Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ending December 31, 2020, of $91.9 million and $397.0 million, respectively compared with $118.8 million and $486.5 million, respectively, for the three and twelve months ending December 31, 2019. Tidewater's net losses for the three and twelve months ending December 31, 2020, were $29.2 million ($0.72 per share) and $196.2 million ($4.86 per share), respectively, compared with $59.9 million ($1.52 per share) and $141.7 million ($3.71 per share), respectively, for the three and twelve months ending December 31, 2019. Included in the net losses for the three and twelve months ending December 31, 2020 were impairment charges related to assets held for sale, affiliate credit losses, affiliate guaranteed obligation, inventory obsolescence and general and administrative severance expenses totaling $6.2 million and $130.6 million, respectively. Excluding these costs, we would have reported a net loss for the three months ending December 31, 2020 of $23.1 million ($0.57 per common share) and a net loss for the twelve months ending December 31, 2020 of $65.6 million ($1.63 per common share). Excluding long-lived asset impairments and one-time expenses, net losses for the three and twelve months ending December 31, 2019 were $25.2 million (or $0.64 per common share) and $91.4 million (or $2.39) per common share), respectively.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “I am pleased to report that we again generated free cash flow in the latest quarter and that we generated $52.7 million of free cash flow for the calendar year. Achieving these results during a considerably challenging year was due to the ability of our offshore and onshore team to quickly and skillfully adjust to the changing market.
“The offshore supply vessel market continues to evolve, and the ability of Tidewater to continue to transform itself is key to delivering top value to our shareholders. In addition to adapting to the market changes mentioned previously, Tidewater’s digital transformation has been underway since the 2018 merger. We were featured in a press release by global satellite provider Inmarsat last month regarding the completion of our high bandwidth vessel connectivity. This connectivity allows us to expand our in-house suite of tablet-based applications directly to the vessel, which will enable us to provide comprehensive real-time vessel system monitoring as well as administrative efficiencies.
“The other transformation we are embracing is how our business contributes to a lower carbon future. Shipping is a hard to abate industry, and although the hydrocarbon fuels utilized by our working vessels are provided by our customers, our ability to contribute to a lower carbon future by working with our customers to reduce carbon emissions through operational efficiencies enabled by the utilization of the technology platform referenced previously, and by working with our customers on the adoption of currently available hybrid battery and other environmentally friendly technologies are two pathways to contributing immediately to the environment.
“While we remained focused on capital expenditure and working capital management, we continued our commitment to improving the operational and environmental efficiency of our fleet through investments this past quarter in communications, hybrid battery technologies and strategic vessel acquisitions. A key element of our strategy going forward is the reduction of emissions through technology and operational efficiency. Our vessels operating with hybrid technology throughout 2020 achieved baseline emissions reductions as high as 18%. In addition, approximately 10% of our vessels were engaged in renewable energy activities during the year.
“Our fleet development program includes the sale or recycling of vessels that are deemed uneconomic or that do not meet our future strategic goals, and the acquisition of high-specification tonnage that meets our carbon reduction and financial return objectives. In 2020, we completed the disposal of 56 vessels and other assets for total proceeds of $38.3 million, and we acquired 11 modern crew boats that are more fuel efficient than our current fleet for $5.3 million.
“During the year, we reduced outstanding debt by $96.2 million and decreased our net debt position by $23.8 million. We ended the year with $155.2 million of cash on hand.
“I want to extend my gratitude to the many dedicated women and men across Tidewater who are responsible for the company’s notable performance in such a challenging year. Through their commitment and talent I am confident that we will continue to transform Tidewater, and that we will leverage opportunities for growth as the renewable energy market evolves and the hydrocarbon energy market normalizes.”
In addition to the number of outstanding shares, as of December 31, 2020, the company also has the following in the money warrants.
Common shares outstanding | 40,704,984 | |||
New Creditor Warrants (strike price $0.001 per common share) | 657,203 | |||
GulfMark Creditor Warrants (strike price $0.01 per common share) | 815,575 | |||
Total | 42,177,762 |
Tidewater will hold a conference call to discuss results for the three and twelve-month periods ending December 31, 2020 on March 5, 2021, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1-888-771-4371 if calling from the U.S. or Canada (+1-847-585-4405 if calling from outside the U.S.) and asking for the “Tidewater” call just prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com
A replay of the conference call will be available beginning at 10:30 a.m. Central Time on March 5, 2021 and will continue until 11:59 p.m. Central Time on April 5, 2021. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com
