16K			100.0			76.8			89.5			100.0			68.9
AHTS 4 - 8K			96.4			99.2			74.4			67.2			63.7
Other			97.5			100.0			66.5			100.0			62.1
Total			82.3	%		74.6	%		73.3	%		73.0	%		60.7	%
Asia Pacific fleet:
PSV > 900			70.8	%		62.6	%		94.5	%		65.5	%		100.0	%
PSV < 900			90.6			78.4			100.0			66.7			—
AHTS > 16K			78.1			90.8			89.9			50.0			—
AHTS 8 - 16K			79.8			85.4			97.2			91.2			—
AHTS 4 - 8K			80.3			79.5			64.5			56.9			97.9
Other			—			—			—			74.0			—
Total			74.8	%		71.7	%		82.5	%		67.9	%		99.2	%
Middle East fleet:
PSV > 900			100.0	%		100.0	%		93.6	%		100.0	%		100.0	%
PSV < 900			74.4			78.3			84.1			76.5			78.0
AHTS > 16K			100.0			100.0			94.7			100.0			—
AHTS 8 - 16K			96.0			84.8			68.5			70.9			99.7
AHTS 4 - 8K			85.7			86.3			84.9			87.1			80.4
Total			82.5	%		83.3	%		83.3	%		80.8	%		82.9	%
Europe/Mediterranean fleet:
PSV > 900			82.7	%		87.1	%		95.8	%		88.4	%		84.7	%
PSV < 900			85.4			93.8			96.4			71.5			63.5
AHTS > 16K			84.1			65.5			76.9			53.4			—
Total			83.4	%		87.8	%		95.2	%		82.8	%		77.8	%
West Africa fleet:
PSV > 900			83.0	%		85.7	%		70.9	%		96.3	%		100.0	%
PSV < 900			95.3			89.9			86.6			80.6			66.0
AHTS > 16K			73.5			89.4			100.0			98.1			—
AHTS 8 - 16K			79.8			91.1			85.7			95.4			95.7
AHTS 4 - 8K			32.4			62.1			82.6			82.6			69.6
Other			50.3			45.4			44.4			52.9			52.2
Total			68.4	%		70.5	%		69.9	%		72.7	%		63.5	%
Worldwide fleet:
PSV > 900			82.0	%		83.3	%		86.3	%		83.1	%		79.3	%
PSV < 900			83.4			80.5			82.5			74.1			67.9
AHTS > 16K			75.4			81.9			93.7			84.4			57.6
AHTS 8 - 16K			85.6			87.4			83.4			87.4			95.1
AHTS 4 - 8K			69.9			79.4			80.5			79.8			78.2
Other			51.7			45.7			43.7			57.7			52.7
Total			76.5	%		76.5	%		77.8	%		75.5	%		70.9	%


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	March 31,				December 31,			September 30,			June 30,			March 31,
		2023			2022			2022			2022			2022
UTILIZATION - ACTIVE FLEET:

Americas fleet:
PSV > 900			84.2	%		82.6	%		74.6	%		89.1	%		68.2	%
PSV < 900			86.1			79.3			84.1			82.3			76.8
AHTS > 16K			50.0			48.2			92.4			90.2			57.6
AHTS 8 - 16K			100.0			76.8			89.5			100.0			68.9
AHTS 4 - 8K			96.4			99.2			74.4			90.8			95.5
Other			97.5			100.0			66.5			100.0			100.0
Total			85.2	%		80.1	%		80.3	%		86.8	%		75.5	%
Asia Pacific fleet:
PSV > 900			70.8	%		62.6	%		94.5	%		65.5	%		100.0	%
PSV < 900			90.6			78.4			100.0			66.7			—
AHTS > 16K			78.1			90.8			89.9			50.0			—
AHTS 8 - 16K			79.8			85.4			97.2			91.2			—
AHTS 4 - 8K			80.3			97.4			77.4			56.9			97.9
Other			—			—			—			85.5			—
Total			77.8	%		79.5	%		91.4	%		70.4	%		99.2	%
Middle East fleet:
PSV > 900			100.0	%		100.0	%		93.6	%		100.0	%		100.0	%
PSV < 900			74.4			78.3			84.1			76.5			79.6
AHTS > 16K			100.0			100.0			94.7			100.0			—
AHTS 8 - 16K			96.0			84.8			68.5			70.9			99.7
AHTS 4 - 8K			85.7			86.3			84.9			87.1			80.4
Total			82.5	%		83.3	%		83.3	%		80.8	%		83.6	%
Europe/Mediterranean fleet:
PSV > 900			82.7	%		87.1	%		95.8	%		88.4	%		89.4	%
PSV < 900			85.4			93.8			96.4			91.1			97.1
AHTS > 16K			84.1			65.5			76.9			53.4			—
Total			83.4	%		87.8	%		95.2	%		88.1	%		91.3	%
West Africa fleet:
PSV > 900			83.0	%		85.7	%		70.9	%		96.3	%		100.0	%
PSV < 900			95.3			89.9			86.6			81.7			80.9
AHTS > 16K			73.5			89.4			100.0			98.1			—
AHTS 8 - 16K			79.8			91.1			85.7			95.4			100.0
AHTS 4 - 8K			43.2			79.1			94.5			92.0			98.6
Other			66.2			66.1			62.5			71.2			68.8
Total			76.6	%		81.7	%		79.4	%		82.9	%		79.1	%
Worldwide fleet:
PSV > 900			82.0	%		83.3	%		86.3	%		86.7	%		86.5	%
PSV < 900			84.9			83.6			86.6			80.6			81.4
AHTS > 16K			75.4			81.9			93.7			84.4			57.6
AHTS 8 - 16K			85.6			87.4			83.4			87.4			97.0
AHTS 4 - 8K			75.7			86.7			85.7			84.3			85.8
Other			68.2			67.8			62.7			74.9			70.2
Total			80.6	%		82.5	%		83.7	%		82.5	%		82.5	%


