Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2022
Full-Year 2023 Guidance
- Forecasted revenue for 2023 of approximately $900 million, an increase of 39.0% compared to full-year 2022 revenue of $647.7 million
- Forecasted 2023 vessel operating margin of approximately 50.0%, an increase of 11.9 percentage points compared to full-year 2022 vessel operating margin of 38.1%
Full-Year 2022 Highlights
- Revenue of $647.7 million, an increase of 74.6% compared to full-year 2021 revenue of $371.0 million
- Vessel operating margin of 38.1%, an increase of 10.5 percentage points compared to full-year 2021 vessel operating margin of 27.6%
- Operating income of $26.7 million, an increase of 128.1% compared to full-year 2021 operating loss of $95.0 million
- Adjusted EBITDA of $166.7 million, an increase of 380.3% compared to full-year 2021 adjusted EBITDA of $34.7 million
Fourth Quarter 2022 Highlights
- Adjusted EBITDA of $51.2 million
- Free cash flow of $53.3 million
- Year-end net debt balance of $9.6 million
- Second consecutive quarter of positive net income, generating $10.6 million in the fourth quarter of 2022
HOUSTON–(BUSINESS WIRE)–Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2022 of $186.7 million and $647.7 million, respectively, compared with $105.2 million and $371.0 million, respectively, for the three and twelve months ended December 31, 2021. Tidewater’s net income (losses) for the three and twelve months ended December 31, 2022, were $10.6 million ($0.20 per common share) and $(21.7) million ($0.49 per common share), respectively, compared with $(37.9) million ($0.92 per common share) and $(129.0) million ($3.14 per common share), respectively, for the three and twelve months ended December 31, 2021. Included in the net income for the three months ended December 31, 2022 were merger and severance expenses of $5.1 million. Included in the net losses for the twelve months ended December 31, 2022 were long-lived asset impairment and other of $0.7 million; gain on bargain purchase of $1.3 million; loss on warrants of $14.2 million and merger and severance expenses of $19.1 million. Excluding these items, we would have reported a net income for the three months ended December 31, 2022 of $15.8 million ($0.30 per common share) and net profit for the twelve months ended December 31, 2022 of $10.9 million ($0.22 per common share). Included in the net losses for the three and twelve months ending December 31, 2021 were impairment charges related to assets held for sale, affiliate credit loss expense, inventory obsolescence, loss on debt extinguishment and severance expenses totaling $26.2 million and $28.4 million, respectively. Excluding these costs, we would have reported a net loss for the three months ending December 31, 2021 of $11.7 million ($0.28 per common share) and a net loss for the twelve months ending December 31, 2021 of $100.6 million ($2.45 per common share).
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “As we mentioned in this year’s second quarter earnings press release, 2022 marked an inflection point in the recovery of the offshore vessel market. I am pleased by our annual financial performance and by our accomplishments during the year. Revenue improved by approximately 75.0% due to the acquisition of Swire Pacific Offshore in April and an increase in offshore activity that has been driven by the need to ensure reliable and secure sources of hydrocarbons for a global economy still emerging from the pandemic. This increase in demand combined with an underinvestment in vessels over the past eight years allowed the industry to push utilization and day rates globally. By all financial measures, 2022 represented a marked improvement in our results. Our primary goal is to build a business that maximizes long-term free cash flow generation within the principles and risk tolerances appropriate for this industry and age. We generated over $50.0 million of free cash flow during 2022 and as such, we ended the year in a strong cash position, resulting in a net debt balance of only $9.6 million. The acquisition in April further bolstered our fleet, providing a compelling platform to take advantage of the continued strength in the offshore vessel market.
“While we are pleased with the momentum that was built throughout 2022, we believe that the macroeconomic trends driving the business will persist and that Tidewater is well-positioned to drive continued financial performance and cash flow generation in 2023 and beyond. We are forecasting revenue for 2023 of approximately $900.0 million, up almost 40.0% from 2022, and for vessel operating margin for 2023 of approximately 50.0%, up about 12 percentage points from 2022.