The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involves numerous risks and uncertainties that may cause the company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.
Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with more than 60 years of experience supporting offshore energy exploration and production activities worldwide.
Note: All per-share amounts are stated on a diluted basis.
Financial information is displayed beginning on the next page.
TIDEWATER INC. 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, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenues: | ||||||||||||||||
Vessel revenues | $ | 87,830 | 116,539 | 386,174 | 477,015 | |||||||||||
Other operating revenues | 4,029 | 2,237 | 10,864 | 9,534 | ||||||||||||
Total revenues | 91,859 | 118,776 | 397,038 | 486,549 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Vessel operating costs | 63,397 | 85,935 | 268,780 | 329,196 | ||||||||||||
Costs of other operating revenues | 342 | 916 | 3,405 | 2,800 | ||||||||||||
General and administrative | 16,992 | 22,406 | 73,447 | 103,716 | ||||||||||||
Depreciation and amortization | 30,681 | 28,226 | 116,709 | 101,931 | ||||||||||||
Long-lived asset impairments and other | 6,475 | 32,549 | 74,109 | 37,773 | ||||||||||||
Affiliate credit loss impairment expense | (600 | ) | — | 52,981 | — | |||||||||||
Affiliate guarantee obligation | — | — | 2,000 | — | ||||||||||||
Gain on asset dispositions, net | (80 | ) | (1,217 | ) | (7,591 | ) | (2,263 | ) | ||||||||
117,207 | 168,815 | 583,840 | 573,153 | |||||||||||||
Operating loss | (25,348 | ) | (50,039 | ) | (186,802 | ) | (86,604 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Foreign exchange loss | (2,880 | ) | (945 | ) | (5,245 | ) | (1,269 | ) | ||||||||
Equity in net losses of unconsolidated companies | 164 | (2,717 | ) | 164 | (3,152 | ) | ||||||||||
Dividend income from unconsolidated companies | — | — | 17,150 | — | ||||||||||||
Interest income and other, net | 144 | 690 | 1,228 | 6,598 | ||||||||||||
Interest and other debt costs, net | (5,984 | ) | (6,282 | ) | (24,156 | ) | (29,068 | ) | ||||||||
Total other expense | (8,556 | ) | (9,254 | ) | (10,859 | ) | (26,891 | ) | ||||||||
Loss before income taxes | (33,904 | ) | (59,293 | ) | (197,661 | ) | (113,495 | ) | ||||||||
Income tax (benefit) expense | (4,477 | ) | 1,281 | (965 | ) | 27,724 | ||||||||||
Net loss | $ | (29,427 | ) | (60,574 | ) | (196,696 | ) | (141,219 | ) | |||||||
Less: Net income (loss) attributable to noncontrolling interests | (180 | ) | (721 | ) | (454 | ) | 524 | |||||||||
Net loss attributable to Tidewater Inc. | $ | (29,247 | ) | (59,853 | ) | (196,242 | ) | (141,743 | ) | |||||||
Basic loss per common share | (0.72 | ) | (1.52 | ) | (4.86 | ) | (3.71 | ) | ||||||||
Diluted loss per common share | (0.72 | ) | (1.52 | ) | (4.86 | ) | (3.71 | ) | ||||||||
Weighted average common shares outstanding | 40,604 | 39,504 | 40,355 | 38,205 | ||||||||||||
Dilutive effect of stock options and restricted stock | — | — | — | — | ||||||||||||
Adjusted weighted average common shares | 40,604 | 39,504 | 40,355 | 38,205 | ||||||||||||
TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and par value data) | ||||||||
December 31, | December 31, | |||||||
ASSETS | 2020 | 2019 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 149,933 | 218,290 | |||||
Restricted cash | 2,079 | 5,755 | ||||||
Trade and other receivables, less allowance for credit losses of $1,516 as of December 31, 2020 and less allowance for doubtful accounts of $70 as of December 31, 2019 | 112,623 | 110,180 | ||||||
Due from affiliate, less allowance for credit losses of $71,800 as of December 31, 2020 and less due from affiliate allowance of $20,083 as of December 31, 2019 | 62,050 | 125,972 | ||||||
Marine operating supplies | 15,876 | 21,856 | ||||||
Assets held for sale | 34,396 | 39,287 | ||||||
Prepaid expenses and other current assets | 11,692 | 15,956 | ||||||
Total current assets | 388,649 | 537,296 | ||||||
Net properties and equipment | 780,318 | 938,961 | ||||||
Deferred drydocking and survey costs | 56,468 | 66,936 | ||||||
Other assets | 25,742 | 36,335 | ||||||
Total assets | $ | 1,251,177 | 1,579,528 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 16,981 | 27,501 | |||||
Accrued costs and expenses | 52,422 | 74,000 | ||||||
Due to affiliates | 53,194 | 50,186 | ||||||
Current portion of long-term debt | 27,797 | 9,890 | ||||||
Other current liabilities | 32,785 | 24,100 | ||||||
Total current liabilities | 183,179 | 185,677 | ||||||
Long-term debt | 164,934 | 279,044 | ||||||
Other liabilities and deferred credits | 79,792 | 98,397 | ||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Common stock | 41 | 40 | ||||||
Additional paid-in-capital | 1,371,809 | 1,367,521 | ||||||
Accumulated deficit | (548,931 | ) | (352,526 | ) | ||||
Accumulated other comprehensive loss | (804 | ) | (236 | ) | ||||
Total stockholder's equity | 822,115 | 1,014,799 | ||||||
Noncontrolling interests | 1,157 | 1,611 | ||||||
Total equity | 823,272 | 1,016,410 | ||||||
Total liabilities and equity | $ | 1,251,177 | 1,579,528 | |||||
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net loss | $ | (29,427 | ) | $ | (60,574 | ) | $ | (196,696 | ) | $ | (141,219 | ) | ||||
Other comprehensive income (loss): | ||||||||||||||||
Change in supplemental executive retirement plan pension liability, net of tax of $0, $0, $0 and $0, respectively | (2,011 | ) | (2,121 | ) | (2,309 | ) | (2,121 | ) | ||||||||
Change in pension plan minimum liability, net of tax of $0, $0, $0, and $0, respectively | 101 | (309 | ) | 1,741 | (309 | ) | ||||||||||
Total comprehensive loss | $ | (31,337 | ) | $ | (63,004 | ) | $ | (197,264 | ) | $ | (143,649 | ) | ||||