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2023		2022		2022		2022		2022
AVERAGE VESSEL DAY RATES: (A)

Americas fleet:
PSV > 900	$	26,930	$	23,401	$	20,775	$	21,658	$	19,265
PSV < 900		16,037		16,146		15,197		14,762		15,111
AHTS > 16K		37,720		32,368		20,175		17,430		18,745
AHTS 8 - 16K		15,593		13,431		14,668		12,424		12,480
AHTS 4 - 8K		8,764		8,511		8,654		8,701		8,562
Other		17,110		12,611		12,616		15,601		12,633
Total		19,794		18,271		16,901		16,569		15,501
Asia Pacific fleet:
PSV > 900		26,723		23,237		25,072		21,850		14,529
PSV < 900		31,488		21,627		21,148		24,640		—
AHTS > 16K		19,095		19,519		18,902		24,664		—
AHTS 8 - 16K		25,049		18,509		16,144		17,609		—
AHTS 4 - 8K		6,903		6,822		6,759		8,281		5,528
Other		—		—		—		660		—
Total		23,582		17,868		18,530		13,748		10,975
Middle East fleet:
PSV > 900		13,251		13,234		24,061		18,513		13,147
PSV < 900		10,926		10,768		10,378		10,607		9,658
AHTS > 16K		12,868		12,777		13,487		14,348		—
AHTS 8 - 16K		10,632		10,627		10,666		9,832		9,058
AHTS 4 - 8K		6,953		6,604		6,396		6,044		5,672
Total		9,679		9,498		9,781		9,490		8,160
Europe/Mediterranean fleet:
PSV > 900		16,031		15,476		16,229		15,496		12,697
PSV < 900		11,177		15,212		13,323		13,806		10,248
AHTS > 16K		33,164		10,682		74,231		54,472		—
Total		15,669		15,364		17,436		15,776		12,124
West Africa fleet:
PSV > 900		18,931		19,096		18,502		16,592		14,768
PSV < 900		16,080		13,758		12,721		12,528		11,672
AHTS > 16K		18,863		16,367		16,719		18,036		—
AHTS 8 - 16K		12,433		12,809		12,212		12,743		11,219
AHTS 4 - 8K		10,113		12,637		10,595		10,105		8,721
Other		5,548		5,359		5,415		5,381		5,368
Total		13,047		12,272		11,467		10,721		8,834
Worldwide fleet:
PSV > 900		20,198		18,529		18,914		17,854		14,378
PSV < 900		14,597		13,762		12,915		13,008		11,855
AHTS > 16K		21,163		17,505		21,415		19,824		18,745
AHTS 8 - 16K		13,984		13,153		12,726		12,511		10,281
AHTS 4 - 8K		7,583		8,196		7,859		7,507		6,362
Other		6,852		6,080		5,979		5,275		5,924
Total	$	14,624	$	13,554	$	13,606	$	12,544	$	10,687

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,
	2023			2022			2022			2022			2022

