Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2023
Full-Year 2023 Highlights
- Revenue of $1,010.0 million, a 55.9% increase from 2022
- Average day rate increased to $16,802 per day, $4,048 higher than 2022
- Net income of $97.2 million, an increase of $118.9 million from 2022
- Adjusted EBITDA of $386.7 million, an increase of $220.0 million from 2022
- Net cash provided by operating activities of $104.7 million, an increase of $64.5 million from 2022
- Free cash flow of $111.3 million, an increase of $60.8 million from 2022
- Completed acquisition and financing of 37 PSVs from Solstad Offshore
Fourth Quarter 2023 Highlights
- Revenue of $302.7 million, highest quarterly revenue in eight years
- Average day rate increased to $18,066 per day, $201 higher than the third quarter of 2023
- Composite leading edge term contract day rate of $29,511, $902 higher than the third quarter of 2023
- Net income of $37.7 million, an increase of $11.5 million from the third quarter of 2023
- Adjusted EBITDA of $131.3 million, an increase of $11.6 million from the third quarter of 2023
- Net cash provided by operating activities of $47.2 million, an increase of $12.3 million from the third quarter of 2023
- Free cash flow of $61.0 million, an increase of $31.9 million from the third quarter of 2023
Share Repurchase Program and 2024 Guidance
- Completed $35.0 million of share repurchases during the fourth quarter of 2023 at an average price of $59.29 per share
- Board approves a new share repurchase authorization of $48.6 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%
HOUSTON–(BUSINESS WIRE)–Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2023 of $302.7 million and $1,010.0 million, respectively, compared with $186.7 million and $647.7 million, respectively, for the three and twelve months ended December 31, 2022. Tidewater’s net income for the three and twelve months ended December 31, 2023, was $37.7 million ($0.70 per common share) and $97.2 million ($1.84 per common share), respectively, compared with net income (losses) of $10.6 million ($0.20 per common share) and $(21.7) million ($0.49 per common share), respectively, for the three and twelve months ended December 31, 2022.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The past year represented a year of significant milestones and profitable growth for Tidewater with revenue and gross profit improving each quarter throughout the year. The supply and demand dynamics positively influencing the offshore vessel industry drove strong financial and operational results, with revenue cresting the $1.0 billion mark, a significant achievement for Tidewater that was bolstered by the acquisitions done in 2022 and 2023. Day rate progression realized during the year is faster than anything we have seen in the industry. The shortage of vessels, a record-low vessel newbuilding order book and improving offshore vessel demand visibility all support improving operational performance into 2024 and beyond, as indicated by our continued confidence in our ability to grow revenue by 40% and grow gross margin by 66% in 2024. As a result of improved industry fundamentals and associated financial performance, Tidewater is once again in a position to return capital to shareholders, the initial phase of which we completed during the fourth quarter of 2023 with an initial $35.0 million of share repurchases. We are excited to continue to grow free cash flow and return capital to our shareholders as this upcycle continues to unfold.
“Since 2017, we have been high-grading the fleet through the disposal of lower-specification vessels and the acquisition of higher-specification vessels. The financial impact of this strategy continues to be demonstrated by the higher revenue and gross margin outlook for our business. Fourth quarter revenue of $302.7 million is the highest quarterly revenue in over eight years and we anticipate quarterly revenue growth each quarter in 2024, outgrowing the seasonality we typically see in the first and fourth quarters of the year. Gross margin for the fourth quarter came in at 47.2%, the highest gross margin percentage in 15 years, and we anticipate gross margin for the fourth quarter of 2024 to reach 56.0%. Leading edge day rates continued their upward trend, with leading edge day rates up $902 sequentially, to $29,511. We continue to see improving demand across all regions and for a variety of end markets beyond drilling and, as such, we reiterate our full-year 2024 revenue guidance of $1.40 to $1.45 billion and gross margin guidance of 52.0%.
“We generated $61.0 million of free cash flow and returned nearly 60% of this to our shareholders in the form of share repurchases during the fourth quarter. Given our free cash flow performance, business outlook and healthy balance sheet, we are pleased to announce the Board has authorized a new share repurchase program, under which we are authorized to purchase up to $48.6 million of the Company’s common stock. The new authorization represents the maximum permissible amount of share repurchases under our existing debt agreements. As we have previously communicated, we anticipate utilizing this repurchase program opportunistically, weighing the value of share repurchases against other capital allocation opportunities to optimize the use of our capital to maximize shareholder returns.