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | ||||||||
Twelve Months | Twelve Months | |||||||
Ended | Ended | |||||||
December 31, | December 31, | |||||||
2020 | 2019 | |||||||
Operating activities: | ||||||||
Net loss | $ | (196,696 | ) | $ | (141,219 | ) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 73,030 | 77,045 | ||||||
Amortization of deferred drydocking and survey costs | 43,679 | 24,886 | ||||||
Amortization of debt premiums and discounts | 3,961 | (4,877 | ) | |||||
Provision for deferred income taxes | 1,224 | 672 | ||||||
Gain on asset dispositions, net | (7,591 | ) | (2,263 | ) | ||||
Affiliate credit loss impairment expense | 52,981 | — | ||||||
Affiliate guarantee obligation | 2,000 | — | ||||||
Long-lived asset impairments and other | 74,109 | 37,773 | ||||||
Changes in investments in unconsolidated companies | — | 1,039 | ||||||
Stock-based compensation expense | 5,117 | 19,603 | ||||||
Changes in operating assets and liabilities, net: | ||||||||
Trade and other receivables | (2,606 | ) | 1,086 | |||||
Changes in due to/from affiliate, net | 11,949 | 22,193 | ||||||
Accounts payable | (10,520 | ) | (4,438 | ) | ||||
Accrued expenses | (17,551 | ) | 8,189 | |||||
Deferred drydocking and survey costs | (33,271 | ) | (70,437 | ) | ||||
Other, net | 4,171 | (675 | ) | |||||
Net cash provided by (used in) operating activities | 3,986 | (31,423 | ) | |||||
Cash flows from investing activities: | ||||||||
Proceeds from sales of assets | 38,296 | 28,847 | ||||||
Additions to properties and equipment | (14,900 | ) | (17,998 | ) | ||||
Net cash provided by investing activities | 23,396 | 10,849 | ||||||
Cash flows from financing activities: | ||||||||
Principal payments on long-term debt | (98,080 | ) | (133,693 | ) | ||||
Premium paid for redemption of secured notes | — | (11,402 | ) | |||||
Tax on share-based award | (828 | ) | (4,467 | ) | ||||
Other | (857 | ) | — | |||||
Net cash used in financing activities | (99,765 | ) | (149,562 | ) | ||||
Net change in cash, cash equivalents and restricted cash | (72,383 | ) | (170,136 | ) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 227,608 | 397,744 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 155,225 | $ | 227,608 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid during the year for: | ||||||||
Interest, net of amounts capitalized | $ | 21,235 | 32,687 | |||||
Income taxes | 13,018 | 14,378 | ||||||
Note (A): Cash, cash equivalents and restricted cash at December 31, 2020 includes $3.2 million in long-term restricted cash. | ||||||||
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In thousands) | ||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||
Additional | other | Non | ||||||||||||||||||||||
Common | paid-in | Accumulated | comprehensive | controlling | ||||||||||||||||||||
stock | capital | (deficit) | loss | interest | Total | |||||||||||||||||||
Balance at December 31, 2018 | $ | 37 | 1,352,388 | (210,783 | ) | 2,194 | 1,087 | 1,144,923 | ||||||||||||||||
Total comprehensive income (loss) | — | — | (141,743 | ) | (2,430 | ) | 524 | (143,649 | ) | |||||||||||||||
Issuance of common stock from exercise of warrants | 3 | (3 | ) | — | — | — | — | |||||||||||||||||
Amortization/cancellation of restricted stock units | — | 15,136 | — | — | — | 15,136 | ||||||||||||||||||
Balance at December 31, 2019 | $ | 40 | 1,367,521 | (352,526 | ) | (236 | ) | 1,611 | 1,016,410 | |||||||||||||||
Total comprehensive income (loss) | — | — | (196,242 | ) | (568 | ) | (454 | ) | (197,264 | ) | ||||||||||||||
Adoption of credit loss accounting standard | — | — | (163 | ) | — | — | (163 | ) | ||||||||||||||||
Issuance of common stock from exercise of warrants | 1 | (1 | ) | — | — | — | — | |||||||||||||||||
Amortization of restricted stock units | — | 4,289 | — | — | — | 4,289 | ||||||||||||||||||
Balance at December 31, 2020 | $ | 41 | 1,371,809 | (548,931 | ) | (804 | ) | 1,157 | 823,272 | |||||||||||||||
The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
(In thousands) | % | % | % | % | ||||||||||||||||||||||||||||
Vessel revenues: | ||||||||||||||||||||||||||||||||
Americas | $ | 32,068 | 37 | % | $ | 33,333 | 29 | % | $ | 126,676 | 33 | % | $ | 136,958 | 29 | % | ||||||||||||||||
Middle East/Asia Pacific | 25,042 | 29 | % | 26,651 | 23 | % | 97,133 | 25 | % | 90,321 | 19 | % | ||||||||||||||||||||
Europe/Mediterranean | 15,775 | 18 | % | 29,180 | 25 | % | 83,602 | 22 | % | 123,711 | 26 | % | ||||||||||||||||||||
West Africa | 14,945 | 17 | % | 27,375 | 23 | % | 78,763 | 20 | % | 126,025 | 26 | % | ||||||||||||||||||||
Total vessel revenues | $ | 87,830 | 100 | % | $ | 116,539 | 100 | % | $ | 386,174 | 100 | % | $ | 477,015 | 100 | % | ||||||||||||||||
Vessel operating costs: | ||||||||||||||||||||||||||||||||
Crew costs | $ | 36,760 | 42 | % | $ | 46,071 | 40 | % | $ | 156,624 | 41 | % | $ | 187,599 | 39 | % | ||||||||||||||||
Repair and maintenance | 8,027 | 9 | % | 15,181 | 13 | % | 31,213 | 8 | % | 47,761 | 10 | % | ||||||||||||||||||||
Insurance | 1,447 | 2 | % | 1,174 | 1 | % | 7,195 | 2 | % | 6,129 | 1 | % | ||||||||||||||||||||
Fuel, lube and supplies | 6,221 | 7 | % | 9,782 | 8 | % | 29,113 | 7 | % | 36,359 | 8 | % | ||||||||||||||||||||
Other | 10,942 | 12 | % | 13,726 | 12 | % | 44,635 | 12 | % | 51,348 | 11 | % | ||||||||||||||||||||
Total vessel operating costs | 63,397 | 72 | % | 85,935 | 74 | % | 268,780 | 70 | % | 329,196 | 69 | % | ||||||||||||||||||||
Vessel operating margin (A) | $ | 24,433 | 28 | % | $ | 30,604 | 26 | % | $ | 117,394 | 30 | % | $ | 147,819 | 31 | % | ||||||||||||||||
Note (A): Vessel operating margin equals revenues less vessel operating costs and excludes general and administrative expenses and depreciation and amortization. | ||||||||||||||||||||||||||||||||