Americas
Vessel revenues	$	47,687		$	41,785		$	39,122		$	37,520		$	28,444

Vessel operating costs:
Crew costs		17,402			16,486			16,080			12,949			11,252
Repair and maintenance		3,888			3,619			3,594			2,866			2,627
Insurance		410			410			414			248			367
Fuel, lube and supplies		2,999			2,387			2,557			2,326			2,385
Other		3,572			5,102			3,090			3,054			2,196
Total vessel operating costs		28,271			28,004			25,735			21,443			18,827

Vessel operating margin ($)		19,416			13,781			13,387			16,077			9,617
Vessel operating margin (%)		40.7	%		33.0	%		34.2	%		42.8	%		33.8	%

Americas - Select operating statistics
Average vessels - Total fleet		32			33			34			34			34
Utilization - Total fleet		82.3	%		74.6	%		73.3	%		73.0	%		60.7	%

Average vessels - Active fleet		31			31			31			29			27
Utilization - Active fleet		85.2	%		80.1	%		80.3	%		86.8	%		75.5	%

Average day rates	$	19,794		$	18,271		$	16,901		$	16,569		$	15,501

Vessels commencing drydocks		2			2			4			3			5


Deferred drydocking and survey costs - beginning balance	$	21,720		$	21,772		$	19,208		$	18,422		$	16,270
Cash paid for deferred drydocking and survey costs		8,218			4,389			5,678			3,857			5,060
Amortization of deferred drydocking and survey costs		(3,417	)		(3,025	)		(2,932	)		(3,071	)		(2,908	)
Disposals, intersegment transfers and other		1,311			(1,416	)		(182	)		—			—
Deferred drydocking and survey costs - ending balance	$	27,832		$	21,720		$	21,772		$	19,208		$	18,422


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

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2023			2022			2022			2022			2022

Asia Pacific
Vessel revenues	$	22,024		$	19,070		$	23,902		$	16,362		$	4,897

Vessel operating costs:
Crew costs		7,311			9,876			10,631			8,138			788
Repair and maintenance		1,749			901			947			945			284
Insurance		123			183			189			90			54
Fuel, lube and supplies		1,630			1,299			1,145			1,590			105
Other		1,678			1,574			1,909			1,176			422
Total vessel operating costs		12,491			13,833			14,821			11,939			1,653

Vessel operating margin ($)		9,533			5,237			9,081			4,423			3,244
Vessel operating margin (%)		43.3	%		27.5	%		38.0	%		27.0	%		66.2	%

Asia Pacific - Select operating statistics
Average vessels - Total fleet		14			16			17			19			5
Utilization - Total fleet		74.8	%		71.7	%		82.5	%		67.9	%		99.2	%

Average vessels - Active fleet		13			14			15			18			5
Utilization - Active fleet		77.8	%		79.5	%		91.4	%		70.4	%		99.2	%

Average day rates	$	23,582		$	17,868		$	18,530		$	13,748		$	10,975

Vessels commencing drydocks		1			2			—			2			—


Deferred drydocking and survey costs - beginning balance	$	553		$	979		$	852		$	542		$	710
Cash paid for deferred drydocking and survey costs		2,368			156			702			1,262			—
Amortization of deferred drydocking and survey costs		(282	)		(117	)		(139	)		(163	)		(168	)
Disposals, intersegment transfers and other		(114	)		(465	)		(436	)		(789	)		—
Deferred drydocking and survey costs - ending balance	$	2,525		$	553		$	979		$	852		$	542


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

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2023			2022			2022			2022			2022

Middle East
Vessel revenues	$	30,762		$	30,575		$	31,186		$	28,396		$	20,218

Vessel operating costs:
Crew costs		12,616			12,472			12,814			11,193			8,465
Repair and maintenance		3,475			3,216			3,441			3,429			2,124
Insurance		433			384			406			325			297
Fuel, lube and supplies		2,870			2,991			3,281			2,700			1,559
Other		3,669			2,505			1,804			2,249			2,457
Total vessel operating costs		23,063			21,568			21,746			19,896			14,902

Vessel operating margin ($)		7,699			9,007			9,440			8,500			5,316
Vessel operating margin (%)		25.0	%		29.5	%		30.3	%		29.9	%		26.3	%

Middle East - Select operating statistics
Average vessels - Total fleet		43			43			42			41			33
Utilization - Total fleet		82.5	%		83.3	%		83.3	%		80.8	%		82.9	%

Average vessels - Active fleet		43			43			42			41			33
Utilization - Active fleet		82.5	%		83.3	%		83.3	%		80.8	%		83.6	%