“The past year was an important chapter in Tidewater’s history and was a successful year by all measures. I want to thank our dedicated team for their tremendous contributions to this achievement. We have even greater success ahead of us and I look forward to working together to achieve the goals we have set for ourselves. As always, we remain committed to providing a safe and rewarding environment for our employees as we continue to build the safest, most sustainable, most reliable, most profitable, high specification offshore energy support vessel fleet in the world.”
In addition to the number of outstanding shares, as of December 31, 2023, the Company also has the following in-the-money warrants.
|
Common shares outstanding |
|
|
52,259,303 |
|
|
New Creditor Warrants (strike price $0.001 per common share) |
|
|
81,244 |
|
|
GulfMark Creditor Warrants (strike price $0.01 per common share) |
|
|
91,436 |
|
|
Total |
|
|
52,431,983 |
|
Tidewater will hold a conference call to discuss results for the three and twelve months ending December 31, 2023 on March 1, 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 March 1, 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 December 31, 2023 and 2022; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and twelve months ended December 31, 2023 and 2022; and the Consolidated Statements of Cash Flows for the three and twelve months ended December 31, 2023 and 2022. Extracts are drawn from the December 31, 2023 and 2022 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.
|
|
||||||||||||||||
|
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, except per share data) |
||||||||||||||||
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
300,515 |
|
|
$ |
185,106 |
|
|
$ |
998,993 |
|
|
$ |
641,404 |
|
|
Other operating revenues |
|
|
2,143 |
|
|
|
1,640 |
|
|
|
10,992 |
|
|
|
6,280 |
|
|
Total revenues |
|
|
302,658 |
|
|
|
186,746 |
|
|
|
1,009,985 |
|
|
|
647,684 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs |
|
|
158,553 |
|
|
|
115,496 |
|
|
|
556,515 |
|
|
|
397,301 |
|
|
Costs of other operating revenues |
|
|
1,337 |
|
|
|
694 |
|
|
|
4,342 |
|
|
|
2,130 |
|
|
General and administrative |
|
|
24,724 |
|
|
|
28,633 |
|
|
|
95,283 |
|
|
|
101,921 |
|
|
Depreciation and amortization |
|
|
59,167 |
|
|
|
29,881 |
|
|
|
180,331 |
|
|
|
119,160 |
|
|
Long-lived asset impairment and other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
714 |
|
|
Gain on asset dispositions, net |
|
|
(4,218 |
) |
|
|
(1,076 |
) |
|
|
(8,701 |
) |
|
|
(250 |
) |
|
Total costs and expenses |
|
|
239,563 |
|
|
|
173,628 |
|
|
|
827,770 |
|
|
|
620,976 |
|
|
Operating income |
|
|
63,095 |
|
|
|
13,118 |
|
|
|
182,215 |
|
|
|
26,708 |
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain (loss) |
|
|
2,250 |
|
|
|
2,105 |
|
|
|
(1,370 |
) |
|
|
(2,827 |
) |
|
Equity in net earnings (losses) of unconsolidated companies |
|
|
10 |
|
|
|
14 |
|
|
|
39 |
|
|
|
(221 |
) |
|
Interest income and other, net |
|
|
3,029 |
|
|
|
981 |
|
|
|
6,517 |
|
|
|
5,397 |
|
|
Loss on warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14,175 |
) |
|
Interest and other debt costs, net |
|
|
(20,263 |
) |
|
|
(4,339 |
) |
|
|
(48,472 |
) |
|
|
(17,189 |
) |
|
Total other expense |
|
|
(14,974 |
) |
|
|
(1,239 |
) |
|
|
(43,286 |
) |
|
|
(29,015 |
) |
|