The company’s operating loss and other components of loss before income taxes and its related percentage of total revenues, were as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
(In thousands) | % | % | % | % | ||||||||||||||||||||||||||||
Vessel operating profit (loss): | ||||||||||||||||||||||||||||||||
Americas | $ | 1,496 | 2 | % | $ | (2,507 | ) | (2 | )% | $ | 4,944 | 1 | % | $ | (805 | ) | (0 | )% | ||||||||||||||
Middle East/Asia Pacific | (3,456 | ) | (4 | )% | (1,946 | ) | (2 | )% | (5,935 | ) | (1 | )% | (6,044 | ) | (1 | )% | ||||||||||||||||
Europe/Mediterranean | (4,543 | ) | (5 | )% | (521 | ) | (0 | )% | (8,629 | ) | (2 | )% | (1,289 | ) | (0 | )% | ||||||||||||||||
West Africa | (8,493 | ) | (9 | )% | (3,593 | ) | (3 | )% | (27,508 | ) | (7 | )% | 8,298 | 2 | % | |||||||||||||||||
Other operating profit | 3,686 | 4 | % | 1,353 | 1 | % | 7,458 | 2 | % | 6,734 | 1 | % | ||||||||||||||||||||
(11,310 | ) | (12 | )% | (7,214 | ) | (6 | )% | (29,670 | ) | (7 | )% | 6,894 | 1 | % | ||||||||||||||||||
Corporate expenses (A) | (8,243 | ) | (9 | )% | (11,493 | ) | (10 | )% | (35,633 | ) | (9 | )% | (57,988 | ) | (12 | )% | ||||||||||||||||
Gain on asset dispositions, net | 80 | 0 | % | 1,217 | 1 | % | 7,591 | 2 | % | 2,263 | 0 | % | ||||||||||||||||||||
Affiliate credit loss impairment expense | 600 | 0 | % | — | 0 | % | (52,981 | ) | (13 | )% | — | 0 | % | |||||||||||||||||||
Affiliate guarantee obligation | — | 0 | % | — | 0 | % | (2,000 | ) | (1 | )% | — | 0 | % | |||||||||||||||||||
Long-lived asset impairments and other | (6,475 | ) | (7 | )% | (32,549 | ) | (27 | )% | (74,109 | ) | (19 | )% | (37,773 | ) | (8 | )% | ||||||||||||||||
Operating loss | $ | (25,348 | ) | (28 | )% | $ | (50,039 | ) | (42 | )% | $ | (186,802 | ) | (47 | )% | $ | (86,604 | ) | (18 | )% | ||||||||||||
Note (A): General and administrative expenses for the three and twelve months ended December 31, 2020 include stock-based compensation of $1.2 million and $5.1 million, respectively. General and administrative expenses for the three and twelve months ended December 31, 2019 includes stock-based compensation of $3.0 million and $19.6 million, respectively. In addition, general and administrative costs for the three and twelve months ended December 31, 2020 include $0.3 million and $1.5 million, respectively, of severance and similar costs related to integrating Tidewater and GulfMark operations. General and administrative expenses for the three and twelve months ended December 31, 2019 include $2.1 million and $12.6 million, respectively, of severance and other costs related to integrating Tidewater and GulfMark operations. |
TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA (Unaudited) (In thousands, except per share data) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Vessel revenues | $ | 87,830 | 85,395 | 100,975 | 111,974 | 116,539 | ||||||||||||||
Other operating revenues | 4,029 | 1,072 | 1,369 | 4,394 | 2,237 | |||||||||||||||
Total revenues | 91,859 | 86,467 | 102,344 | 116,368 | 118,776 | |||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Vessel operating costs | 63,397 | 61,784 | 64,774 | 78,825 | 85,935 | |||||||||||||||
Costs of other operating revenue | 342 | 219 | 171 | 2,673 | 916 | |||||||||||||||
General and administrative (A) | 16,992 | 17,438 | 17,597 | 21,420 | 22,406 | |||||||||||||||
Depreciation and amortization | 30,681 | 30,777 | 28,144 | 27,107 | 28,226 | |||||||||||||||
Long-lived asset impairments and other | 6,475 | 1,945 | 55,482 | 10,207 | 32,549 | |||||||||||||||
Affiliate credit loss impairment expense | (600 | ) | — | 53,581 | — | — | ||||||||||||||
Affiliate guarantee obligation | — | — | 2,000 | — | — | |||||||||||||||
Gain on asset dispositions, net | (80 | ) | (520 | ) | (1,660 | ) | (5,331 | ) | (1,217 | ) | ||||||||||
Total operating costs and expenses | 117,207 | 111,643 | 220,089 | 134,901 | 168,815 | |||||||||||||||
Operating loss | (25,348 | ) | (25,176 | ) | (117,745 | ) | (18,533 | ) | (50,039 | ) | ||||||||||
Other income (expense): | ||||||||||||||||||||
Foreign exchange gain (loss) | (2,880 | ) | (1,153 | ) | (2,076 | ) | 864 | (945 | ) | |||||||||||
Equity in net (losses) earnings of unconsolidated companies | 164 | — | — | — | (2,717 | ) | ||||||||||||||
Dividend income from unconsolidated company | — | — | 17,150 | — | — | |||||||||||||||
Interest income and other, net | 144 | 272 | 696 | 116 | 690 | |||||||||||||||
Interest and other debt costs, net | (5,984 | ) | (6,071 | ) | (5,959 | ) | (6,142 | ) | (6,282 | ) | ||||||||||
Total other expense | (8,556 | ) | (6,952 | ) | 9,811 | (5,162 | ) | (9,254 | ) | |||||||||||
Loss before income taxes | (33,904 | ) | (32,128 | ) | (107,934 | ) | (23,695 | ) | (59,293 | ) | ||||||||||
Income tax (benefit) expense | (4,477 | ) | 5,953 | 2,730 | (5,171 | ) | 1,281 | |||||||||||||
Net loss | (29,427 | ) | (38,081 | ) | (110,664 | ) | (18,524 | ) | (60,574 | ) | ||||||||||
Net income (loss) attributable to noncontrolling interests | (180 | ) | (154 | ) | (41 | ) | (79 | ) | (721 | ) | ||||||||||
Net loss attributable to Tidewater Inc. | $ | (29,247 | ) | (37,927 | ) | (110,623 | ) | (18,445 | ) | (59,853 | ) | |||||||||
Basic loss per common share | (0.72 | ) | (0.94 | ) | (2.74 | ) | (0.46 | ) | (1.52 | ) | ||||||||||
Diluted loss per common share | (0.72 | ) | (0.94 | ) | (2.74 | ) | (0.46 | ) | (1.52 | ) | ||||||||||
Weighted average common shares outstanding | 40,604 | 40,405 | 40,306 | 40,101 | 39,504 | |||||||||||||||
Dilutive effect of stock options and restricted stock | — | — | — | — | — | |||||||||||||||
Adjusted weighted average common shares | 40,604 | 40,405 | 40,306 | 40,101 | 39,504 | |||||||||||||||