“Our West Africa business continued to perform well during the fourth quarter, with revenue up about 6.8% sequentially, driven by an increase in average day rates. Likewise, our Americas region experienced a strong fourth quarter, with revenue also up 6.8% sequentially, all of which was driven by an 8.1% increase in day rates, with notable day rate enhancement in the U.S. Gulf of Mexico and Mexico. Further, revenue in the Mediterranean expanded by about 9.3% sequentially, resulting from a 4.5% increase in day rates and additional capacity brought to the area from the U.S. Gulf of Mexico. The North Sea experienced typical seasonality which resulted in total revenue in the fourth quarter declining by 2.6% sequentially. Further, our Asia Pacific segment was adversely impacted by a combination of vessels in transit along with drydocking activity and idle time as vessels came off contract; we expect this frictional unemployment to subside in the first quarter. Activity levels in rest of the world were slightly up during the fourth quarter. Overall day rates remained flat from the prior quarter, and if we exclude the declines in our North Sea and Asia Pacific business, our average day rate increased 4.8% sequentially.
“As we look forward into 2023, we are confident that not only is the recovery here, but that the demand for offshore vessels will continue to strengthen throughout this year. The renewed global focus on securing reliable sources of hydrocarbons has prioritized offshore oil and gas development and we believe that offshore oil and gas capital spending plans will accelerate throughout 2023 and beyond.
“Just as encouraging as the acceleration in demand for offshore vessels services is the continued reduction in the available supply of offshore vessels. The number of large OSVs that are currently laid up is quite limited and the likelihood any of these vessels returning to the market is remote. We see a similar situation developing in the mid-sized OSV fleet, where additional available supply is also very limited. We see essentially no new vessels on order, indicating that the supply of vessels will continue to decline modestly as vessels naturally attrition out of the global fleet. Accordingly, it is our view that the industry is positioned to benefit from an increase in demand over the medium-to-long term and a slowly shrinking supply of vessels. We believe this imbalance in supply and demand will continue to provide the opportunity for day rate and utilization increases, and we remain committed to maximizing the earnings and cash flow generation from our fleet.
“Finally, we are excited to announce that we will be publishing our 2022 Sustainability Report later this week. Tidewater remains committed to excellence in safe vessel operations as well as leading the industry through the energy transition. Look for the report later this week on our website.”
In addition to the number of outstanding shares, as of December 31, 2022, the company also has the following in-the-money warrants.
Common shares outstanding |
|
|
50,554,179 |
|
New Creditor Warrants (strike price $0.001 per common share) |
|
|
80,954 |
|
GulfMark Creditor Warrants (strike price $0.01 per common share) |
|
|
165,479 |
|
Total |
|
|
50,800,612 |
|