Income (loss) before income taxes |
|
|
48,121 |
|
|
|
11,879 |
|
|
|
138,929 |
|
|
|
(2,307 |
) |
|
Income tax expense |
|
|
10,793 |
|
|
|
1,697 |
|
|
|
43,308 |
|
|
|
19,886 |
|
|
Net income (loss) |
|
|
37,328 |
|
|
|
10,182 |
|
|
|
95,621 |
|
|
|
(22,193 |
) |
|
Less: Net loss attributable to noncontrolling interests |
|
|
(336 |
) |
|
|
(438 |
) |
|
|
(1,564 |
) |
|
|
(444 |
) |
|
Net income (loss) attributable to Tidewater Inc. |
|
$ |
37,664 |
|
|
$ |
10,620 |
|
|
$ |
97,185 |
|
|
$ |
(21,749 |
) |
|
Basic income (loss) per common share |
|
$ |
0.72 |
|
|
$ |
0.22 |
|
|
$ |
1.88 |
|
|
$ |
(0.49 |
) |
|
Diluted income (loss) per common share |
|
$ |
0.70 |
|
|
$ |
0.20 |
|
|
$ |
1.84 |
|
|
$ |
(0.49 |
) |
|
Weighted average common shares outstanding |
|
|
52,648 |
|
|
|
48,766 |
|
|
|
51,591 |
|
|
|
44,132 |
|
|
Dilutive effect of warrants, restricted stock units and stock options |
|
|
1,351 |
|
|
|
3,069 |
|
|
|
1,346 |
|
|
|
— |
|
|
Adjusted weighted average common shares |
|
|
53,999 |
|
|
|
51,835 |
|
|
|
52,937 |
|
|
|
44,132 |
|
|
|
||||||||
|
TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data) |
||||||||
|
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
274,437 |
|
|
$ |
164,192 |
|
|
Restricted cash |
|
|
1,241 |
|
|
|
1,241 |
|
|
Trade and other receivables, less allowance for credit losses of $15,914 and $14,060 as of December 31, 2023 and 2022, respectively |
|
|
268,352 |
|
|
|
156,465 |
|
|
Marine operating supplies |
|
|
31,933 |
|
|
|
30,830 |
|
|
Assets held for sale |
|
|
— |
|
|
|
4,195 |
|
|
Prepaid expenses and other current assets |
|
|
15,172 |
|
|
|
20,985 |
|
|
Total current assets |
|
|
591,135 |
|
|
|
377,908 |
|
|
Net properties and equipment |
|
|
1,315,122 |
|
|
|
796,655 |
|
|
Deferred drydocking and survey costs |
|
|
106,698 |
|
|
|
61,080 |
|
|
Indemnification assets |
|
|
17,370 |
|
|
|
28,369 |
|
|
Other assets |
|
|
32,449 |
|
|
|
33,644 |
|
|
Total assets |
|
$ |
2,062,774 |
|
|
$ |
1,297,656 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
44,931 |
|
|
$ |
38,946 |
|
|
Accrued expenses |
|
|
125,590 |
|
|
|
105,518 |
|
|
Current portion of long-term debt |
|
|
103,077 |
|
|
|
— |
|
|
Other current liabilities |
|
|
55,133 |
|
|
|
50,323 |
|
|
Total current liabilities |
|
|
328,731 |
|
|
|
194,787 |
|
|
Long-term debt |
|
|
631,361 |
|
|
|
169,036 |
|
|
Other liabilities |
|
|
64,985 |
|
|
|
67,843 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
|
Common stock of $0.001 par value, 125,000,000 shares authorized. 52,259,303 and 50,554,179 shares issued and outstanding at December 31, 2023 and 2022, respectively |
|
|
52 |
|
|
|
51 |
|
|
Additional paid-in-capital |
|
|
1,671,759 |
|
|
|
1,556,990 |
|
|
Accumulated deficit |
|
|
(637,838 |
) |
|
|
(699,649 |
) |
|
Accumulated other comprehensive loss |
|
|
5,266 |
|
|
|
8,576 |
|
|
Total stockholders’ equity |
|
|
1,039,239 |
|
|
|
865,968 |
|
|
Noncontrolling interests |
|
|
(1,542 |
) |
|
|
22 |
|
|
Total equity |
|
|
1,037,697 |
|
|
|
865,990 |
|
|
Total liabilities and equity |
|
$ |
2,062,774 |
|
|
$ |
1,297,656 |
|
|
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In Thousands) |
||||||||||||||||
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
||||
|
Net income (loss) |
|
$ |
37,328 |
|
|
$ |
10,182 |
|
|
$ |
95,621 |
|
|
$ |
(22,193 |
) |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on note receivable |