Vessel operating margin | $ | 24,433 | $ | 23,611 | $ | 36,201 | $ | 33,149 | $ | 30,604 | ||||||||||
Note (A): One-time integration related costs related to the business combination with GulfMark | $ | 291 | 641 | 446 | 129 | 2,123 | ||||||||||||||
TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
ASSETS | 2020 | 2020 | 2020 | 2020 | 2019 | |||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 149,933 | 192,243 | 203,119 | 187,802 | 218,290 | ||||||||||||||
Restricted cash | 2,079 | 26,401 | 19,880 | 12,461 | 5,755 | |||||||||||||||
Trade and other receivables, net | 112,623 | 100,583 | 115,008 | 119,455 | 110,180 | |||||||||||||||
Due from affiliate, less allowances | 62,050 | 65,692 | 65,766 | 128,204 | 125,972 | |||||||||||||||
Marine operating supplies | 15,876 | 17,808 | 20,580 | 21,944 | 21,856 | |||||||||||||||
Assets held for sale | 34,396 | 19,163 | 29,064 | 26,142 | 39,287 | |||||||||||||||
Prepaid expenses and other current assets | 11,692 | 18,925 | 20,350 | 22,185 | 15,956 | |||||||||||||||
Total current assets | 388,649 | 440,815 | 473,767 | 518,193 | 537,296 | |||||||||||||||
Net properties and equipment | 780,318 | 820,876 | 839,912 | 922,979 | 938,961 | |||||||||||||||
Deferred drydocking and survey costs | 56,468 | 63,975 | 74,585 | 81,981 | 66,936 | |||||||||||||||
Other assets | 25,742 | 25,108 | 27,411 | 29,971 | 36,335 | |||||||||||||||
Total assets | $ | 1,251,177 | 1,350,774 | $ | 1,415,675 | $ | 1,553,124 | $ | 1,579,528 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 16,981 | 12,953 | 17,111 | 30,711 | 27,501 | ||||||||||||||
Accrued costs and expenses | 52,422 | 55,811 | 60,993 | 72,854 | 74,000 | |||||||||||||||
Due to affiliates | 53,194 | 53,355 | 48,803 | 50,013 | 50,186 | |||||||||||||||
Current portion of long-term debt | 27,797 | 9,576 | 9,437 | 9,104 | 9,890 | |||||||||||||||
Other current liabilities | 32,785 | 31,599 | 25,815 | 26,953 | 24,100 | |||||||||||||||
Total current liabilities | 183,179 | 163,294 | 162,159 | 189,635 | 185,677 | |||||||||||||||
Long-term debt | 164,934 | 246,179 | 273,215 | 273,015 | 279,044 | |||||||||||||||
Other liabilities and deferred credits | 79,792 | 87,724 | 90,301 | 91,578 | 98,397 | |||||||||||||||
Equity: | ||||||||||||||||||||
Common stock | 41 | 40 | 40 | 40 | 40 | |||||||||||||||
Additional paid-in-capital | 1,371,809 | 1,370,778 | 1,369,645 | 1,368,325 | 1,367,521 | |||||||||||||||
Accumulated deficit | (548,931 | ) | (519,684 | ) | (481,757 | ) | (371,134 | ) | (352,526 | ) | ||||||||||
Accumulated other comprehensive income (loss) | (804 | ) | 1,106 | 581 | 133 | (236 | ) | |||||||||||||
Total stockholder's equity | 822,115 | 852,240 | 888,509 | 997,364 | 1,014,799 | |||||||||||||||
Noncontrolling interests | 1,157 | 1,337 | 1,491 | 1,532 | 1,611 | |||||||||||||||
Total equity | 823,272 | 853,577 | 890,000 | 998,896 | 1,016,410 | |||||||||||||||
Total liabilities and equity | $ | 1,251,177 | 1,350,774 | 1,415,675 | 1,553,124 | 1,579,528 | ||||||||||||||
Supplemental information | ||||||||||||||||||||
Due from related parties, net of due to related parties: | ||||||||||||||||||||
Sonatide (Angola) | $ | 8,856 | 12,337 | 16,963 | 64,184 | 57,771 | ||||||||||||||
DTDW (Nigeria) | — | — | — | 14,007 | 18,015 | |||||||||||||||
Total | $ | 8,856 | 12,337 | 16,963 | 78,191 | 75,786 | ||||||||||||||
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
VESSEL REVENUE BY VESSEL CLASS | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
Deepwater | $ | 25,706 | 22,836 | 27,858 | 22,882 | 22,883 | ||||||||||||||
Towing-supply | 4,603 | 4,119 | 4,455 | 7,243 | 8,639 | |||||||||||||||
Other | 1,759 | 1,750 | 1,731 | 1,734 | 1,811 | |||||||||||||||
Total | 32,068 | 28,705 | 34,044 | 31,859 | 33,333 | |||||||||||||||
Middle East/Asia Pacific fleet: | ||||||||||||||||||||
Deepwater | $ | 16,822 | 13,819 | 14,195 | 14,326 | 16,015 | ||||||||||||||
Towing-supply | 8,220 | 9,461 | 9,788 | 10,502 | 10,636 | |||||||||||||||
Total | 25,042 | 23,280 | 23,983 | 24,828 | 26,651 | |||||||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
Deepwater | $ | 15,621 | 17,578 | 20,476 | 29,163 | 28,652 | ||||||||||||||
Towing-supply | — | (13 | ) | — | 179 | 528 | ||||||||||||||
Other | 154 | 151 | 144 | 149 | — | |||||||||||||||
Total | 15,775 | 17,716 | 20,620 | 29,491 | 29,180 | |||||||||||||||
West Africa fleet: | ||||||||||||||||||||
Deepwater | $ | 6,237 | 4,905 | 8,748 | 12,102 | 14,066 | ||||||||||||||
Towing-supply | 5,202 | 7,711 | 11,029 | 10,521 | 9,981 | |||||||||||||||
Other | 3,506 | 3,078 | 2,552 | 3,173 | 3,328 | |||||||||||||||
Total | $ | 14,945 | 15,694 | 22,329 | 25,796 | 27,375 | ||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
Deepwater | $ | 64,386 | 59,137 | 71,277 | 78,473 | 81,616 | ||||||||||||||
Towing-supply | 18,025 | 21,278 | 25,271 | 28,445 | 29,784 | |||||||||||||||
Other | 5,419 | 4,980 | 4,427 | 5,056 | 5,139 | |||||||||||||||
Total | $ | 87,830 | 85,395 | 100,975 | 111,974 | 116,539 | ||||||||||||||
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
AVERAGE NUMBER OF VESSELS: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
Deepwater | 32 | 32 | 32 | 32 | 31 | |||||||||||||||
Towing-supply | 10 | 12 | 15 | 17 | 17 | |||||||||||||||
Other | 3 | 3 | 3 | 3 | 4 | |||||||||||||||
Total | 45 | 47 | 50 | 52 | 52 | |||||||||||||||
Stacked vessels | (15 | ) | (17 | ) | (17 | ) | (17 | ) | (15 | ) | ||||||||||
Active vessels | 30 | 30 | 33 | 35 | 37 | |||||||||||||||
Middle East/Asia Pacific fleet: | ||||||||||||||||||||
Deepwater | 21 | 22 | 26 | 27 | 27 | |||||||||||||||
Towing-supply | 22 | 23 | 26 | 28 | 28 | |||||||||||||||
Total | 43 | 45 | 52 | 55 | 55 | |||||||||||||||
Stacked vessels | (3 | ) | (4 | ) | (9 | ) | (10 | ) | (10 | ) | ||||||||||