Tidewater will hold a conference call to discuss results for the three and twelve months ending December 31, 2022 on February 28, 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 February 28, 2023 and will continue until 11:59 p.m. Central Time on March 28, 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 have been audited. This press release presents extracts from the Consolidated Balance Sheets at December 31, 2022 and December 31, 2021; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and twelve months ended December 31, 2022 and 2021; and the Consolidated Statements of Cash Flows for the twelve months ended December 31, 2022 and 2021. Extracts are drawn from the December 31, 2022 and 2021 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 |
|
|
Twelve Months Ended |
|
||||||||||
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
185,106 |
|
|
$ |
100,428 |
|
|
$ |
641,404 |
|
|
$ |
361,569 |
|
Other operating revenues |
|
|
1,640 |
|
|
|
4,747 |
|
|
|
6,280 |
|
|
|
9,464 |
|
Total revenues |
|
|
186,746 |
|
|
|
105,175 |
|
|
|
647,684 |
|
|
|
371,033 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs |
|
|
115,496 |
|
|
|
71,187 |
|
|
|
397,301 |
|
|
|
261,814 |
|
Costs of other operating revenues |
|
|
694 |
|
|
|
228 |
|
|
|
2,130 |
|
|
|
2,231 |
|
General and administrative |
|
|
28,633 |
|
|
|
17,641 |
|
|
|
101,921 |
|
|
|
68,516 |
|
Depreciation and amortization |
|
|
29,881 |
|
|
|
28,288 |
|
|
|
119,160 |
|
|
|
114,544 |
|
Long-lived asset impairment and other |
|
|
— |
|
|
|
13,476 |
|
|
|
714 |
|
|
|
15,643 |
|
Affiliate credit loss impairment |
|
|
— |
|
|
|
1,400 |
|
|
|
— |
|
|
|
400 |
|
(Gain) loss on asset dispositions, net |
|
|
(1,076 |
) |
|
|
(53 |
) |
|
|
(250 |
) |
|
|
2,901 |
|
Total costs and expenses |
|
|
173,628 |
|
|
|
132,167 |
|
|
|
620,976 |
|
|
|
466,049 |
|
Operating income (loss) |
|
|
13,118 |
|
|
|
(26,992 |
) |
|
|
26,708 |
|
|
|
(95,016 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain (loss) |
|
|
2,105 |
|
|
|
582 |
|
|
|
(2,827 |
) |
|
|
(369 |
) |
Equity in net earnings (losses) of unconsolidated companies |
|
|
14 |
|
|
|
(1,625 |
) |
|
|
(221 |
) |
|
|
(3,322 |
) |
Interest income and other, net |
|
|
981 |
|
|
|
1,426 |
|
|
|
5,397 |
|
|
|
1,605 |
|
Loss on warrants |
|
|
— |
|
|
|
— |
|
|
|
(14,175 |
) |
|
|
— |
|
Loss on early extinguishment of debt |
|
|
— |
|
|
|
(11,100 |
) |
|
|
— |
|
|
|
(11,100 |
) |
Interest and other debt costs, net |
|
|
(4,339 |
) |
|
|
(3,417 |
) |
|
|
(17,189 |
) |
|
|
(15,583 |
) |
Total other expense |
|
|
(1,239 |
) |
|
|
(14,134 |
) |
|
|
(29,015 |
) |
|
|
(28,769 |
) |
Income (loss) before income taxes |
|
|
11,879 |
|
|
|
(41,126 |
) |
|
|
(2,307 |
) |
|
|
(123,785 |
) |
Income tax expense (benefit) |
|
|
1,697 |
|
|
|
(3,047 |
) |
|
|
19,886 |
|
|
|
5,875 |
|
Net income (loss) |
|
|
10,182 |
|
|
|
(38,079 |
) |
|
|
(22,193 |
) |
|
|
(129,660 |
) |
Less: Net loss attributable to noncontrolling interests |
|
|
(438 |
) |
|
|
(145 |
) |
|
|
(444 |
) |
|
|
(691 |
) |
Net income (loss) attributable to Tidewater Inc. |
|
$ |
10,620 |
|
|
$ |
(37,934 |
) |
|
$ |
(21,749 |
) |
|
$ |
(128,969 |
) |
Basic income (loss) per common share |
|
$ |
0.22 |
|
|
$ |
(0.92 |
) |
|
$ |
(0.49 |
) |
|
$ |
(3.14 |
) |
Diluted income (loss) per common share |
|
$ |
0.20 |
|
|
$ |
(0.92 |
) |
|
$ |
(0.49 |
) |
|
$ |
(3.14 |
) |
Weighted average common shares outstanding |
|
|
48,766 |
|
|
|
41,280 |
|
|
|
44,132 |
|
|
|
41,009 |
|
Dilutive effect of warrants, restricted stock units and stock options |
|
|
3,069 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted weighted average common shares |
|
|
51,835 |
|
|
|
41,280 |
|
|
|
44,132 |
|
|
|
41,009 |
|
TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data) |
||||||||
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
164,192 |
|
|
$ |
149,037 |
|
Restricted cash |