Average day rates	$	9,679		$	9,498		$	9,781		$	9,490		$	8,160

Vessels commencing drydocks		5			5			5			7			2


Deferred drydocking and survey costs - beginning balance	$	15,062		$	14,993		$	14,980		$	10,665		$	8,994
Cash paid for deferred drydocking and survey costs		7,787			1,930			2,345			6,362			3,855
Amortization of deferred drydocking and survey costs		(1,913	)		(2,323	)		(2,346	)		(2,308	)		(2,184	)
Disposals, intersegment transfers and other		(259	)		462			14			261			—
Deferred drydocking and survey costs - ending balance	$	20,677		$	15,062		$	14,993		$	14,980		$	10,665


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

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2023			2022			2022			2022			2022

Europe/Mediterranean
Vessel revenues	$	31,250		$	33,482		$	39,702		$	32,475		$	23,919

Vessel operating costs:
Crew costs		12,727			13,010			12,347			12,349			12,003
Repair and maintenance		2,706			3,067			1,652			2,414			2,106
Insurance		384			386			440			307			309
Fuel, lube and supplies		1,584			2,051			1,158			1,740			1,077
Other		2,371			1,762			2,170			2,468			2,026
Total vessel operating costs		19,772			20,276			17,767			19,278			17,521

Vessel operating margin ($)		11,478			13,206			21,935			13,197			6,398
Vessel operating margin (%)		36.7	%		39.4	%		55.2	%		40.6	%		26.7	%

Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet		27			27			26			27			28
Utilization - Total fleet		83.4	%		87.8	%		95.2	%		82.8	%		77.8	%

Average vessels - Active fleet		27			27			26			25			24
Utilization - Active fleet		83.4	%		87.8	%		95.2	%		88.1	%		91.3	%

Average day rates	$	15,669		$	15,364		$	17,436		$	15,776		$	12,124

Vessels commencing drydocks		4			3			1			3			1


Deferred drydocking and survey costs - beginning balance	$	9,566		$	8,588		$	9,231		$	6,425		$	4,983
Cash paid for deferred drydocking and survey costs		5,128			1,175			315			4,206			2,575
Amortization of deferred drydocking and survey costs		(1,739	)		(1,523	)		(1,244	)		(1,400	)		(1,133	)
Disposals, intersegment transfers and other		(1,592	)		1,326			286			—			—
Deferred drydocking and survey costs - ending balance	$	11,363		$	9,566		$	8,588		$	9,231		$	6,425


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

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2023			2022			2022			2022			2022

West Africa
Vessel revenues	$	59,457		$	60,194		$	56,335		$	47,422		$	26,398

Vessel operating costs:
Crew costs		16,587			17,855			19,317			16,010			8,329
Repair and maintenance		4,834			3,971			3,910			3,823			2,320
Insurance		655			664			539			396			357
Fuel, lube and supplies		4,472			4,113			4,150			3,165			1,950
Other		5,314			5,212			5,052			4,307			2,652
Total vessel operating costs		31,862			31,815			32,968			27,701			15,608

Vessel operating margin ($)		27,595			28,379			23,367			19,721			10,790
Vessel operating margin (%)		46.4	%		47.1	%		41.5	%		41.6	%		40.9	%

West Africa - Select operating statistics
Average vessels - Total fleet		74			75			76			67			52
Utilization - Total fleet		68.4	%		70.5	%		69.9	%		72.7	%		63.5	%

Average vessels - Active fleet		66			65			67			59			42
Utilization - Active fleet		76.6	%		81.7	%		79.4	%		82.9	%		79.1	%

Average day rates	$	13,047		$	12,272		$	11,467		$	10,721		$	8,834

Vessels commencing drydocks		6			2			5			5			3


Deferred drydocking and survey costs - beginning balance	$	14,179		$	11,545		$	9,390		$	8,308		$	9,777
Cash paid for deferred drydocking and survey costs		7,824			4,467			3,780			2,764			1,122
Amortization of deferred drydocking and survey costs		(2,267	)		(1,909	)		(1,943	)		(2,210	)		(2,591	)
Disposals, intersegment transfers and other		654			76			318			528			—
Deferred drydocking and survey costs - ending balance	$	20,390		$	14,179		$	11,545		$	9,390		$	8,308


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

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2023			2022			2022			2022			2022

Worldwide
Vessel revenues	$	191,180		$	185,106		$	190,247		$	162,175		$	103,876

Vessel operating costs:
Crew costs		66,643			69,699			71,189			60,639			40,837
Repair and maintenance		16,652			14,774			13,544			13,477			9,461
Insurance		2,005			2,027			1,988			1,366			1,384
Fuel, lube and supplies		13,555			12,841			12,291			11,521			7,076
Other		16,604			16,155			14,025			13,254			9,753
Total vessel operating costs		115,459			115,496			113,037			100,257			68,511