Active vessels | 40 | 41 | 43 | 45 | 45 | |||||||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
Deepwater | 31 | 32 | 36 | 39 | 42 | |||||||||||||||
Towing-supply | - | - | 1 | 2 | 3 | |||||||||||||||
Total | 31 | 32 | 37 | 41 | 45 | |||||||||||||||
Stacked vessels | (16 | ) | (17 | ) | (17 | ) | (11 | ) | (15 | ) | ||||||||||
Active vessels | 15 | 15 | 20 | 30 | 30 | |||||||||||||||
West Africa fleet: | ||||||||||||||||||||
Deepwater | 20 | 25 | 26 | 26 | 27 | |||||||||||||||
Towing-supply | 13 | 17 | 18 | 19 | 19 | |||||||||||||||
Other | 23 | 16 | 19 | 20 | 21 | |||||||||||||||
Total | 56 | 58 | 63 | 65 | 67 | |||||||||||||||
Stacked vessels | (16 | ) | (31 | ) | (21 | ) | (21 | ) | (22 | ) | ||||||||||
Active vessels | 40 | 27 | 42 | 44 | 45 | |||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
Deepwater | 104 | 111 | 120 | 124 | 126 | |||||||||||||||
Towing-supply | 45 | 52 | 60 | 66 | 68 | |||||||||||||||
Other | 26 | 19 | 22 | 23 | 25 | |||||||||||||||
Total | 175 | 182 | 202 | 213 | 219 | |||||||||||||||
Stacked vessels | (50 | ) | (69 | ) | (64 | ) | (60 | ) | (62 | ) | ||||||||||
Active vessels | 125 | 113 | 138 | 153 | 157 | |||||||||||||||
Total active | 125 | 113 | 138 | 153 | 157 | |||||||||||||||
Total stacked | 50 | 69 | 64 | 60 | 62 | |||||||||||||||
Total joint venture and other vessels | 3 | 3 | 3 | 3 | 4 | |||||||||||||||
Total | 178 | 185 | 205 | 216 | 223 | |||||||||||||||
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
AVAILABLE DAYS - TOTAL FLEET: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
Deepwater | 2,944 | 2,996 | 2,940 | 2,873 | 2,852 | |||||||||||||||
Towing-supply | 898 | 1,098 | 1,329 | 1,547 | 1,580 | |||||||||||||||
Other | 276 | 276 | 273 | 285 | 368 | |||||||||||||||
Total | 4,118 | 4,370 | 4,542 | 4,705 | 4,800 | |||||||||||||||
Middle East/Asia Pacific fleet: | ||||||||||||||||||||
Deepwater | 1,932 | 2,025 | 2,411 | 2,496 | 2,453 | |||||||||||||||
Towing-supply | 2,032 | 2,118 | 2,342 | 2,512 | 2,576 | |||||||||||||||
Total | 3,964 | 4,143 | 4,753 | 5,008 | 5,029 | |||||||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
Deepwater | 2,852 | 2,916 | 3,256 | 3,581 | 3,848 | |||||||||||||||
Towing-supply | — | 24 | 91 | 122 | 276 | |||||||||||||||
Total | 2,852 | 2,940 | 3,347 | 3,703 | 4,124 | |||||||||||||||
West Africa fleet: | ||||||||||||||||||||
Deepwater | 1,840 | 2,269 | 2,366 | 2,366 | 2,439 | |||||||||||||||
Towing-supply | 1,196 | 1,588 | 1,654 | 1,729 | 1,779 | |||||||||||||||
Other | 2,095 | 1,469 | 1,698 | 1,820 | 1,932 | |||||||||||||||
Total | 5,131 | 5,326 | 5,718 | 5,915 | 6,150 | |||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
Deepwater | 9,568 | 10,206 | 10,973 | 11,316 | 11,592 | |||||||||||||||
Towing-supply | 4,126 | 4,828 | 5,416 | 5,910 | 6,211 | |||||||||||||||
Other | 2,371 | 1,745 | 1,971 | 2,105 | 2,300 | |||||||||||||||
Total | 16,065 | 16,779 | 18,360 | 19,331 | 20,103 | |||||||||||||||
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
OUT-OF-SERVICE - STACKED DAYS: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
Deepwater | 1,105 | 1,134 | 863 | 873 | 656 | |||||||||||||||
Towing-supply | 189 | 362 | 601 | 593 | 568 | |||||||||||||||
Other | 92 | 92 | 91 | 103 | 184 | |||||||||||||||
Total | 1,386 | 1,588 | 1,555 | 1,569 | 1,408 | |||||||||||||||
Middle East/Asia Pacific fleet: | ||||||||||||||||||||
Deepwater | 92 | 185 | 500 | 546 | 552 | |||||||||||||||
Towing-supply | 177 | 186 | 310 | 396 | 399 | |||||||||||||||
Total | 269 | 371 | 810 | 942 | 951 | |||||||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
Deepwater | 1,448 | 1,522 | 1,422 | 1,004 | 1,196 | |||||||||||||||
Towing-supply | — | 24 | 91 | 0 | 153 | |||||||||||||||
Total | 1,448 | 1,546 | 1,513 | 1,004 | 1,349 | |||||||||||||||
West Africa fleet: | ||||||||||||||||||||
Deepwater | 1,288 | 1,809 | 919 | 819 | 766 | |||||||||||||||
Towing-supply | 644 | 882 | 563 | 469 | 583 | |||||||||||||||
Other | 417 | 181 | 446 | 637 | 643 | |||||||||||||||
Total | 2,349 | 2,872 | 1,928 | 1,925 | 1,992 | |||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
Deepwater | 3,933 | 4,650 | 3,704 | 3,242 | 3,170 | |||||||||||||||
Towing-supply | 1,010 | 1,454 | 1,565 | 1,458 | 1,703 | |||||||||||||||
Other | 509 | 273 | 537 | 740 | 827 | |||||||||||||||
Total | 5,452 | 6,377 | 5,806 | 5,440 | 5,700 | |||||||||||||||
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
AVAILABLE DAYS - ACTIVE FLEET: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
Deepwater | 1,839 | 1,862 | 2,077 | 2,000 | 2,196 | |||||||||||||||
Towing-supply | 709 | 736 | 728 | 954 | 1,012 | |||||||||||||||
Other | 184 | 184 | 182 | 182 | 184 | |||||||||||||||
Total | 2,732 | 2,782 | 2,987 | 3,136 | 3,392 | |||||||||||||||
Middle East/Asia Pacific fleet: | ||||||||||||||||||||
Deepwater | 1,840 | 1,840 | 1,911 | 1,950 | 1,901 | |||||||||||||||
Towing-supply | 1,855 | 1,932 | 2,032 | 2,116 | 2,177 | |||||||||||||||
Total | 3,695 | 3,772 | 3,943 | 4,066 | 4,078 | |||||||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
Deepwater | 1,404 | 1,394 | 1,834 | 2,577 | 2,652 | |||||||||||||||
Towing-supply | — | — | — | 122 | 123 | |||||||||||||||
Total | 1,404 | 1,394 | 1,834 | 2,699 | 2,775 | |||||||||||||||
West Africa fleet: | ||||||||||||||||||||
Deepwater | 552 | 460 | 1,447 | 1,547 | 1,673 | |||||||||||||||
Towing-supply | 552 | 706 | 1,091 | 1,260 | 1,196 | |||||||||||||||
Other | 1,678 | 1,288 | 1,252 | 1,183 | 1,289 | |||||||||||||||
Total | 2,782 | 2,454 | 3,790 | 3,990 | 4,158 | |||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
Deepwater | 5,635 | 5,556 | 7,269 | 8,074 | 8,422 | |||||||||||||||
Towing-supply | 3,116 | 3,374 | 3,851 | 4,452 | 4,508 | |||||||||||||||
Other | 1,862 | 1,472 | 1,434 | 1,365 | 1,473 | |||||||||||||||