|
|
1,241 |
|
|
|
1,240 |
|
Trade and other receivable, less allowance for credit losses of $2,362 and $1,948 at December 31, 2022 and December 31, 2021, respectively |
|
|
156,465 |
|
|
|
86,503 |
|
Due from affiliates, less allowance for credit losses of $11,698 and $72,456 at December 31, 2022 and December 31, 2021, respectively |
|
|
— |
|
|
|
70,134 |
|
Marine operating supplies |
|
|
30,830 |
|
|
|
12,606 |
|
Assets held for sale |
|
|
4,195 |
|
|
|
14,421 |
|
Prepaid expenses and other current assets |
|
|
20,985 |
|
|
|
8,731 |
|
Total current assets |
|
|
377,908 |
|
|
|
342,672 |
|
Net properties and equipment |
|
|
796,655 |
|
|
|
688,040 |
|
Deferred drydocking and survey costs |
|
|
61,080 |
|
|
|
40,734 |
|
Indemnification assets |
|
|
28,369 |
|
|
|
— |
|
Other assets |
|
|
33,644 |
|
|
|
24,334 |
|
Total assets |
|
$ |
1,297,656 |
|
|
$ |
1,095,780 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
38,946 |
|
|
$ |
20,788 |
|
Accrued costs and expenses |
|
|
105,518 |
|
|
|
51,734 |
|
Due to affiliates |
|
|
— |
|
|
|
61,555 |
|
Other current liabilities |
|
|
50,323 |
|
|
|
23,865 |
|
Total current liabilities |
|
|
194,787 |
|
|
|
157,942 |
|
Long-term debt |
|
|
169,036 |
|
|
|
167,885 |
|
Other liabilities and deferred credits |
|
|
67,843 |
|
|
|
68,184 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
51 |
|
|
|
41 |
|
Additional paid-in-capital |
|
|
1,556,990 |
|
|
|
1,376,494 |
|
Accumulated deficit |
|
|
(699,649 |
) |
|
|
(677,900 |
) |
Accumulated other comprehensive loss |
|
|
8,576 |
|
|
|
2,668 |
|
Total stockholders’ equity |
|
|
865,968 |
|
|
|
701,303 |
|
Noncontrolling interests |
|
|
22 |
|
|
|
466 |
|
Total equity |
|
|
865,990 |
|
|
|
701,769 |
|
Total liabilities and equity |
|
$ |
1,297,656 |
|
|
$ |
1,095,780 |
|
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In Thousands) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
||||
Net income (loss) |
|
$ |
10,182 |
|
|
$ |
(38,079 |
) |
|
$ |
(22,193 |
) |
|
$ |
(129,660 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (gain) loss on note receivable |
|
|
779 |
|
|
|
— |
|
|
|
(496 |
) |
|
|
— |
|
Change in supplemental executive retirement plan pension liability, net of tax |
|
|
4,561 |
|
|
|
(763 |
) |
|
|
4,561 |
|
|
|
(763 |
) |
Change in liability of pension plans |
|
|
1,762 |
|
|
|
3,957 |
|
|
|
1,843 |
|
|
|
4,235 |
|
Total comprehensive income (loss) |
|
$ |
17,284 |
|
|
$ |
(34,885 |
) |
|
$ |
(16,285 |
) |
|
$ |
(126,188 |
) |
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) |
||||||||
|
|
Twelve Months |
|
|
Twelve Months |
|
||
|
|
Ended |
|
|
Ended |
|
||
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
||
Operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(22,193 |
) |
|
$ |
(129,660 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
83,522 |
|
|
|
73,223 |
|
Amortization of deferred drydocking and survey costs |
|
|
35,638 |
|
|
|
41,321 |
|
Amortization of debt premiums and discounts |
|
|
1,679 |
|
|
|
3,171 |
|
Provision for deferred income taxes |
|
|
36 |
|
|
|
(1,287 |
) |
(Gain) loss on asset dispositions, net |
|
|
(250 |
) |
|
|
2,901 |
|
Gain on bargain purchase |
|
|
(1,300 |
) |
|
|
— |
|
Affiliate credit loss impairment |
|
|
— |
|
|
|
400 |
|
Long-lived asset impairment and other |
|
|
714 |
|
|
|
15,643 |
|
Loss on warrants |
|
|
14,175 |
|
|
|
— |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
11,100 |
|
Stock-based compensation expense |
|
|
7,372 |
|
|
|
5,638 |
|
Changes in assets and liabilities, net of effects of business acquisition: |
|
|
|