|
|
682 |
|
|
|
779 |
|
|
|
213 |
|
|
|
(496 |
) |
|
Change in supplemental executive retirement plan pension liability |
|
|
(525 |
) |
|
|
4,561 |
|
|
|
(525 |
) |
|
|
4,561 |
|
|
Change in liability of pension plans |
|
|
696 |
|
|
|
1,762 |
|
|
|
(2,998 |
) |
|
|
1,843 |
|
|
Total comprehensive income (loss) |
|
$ |
38,181 |
|
|
$ |
17,284 |
|
|
$ |
92,311 |
|
|
$ |
(16,285 |
) |
|
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) |
||||||||
|
|
|
Twelve Months |
|
|
Twelve Months |
|
||
|
|
|
Ended |
|
|
Ended |
|
||
|
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
||
|
Operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
95,621 |
|
|
$ |
(22,193 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
128,777 |
|
|
|
83,522 |
|
|
Amortization of deferred drydocking and survey costs |
|
|
51,554 |
|
|
|
35,638 |
|
|
Amortization of debt premiums and discounts |
|
|
4,619 |
|
|
|
1,679 |
|
|
Amortization of below market contracts |
|
|
(3,800 |
) |
|
|
— |
|
|
Provision for deferred income taxes |
|
|
92 |
|
|
|
36 |
|
|
Gain on asset dispositions, net |
|
|
(8,701 |
) |
|
|
(250 |
) |
|
Gain on pension settlement |
|
|
(2,313 |
) |
|
|
— |
|
|
Gain on bargain purchase |
|
|
— |
|
|
|
(1,300 |
) |
|
Long-lived asset impairment and other |
|
|
— |
|
|
|
714 |
|
|
Loss on warrants |
|
|
— |
|
|
|
14,175 |
|
|
Stock-based compensation expense |
|
|
10,755 |
|
|
|
7,372 |
|
|
Changes in assets and liabilities, net of effects of business acquisition: |
|
|
|
|
|
|
|
|
|
Trade and other receivables |
|
|
(109,756 |
) |
|
|
(4,129 |
) |
|
Changes in due to/from affiliate, net |
|
|
— |
|
|
|
(20 |
) |
|
Accounts payable |
|
|
5,985 |
|
|
|
16,481 |
|
|
Accrued expenses |
|
|
20,072 |
|
|
|
(1,340 |
) |
|
Deferred drydocking and survey costs |
|
|
(97,378 |
) |
|
|
(56,000 |
) |
|
Other, net |
|
|
9,178 |
|
|
|
(34,159 |
) |
|
Net cash provided by operating activities |
|
|
104,705 |
|
|
|
40,226 |
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from asset dispositions |
|
|
15,506 |
|
|
|
13,568 |
|
|
Acquisitions, net of cash acquired |
|
|
(594,191 |
) |
|
|
(20,740 |
) |
|
Additions to properties and equipment |
|
|
(31,588 |
) |
|
|
(16,637 |
) |
|
Net cash used in investing activities |
|
|
(610,273 |
) |
|
|
(23,809 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Exercise of warrants |
|
|
111,483 |
|
|
|
— |
|
|
Proceeds from issuance of shares |
|
|
— |
|
|
|
187,832 |
|
|
Repurchase of SPO acquisition warrants |
|
|
— |
|
|
|
(187,832 |
) |
|
Issuance of long-term debt |
|
|
575,000 |
|
|
|
— |
|
|
Principal payments on long-term debt |
|
|
(13,677 |
) |
|
|
— |
|
|
Purchase of common stock |
|
|
(35,025 |
) |
|
|
— |
|
|
Acquisition of non-controlling interest in a majority owned subsidiary |
|
|
(1,427 |
) |
|
|
— |
|
|
Debt issuance costs |
|
|
(14,758 |
) |
|
|
(393 |
) |
|
Tax on share-based awards |
|
|
(6,040 |
) |
|
|
(2,323 |
) |
|
Net cash provided by (used in) financing activities |
|
|
615,556 |
|
|
|
(2,716 |
) |
|
Net change in cash, cash equivalents and restricted cash |
|
|
109,988 |
|
|
|
13,701 |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
167,977 |
|
|
|
154,276 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
277,965 |
|
|
$ |
167,977 |
|
|
|
|
|
|
|
|
|
||
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