Total | 10,613 | 10,402 | 12,554 | 13,891 | 14,403 | |||||||||||||||
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
UTILIZATION - TOTAL FLEET: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
Deepwater | 53.2 | % | 51.7 | % | 64.3 | % | 57.7 | % | 61.7 | % | ||||||||||
Towing-supply | 67.7 | 50.0 | 43.5 | 54.9 | 58.6 | |||||||||||||||
Other | 66.7 | 66.7 | 65.2 | 63.1 | 50.0 | |||||||||||||||
Total | 57.2 | % | 52.2 | % | 58.3 | % | 57.1 | % | 59.8 | % | ||||||||||
Middle East/Asia Pacific fleet: | ||||||||||||||||||||
Deepwater | 78.2 | % | 67.4 | % | 57.9 | % | 56.8 | % | 66.7 | % | ||||||||||
Towing-supply | 62.5 | 72.3 | 68.2 | 69.2 | 70.0 | |||||||||||||||
Total | 70.2 | % | 69.9 | % | 63.0 | % | 63.0 | % | 68.4 | % | ||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
Deepwater | 44.7 | % | 45.5 | % | 49.9 | % | 64.2 | % | 60.0 | % | ||||||||||
Towing-supply | — | — | — | 46.7 | 31.6 | |||||||||||||||
Total | 44.7 | % | 45.1 | % | 48.6 | % | 63.6 | % | 58.1 | % | ||||||||||
West Africa fleet: | ||||||||||||||||||||
Deepwater | 27.2 | % | 17.5 | % | 31.1 | % | 41.5 | % | 46.9 | % | ||||||||||
Towing-supply | 30.8 | 28.4 | 41.3 | 45.5 | 43.8 | |||||||||||||||
Other | 42.3 | 53.1 | 39.2 | 51.5 | 56.6 | |||||||||||||||
Total | 34.2 | % | 30.6 | % | 36.5 | % | 45.7 | % | 49.1 | % | ||||||||||
Worldwide fleet: | ||||||||||||||||||||
Deepwater | 50.7 | % | 45.4 | % | 51.5 | % | 56.2 | % | 59.1 | % | ||||||||||
Towing-supply | 54.4 | 52.4 | 52.8 | 58.0 | 57.9 | |||||||||||||||
Other | 45.2 | 55.3 | 42.8 | 53.1 | 55.6 | |||||||||||||||
Total | 50.9 | % | 48.5 | % | 50.9 | % | 56.4 | % | 58.3 | % | ||||||||||
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
UTILIZATION - ACTIVE FLEET: | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
Deepwater | 85.1 | % | 83.2 | % | 91.0 | % | 72.8 | % | 80.1 | % | ||||||||||
Towing-supply | 85.7 | 74.6 | 79.4 | 89.0 | 91.4 | |||||||||||||||
Other | 100.0 | 100.0 | 97.8 | 98.8 | 100.0 | |||||||||||||||
Total | 86.3 | % | 82.0 | % | 88.6 | % | 85.7 | % | 84.6 | % | ||||||||||
Middle East/Asia Pacific fleet: | ||||||||||||||||||||
Deepwater | 82.1 | % | 74.2 | % | 73.1 | % | 72.8 | % | 86.1 | % | ||||||||||
Towing-supply | 68.5 | 79.2 | 78.6 | 82.2 | 82.9 | |||||||||||||||
Total | 75.3 | % | 76.8 | % | 75.9 | % | 77.7 | % | 84.4 | % | ||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
Deepwater | 90.9 | % | 95.1 | % | 88.6 | % | 89.2 | % | 87.1 | % | ||||||||||
Towing-supply | — | — | — | 46.7 | 70.9 | |||||||||||||||
Total | 90.9 | % | 95.1 | % | 88.6 | % | 87.3 | % | 86.4 | % | ||||||||||
West Africa fleet: | ||||||||||||||||||||
Deepwater | 90.8 | % | 86.2 | % | 50.9 | % | 63.4 | % | 68.3 | % | ||||||||||
Towing-supply | 66.7 | 63.8 | 62.6 | 62.4 | 65.1 | |||||||||||||||
Other | 52.9 | 60.6 | 53.2 | 79.2 | 84.9 | |||||||||||||||
Total | 63.1 | % | 66.3 | % | 55.0 | % | 67.8 | % | 72.5 | % | ||||||||||
Worldwide fleet: | ||||||||||||||||||||
Deepwater | 86.1 | % | 83.4 | % | 77.7 | % | 78.8 | % | 81.3 | % | ||||||||||
Towing-supply | 72.1 | 75.0 | 74.2 | 77.0 | 79.8 | |||||||||||||||
Other | 57.5 | 65.5 | 58.9 | 81.9 | 86.8 | |||||||||||||||
Total | 77.0 | % | 78.2 | % | 74.5 | % | 78.5 | % | 81.4 | % | ||||||||||
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
AVERAGE VESSEL DAY RATES: (A) | ||||||||||||||||||||
Americas fleet: | ||||||||||||||||||||
Deepwater | $ | 16,416 | 14,743 | 14,738 | 13,793 | 13,001 | ||||||||||||||
Towing-supply | 7,576 | 7,506 | 7,707 | 8,532 | 9,337 | |||||||||||||||
Other | 9,559 | 9,514 | 9,723 | 9,638 | 9,838 | |||||||||||||||
Total | $ | 13,602 | 12,581 | 12,865 | 11,854 | 11,617 | ||||||||||||||
Middle East/Asia Pacific fleet: | ||||||||||||||||||||
Deepwater | $ | 11,129 | 10,127 | 10,161 | 10,097 | 9,784 | ||||||||||||||
Towing-supply | 6,471 | 6,180 | 6,128 | 6,041 | 5,897 | |||||||||||||||
Total | $ | 9,002 | 8,040 | 8,009 | 7,863 | 7,746 | ||||||||||||||
Europe/Mediterranean fleet: | ||||||||||||||||||||
Deepwater | $ | 12,368 | 13,257 | 12,600 | 12,682 | 12,336 | ||||||||||||||
Towing-supply | — | — | — | 3,138 | 6,055 | |||||||||||||||
Total | $ | 12,368 | 13,361 | 12,689 | 12,514 | 12,171 | ||||||||||||||
West Africa fleet: | ||||||||||||||||||||
Deepwater | $ | 12,449 | 12,365 | 11,891 | 12,337 | 12,304 | ||||||||||||||
Towing-supply | 14,136 | 17,122 | 16,158 | 13,389 | 12,810 | |||||||||||||||
Other | 3,952 | 3,944 | 3,829 | 3,384 | 3,041 | |||||||||||||||
Total | $ | 8,510 | 9,643 | 10,711 | 9,539 | 9,075 | ||||||||||||||
Worldwide fleet: | ||||||||||||||||||||
Deepwater | $ | 13,265 | 12,756 | 12,620 | 12,342 | 11,892 | ||||||||||||||
Towing-supply | 8,026 | 8,411 | 8,843 | 8,292 | 8,284 | |||||||||||||||
Other | 5,059 | 5,163 | 5,243 | 4,524 | 4,137 | |||||||||||||||
Total | $ | 10,749 | 10,503 | 10,799 | 10,267 | 9,940 | ||||||||||||||
Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked. | ||||||||||||||||||||
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
Americas | ||||||||||||||||||||
Vessel revenues | $ | 32,068 | 28,705 | 34,044 | 31,859 | 33,333 | ||||||||||||||
Vessel operating costs: | ||||||||||||||||||||
Crew costs | $ | 12,795 | 11,711 | 13,138 | 14,186 | 15,307 | ||||||||||||||
Repair and maintenance | 2,065 | 1,259 | 1,703 | 2,171 | 3,067 | |||||||||||||||
Insurance | 402 | 426 | 427 | 417 | 299 | |||||||||||||||
Fuel, lube and supplies | 1,822 | 1,754 | 1,373 | 2,615 | 1,853 | |||||||||||||||
Other | 2,306 | 2,486 | 1,956 | 2,673 | 4,082 | |||||||||||||||
Total vessel operating costs | $ | 19,390 | 17,636 | 18,597 | 22,062 | 24,608 | ||||||||||||||
Vessel operating margin ($) | $ | 12,678 | 11,069 | 15,447 | 9,797 | 8,726 | ||||||||||||||
Vessel operating margin (%) | 39.5 | % | 38.6 | % | 45.4 | % | 30.8 | % | 26.2 | % | ||||||||||