|
|
|
|
|
Trade and other receivables |
|
|
(4,129 |
) |
|
|
26,120 |
|
Changes in due to/from affiliate, net |
|
|
(20 |
) |
|
|
(123 |
) |
Accounts payable |
|
|
16,481 |
|
|
|
3,807 |
|
Accrued expenses |
|
|
(1,340 |
) |
|
|
(688 |
) |
Deferred drydocking and survey costs |
|
|
(56,000 |
) |
|
|
(27,282 |
) |
Other, net |
|
|
(34,159 |
) |
|
|
(9,278 |
) |
Net cash provided by (used in) operating activities |
|
|
40,226 |
|
|
|
15,006 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Proceeds from sales of assets |
|
|
13,568 |
|
|
|
34,010 |
|
Acquisitions, net of cash acquired |
|
|
(20,740 |
) |
|
|
— |
|
Additions to properties and equipment |
|
|
(16,637 |
) |
|
|
(8,951 |
) |
Net cash provided by (used in) investing activities |
|
|
(23,809 |
) |
|
|
25,059 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from stock offering |
|
|
187,832 |
|
|
|
— |
|
Repurchase of SPO Acquisition Warrants |
|
|
(187,832 |
) |
|
|
— |
|
Issuance of long-term debt |
|
|
— |
|
|
|
172,375 |
|
Principal payments on long-term debt |
|
|
— |
|
|
|
(198,918 |
) |
Debt extinguishment premium |
|
|
— |
|
|
|
(7,781 |
) |
Debt issuance and modification costs |
|
|
(393 |
) |
|
|
(5,737 |
) |
Tax on share-based awards |
|
|
(2,323 |
) |
|
|
(953 |
) |
Net cash used in financing activities |
|
|
(2,716 |
) |
|
|
(41,014 |
) |
Net change in cash, cash equivalents and restricted cash |
|
|
13,701 |
|
|
|
(949 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
154,276 |
|
|
|
155,225 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
167,977 |
|
|
$ |
154,276 |
|
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) |
||||||||
|
|
|
|
|
|
|
||
|
|
Twelve Months |
|
|
Twelve Months |
|
||
|
|
Ended |
|
|
Ended |
|
||
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
||
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid during the year for: |
|
|
|
|
|
|
|
|
Interest, net of amounts capitalized |
|
$ |
15,554 |
|
|
$ |
13,747 |
|
Income taxes |
|
$ |
22,275 |
|
|
$ |
19,013 |
|
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 |
|
$ |
1,365 |
|
|
$ |
— |
|
Note: Cash, cash equivalents and restricted cash at December 31, 2022 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 September 30, 2022 |
|
$ |
46 |
|
|
$ |
1,555,388 |
|
|
$ |
(710,269 |
) |
|
$ |
1,474 |
|
|
$ |
460 |
|
|
$ |
847,099 |
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
10,620 |
|
|
|
7,102 |
|
|
|
(438 |
) |
|
|
17,284 |
|
Issuance of common stock |
|
|
5 |
|
|
|
120,629 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
120,634 |
|
Repurchase of SPO Acquisition Warrants |
|
|
— |
|
|
|
(121,007 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(121,007 |
) |
Amortization of share-based awards |
|
|
— |
|
|
|
1,980 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,980 |
|
Balance at December 31, 2022 |
|
$ |
51 |
|
|
$ |
1,556,990 |
|
|
$ |
(699,649 |
) |
|
$ |
8,576 |
|
|
$ |
22 |
|
|
$ |
865,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2021 |
|
$ |
41 |
|
|
$ |
1,375,215 |
|
|
$ |
(639,966 |
) |
|
$ |
(1,289 |
) |
|
$ |
611 |
|
|
$ |
734,612 |
|
Total comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
(37,934 |
) |
|
|
3,957 |
|
|
|
(145 |
) |
|
|
(34,122 |
) |
Amortization of share-based awards |
|
|
— |
|
|
|
1,279 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,279 |
|
Balance at December 31, 2021 |
|
$ |
41 |
|
|
$ |
1,376,494 |
|
|
$ |
(677,900 |
) |
|
$ |
2,668 |
|
|
$ |
466 |
|
|
$ |
701,769 |
|
Contacts
Tidewater Inc.
West Gotcher
Vice President,
Finance and Investor Relations
+1.713.470.5285