Cash paid during the year for: |
|
|
|
|
|
|
|
|
|
Interest, net of amounts capitalized |
|
$ |
26,638 |
|
|
$ |
15,554 |
|
|
Income taxes |
|
$ |
43,880 |
|
|
$ |
22,275 |
|
|
Supplemental disclosure of noncash investing activities: |
|
|
|
|
|
|
|
|
|
Acquisition of SPO |
|
$ |
— |
|
|
$ |
162,648 |
|
|
Purchase of three vessels |
|
$ |
14,265 |
|
|
$ |
— |
|
|
Supplemental disclosure of noncash financing activities: |
|
|
|
|
|
|
|
|
|
Warrants issued for SPO acquisition |
|
$ |
— |
|
|
$ |
162,648 |
|
|
Repurchase of SPO acquisition warrants |
|
$ |
— |
|
|
$ |
1,365 |
|
|
Debt incurred for the purchase of three vessels |
|
$ |
15,235 |
|
|
$ |
— |
|
|
Note: Cash, cash equivalents and restricted cash at December 31, 2023 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 September 30, 2023 |
|
$ |
53 |
|
|
$ |
1,668,392 |
|
|
$ |
(640,128 |
) |
|
$ |
4,413 |
|
|
$ |
(1,206 |
) |
|
$ |
1,031,524 |
|
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
37,664 |
|
|
|
853 |
|
|
|
(336 |
) |
|
|
38,181 |
|
|
Exercise of warrants into common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Repurchase and retirement of common stock |
|
|
(1 |
) |
|
|
— |
|
|
|
(35,374 |
) |
|
|
— |
|
|
|
— |
|
|
|
(35,375 |
) |
|
Amortization of share-based awards |
|
|
— |
|
|
|
3,367 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,367 |
|
|
Balance at December 31, 2023 |
|
$ |
52 |
|
|
$ |
1,671,759 |
|
|
$ |
(637,838 |
) |
|
$ |
5,266 |
|
|
$ |
(1,542 |
) |
|
$ |
1,037,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
Twelve 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) |
|
|
— |
|
|
|
— |
|
|
|
97,185 |
|
|
|
(3,310 |
) |
|
|
(1,564 |
) |
|
|
92,311 |
|
|
Exercise of warrants into common stock |
|
|
2 |
|
|
|
111,481 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
111,483 |
|
|
Repurchase and retirement of common stock |
|
|
(1 |
) |
|
|
— |
|
|
|
(35,374 |
) |
|
|
— |
|
|
|
— |
|
|
|
(35,375 |
) |
|
Acquisition of non-controlling interest in a majority owned subsidiary |
|
|
— |
|
|
|
(1,427 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,427 |
) |
|
Amortization of share-based awards |
|
|
— |
|
|
|
4,715 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,715 |
|
|
Balance at December 31, 2023 |
|
$ |
52 |
|
|
$ |
1,671,759 |
|
|
$ |
(637,838 |
) |
|
$ |
5,266 |
|
|
$ |
(1,542 |
) |
|
$ |
1,037,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2021 |
|
$ |
41 |
|
|
$ |
1,376,494 |
|
|
$ |
(677,900 |
) |
|
$ |
2,668 |
|
|
$ |
466 |
|
|
$ |
701,769 |
|
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
(21,749 |
) |
|
|
5,908 |
|
|
|
(444 |
) |
|
|
(16,285 |
) |
|
Issuance of common stock |
|
|
10 |
|
|
|
192,881 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
192,891 |
|
|
SPO acquisition warrants |
|
|
— |
|
|
|
176,823 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
176,823 |
|
|
Repurchase of SPO acquisition warrants |
|
|
— |
|
|
|
(194,256 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(194,256 |
) |
|
Amortization of share-based awards |
|
|
— |
|
|
|
5,048 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,048 |
|
|
Balance at December 31, 2022 |
|
$ |
51 |
|
|
$ |
1,556,990 |
|
|
$ |
(699,649 |
) |
|
$ |
8,576 |
|
|
$ |
22 |
|
|
$ |
865,990 |
|
Contacts
Tidewater Inc.
West Gotcher
Vice President,
Finance and Investor Relations
+1.713.470.5285