Vessel operating margin ($)		75,721			69,610			77,210			61,918			35,365
Vessel operating margin (%)		39.6	%		37.6	%		40.6	%		38.2	%		34.0	%

Worldwide - Select operating statistics
Average vessels - Total fleet		190			194			195			188			152
Utilization - Total fleet		76.5	%		76.5	%		77.8	%		75.5	%		70.9	%

Average vessels - Active fleet		180			180			181			172			131
Utilization - Active fleet		80.6	%		82.5	%		83.7	%		82.5	%		82.5	%

Average day rates	$	14,624		$	13,554		$	13,606		$	12,544		$	10,687

Vessels commencing drydocks		18			14			15			20			11


Deferred drydocking and survey costs - beginning balance	$	61,080		$	57,877		$	53,661		$	44,362		$	40,734
Cash paid for deferred drydocking and survey costs		31,325			12,117			12,820			18,451			12,612
Amortization of deferred drydocking and survey costs		(9,618	)		(8,897	)		(8,604	)		(9,152	)		(8,984	)
Disposals, intersegment transfers and other		—			(17	)		—			—			—
Deferred drydocking and survey costs - ending balance	$	82,787		$	61,080		$	57,877		$	53,661		$	44,362


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

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,			March 31,
	2023		2022		2022		2022			2022

Net income (loss)	$	10,816	$	10,182	$	4,910	$	(25,014	)	$	(12,271	)

Interest and other debt costs		4,190		4,339		4,391		4,284			4,175
Income tax (benefit) expense		11,971		1,697		6,352		6,619			5,218
Depreciation		21,048		20,983		22,252		22,614			17,673
Amortization of deferred drydock and survey costs		9,618		8,898		8,604		9,152			8,984
EBITDA (A), (B), (C)		57,643		46,099		46,509		17,655			23,779

Long-lived asset impairment (credit) and other		—		—		1,214		—			(500	)
Loss on warrants		—		—		—		14,175			—
Gain on bargain purchase		—		—		—		—			(1,300	)
One-time acquisition, restructuring and integration related costs		1,426		5,150		4,332		7,314			2,305
Adjusted EBITDA (A), (B), (C)	$	59,069	$	51,249	$	52,055	$	39,144		$	24,284

Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, loss on warrants, gain on bargain purchase and acquisition, restructuring and integration related costs.

Note (B): EBITDA and Adjusted EBITDA for the three months ended March 31, 2023, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $2,103, $2,028, $1,923, $1,963 and $1,458 respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended March 31, 2023, and for each of the prior four quarters includes foreign exchange gain (losses) of $2,348, $2,105, $(3,997), $(1,881) and $946 respectively.

Non-GAAP Financial Measures

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

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

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

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


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

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2023			2022			2022			2022			2022

Net cash provided by (used in) operating activities (A)	$	12,794		$	45,340		$	28,113		$	(21,603	)	$	(11,624	)

Cash interest expense		98			7,575			353			7,626			—
Interest income and other		(130	)		(981	)		(581	)		(349	)		(2,186	)
Additions to property and equipment		(8,651	)		(4,929	)		(6,328	)		(4,151	)		(1,229	)
Acquisitions		—			—			8,785			(28,486	)		(1,039	)
Expansion capital		109			1,240			(8,441	)		28,678			1,207
Free cash flow before proceeds from asset sales		4,220			48,245			21,901			(18,285	)		(14,871	)

Proceeds from asset sales		5,716			5,093			312			3,535			4,628

Free cash flow	$	9,936		$	53,338		$	22,213		$	(14,750	)	$	(10,243	)

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, excluding expansion capital, 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
	March 31,			December 31,			September 30,			June 30,			March 31,
	2023			2022			2022			2022			2022
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments	$	2,295		$	16,018		$	1,913		$	(27,697	)	$	(13,401	)
Cash paid for deferred drydock and survey costs		(31,325	)		(12,117	)		(12,820	)		(18,451	)		(12,612	)
Total sources (uses) of cash for changes in assets and liabilities	$	(29,030	)	$	3,901		$	(10,907	)	$	(46,148	)	$	(26,013	)

View source version on businesswire.com: https://www.businesswire.com/news/home/20230506005007/en/

Contacts

Tidewater Inc.

West Gotcher

Vice President,

Finance and Investor Relations

+1.713.470.5285

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Tidewater Reports Results for the Three Months Ended March 31, 2023

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