Americas - Select operating statistics | ||||||||||||||||||||
Average vessels - Total fleet | 45 | 47 | 50 | 52 | 52 | |||||||||||||||
Utilization - Total fleet | 57.2 | % | 52.2 | % | 58.3 | % | 57.1 | % | 59.8 | % | ||||||||||
Average vessels - Active fleet | 30 | 30 | 33 | 35 | 37 | |||||||||||||||
Utilization - Active fleet | 86.3 | % | 82.0 | % | 88.6 | % | 85.7 | % | 84.6 | % | ||||||||||
Average day rates | $ | 13,602 | 12,581 | 12,865 | 11,854 | 11,617 | ||||||||||||||
Vessels commencing drydocks | 1 | — | 5 | 5 | 1 | |||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 17,774 | 20,024 | 21,599 | 18,561 | 15,678 | ||||||||||||||
Cash paid for deferred drydocking and survey costs | 1,015 | 1,086 | 1,819 | 5,912 | 5,381 | |||||||||||||||
Amortization of deferred drydocking and survey costs | (3,349 | ) | (3,336 | ) | (3,394 | ) | (2,874 | ) | (2,498 | ) | ||||||||||
Disposals, intersegment transfers and other | — | — | — | — | — | |||||||||||||||
Deferred drydocking and survey costs - ending balance | $ | 15,440 | 17,774 | 20,024 | 21,599 | 18,561 | ||||||||||||||
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
Middle East/Asia Pacific | ||||||||||||||||||||
Vessel revenues | $ | 25,042 | 23,280 | 23,983 | 24,828 | 26,651 | ||||||||||||||
Vessel operating costs: | ||||||||||||||||||||
Crew costs | $ | 9,982 | 10,468 | 8,726 | 10,085 | 10,308 | ||||||||||||||
Repair and maintenance | 2,899 | 2,385 | 2,196 | 2,586 | 3,838 | |||||||||||||||
Insurance | 452 | 562 | 739 | 591 | 790 | |||||||||||||||
Fuel, lube and supplies | 1,924 | 1,783 | 1,405 | 2,665 | 1,937 | |||||||||||||||
Other | 3,532 | 2,057 | 2,412 | 1,696 | 2,864 | |||||||||||||||
Total vessel operating costs | $ | 18,789 | 17,255 | 15,478 | 17,623 | 19,737 | ||||||||||||||
Vessel operating margin ($) | $ | 6,253 | 6,025 | 8,505 | 7,205 | 6,913 | ||||||||||||||
Vessel operating margin (%) | 25.0 | % | 25.9 | % | 35.5 | % | 29.0 | % | 25.9 | % | ||||||||||
Middle East/Asia Pacific - Select operating statistics | ||||||||||||||||||||
Average vessels - Total fleet | 43 | 45 | 52 | 55 | 55 | |||||||||||||||
Utilization - Total fleet | 70.2 | % | 69.9 | % | 63.0 | % | 63.0 | % | 68.4 | % | ||||||||||
Average vessels - Active fleet | 40 | 41 | 43 | 45 | 44 | |||||||||||||||
Utilization - Active fleet | 75.3 | % | 76.8 | % | 75.9 | % | 77.7 | % | 84.4 | % | ||||||||||
Average day rates | $ | 9,002 | 8,040 | 8,009 | 7,863 | 7,746 | ||||||||||||||
Vessels commencing drydocks | 3 | — | — | 5 | 3 | |||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 18,666 | 21,116 | 23,139 | 16,513 | 12,572 | ||||||||||||||
Cash paid for deferred drydocking and survey costs | 1,447 | 386 | 850 | 8,897 | 6,072 | |||||||||||||||
Amortization of deferred drydocking and survey costs | (3,082 | ) | (3,036 | ) | (2,589 | ) | (2,271 | ) | (2,131 | ) | ||||||||||
Disposals, intersegment transfers and other | — | 200 | (284 | ) | — | — | ||||||||||||||
Deferred drydocking and survey costs - ending balance | 17,031 | 18,666 | 21,116 | 23,139 | 16,513 | |||||||||||||||
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
Europe/Mediterranean | ||||||||||||||||||||
Vessel revenues | $ | 15,775 | 17,716 | 20,620 | 29,491 | 29,180 | ||||||||||||||
Vessel operating costs: | ||||||||||||||||||||
Crew costs | $ | 8,179 | 7,952 | 9,707 | 11,696 | 11,984 | ||||||||||||||
Repair and maintenance | 1,133 | 869 | 1,278 | 3,141 | 3,617 | |||||||||||||||
Insurance | 297 | 448 | 420 | 431 | 367 | |||||||||||||||
Fuel, lube and supplies | 710 | 592 | 924 | 1,098 | 1,808 | |||||||||||||||
Other | 1,214 | 1,274 | 1,547 | 2,522 | 2,098 | |||||||||||||||
Total vessel operating costs | $ | 11,533 | 11,135 | 13,876 | 18,888 | 19,874 | ||||||||||||||
Vessel operating margin ($) | $ | 4,243 | 6,581 | 6,744 | 10,603 | 9,306 | ||||||||||||||
Vessel operating margin (%) | 26.9 | % | 37.1 | % | 32.7 | % | 36.0 | % | 31.9 | % | ||||||||||
Europe/Mediterranean - Select operating statistics | ||||||||||||||||||||
Average vessels - Total fleet | 31 | 32 | 37 | 41 | 45 | |||||||||||||||
Utilization - Total fleet | 44.7 | % | 45.1 | % | 48.6 | % | 63.6 | % | 58.1 | % | ||||||||||
Average vessels - Active fleet | 15 | 15 | 20 | 30 | 30 | |||||||||||||||
Utilization - Active fleet | 90.9 | % | 95.1 | % | 88.6 | % | 87.3 | % | 86.4 | % | ||||||||||
Average day rates | $ | 12,368 | 13,361 | 12,689 | 12,514 | 12,171 | ||||||||||||||
Vessels commencing drydocks | 4 | — | — | 2 | 3 | |||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 7,147 | 9,143 | 10,387 | 9,406 | 7,379 | ||||||||||||||
Cash paid for deferred drydocking and survey costs | 1,710 | (361 | ) | 517 | 2,591 | 3,378 | ||||||||||||||
Amortization of deferred drydocking and survey costs | (1,540 | ) | (1,635 | ) | (1,710 | ) | (1,610 | ) | (1,335 | ) | ||||||||||
Disposals, intersegment transfers and other | — | — | (51 | ) | — | (16 | ) | |||||||||||||
Deferred drydocking and survey costs - ending balance | $ | 7,317 | 7,147 | 9,143 | 10,387 | 9,406 | ||||||||||||||
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
West Africa | ||||||||||||||||||||
Vessel revenues | $ | 14,945 | 15,694 | 22,328 | 25,796 | 27,375 | ||||||||||||||
Vessel operating costs: | ||||||||||||||||||||
Crew costs | $ | 5,804 | 6,555 | 7,120 | 8,520 | 8,472 | ||||||||||||||
Repair and maintenance | 1,930 | 1,419 | 1,479 | 2,700 | 4,659 | |||||||||||||||
Insurance | 296 | 517 | 424 | 346 | (282 | ) | ||||||||||||||
Fuel, lube and supplies | 1,765 | 2,628 | 2,681 | 3,374 | 4,184 | |||||||||||||||
Other | 3,890 | 4,639 | 5,119 | 5,312 | 4,682 | |||||||||||||||
Total vessel operating costs | $ | 13,685 | 15,758 | 16,823 | 20,252 | 21,715 | ||||||||||||||
Vessel operating margin ($) | $ | 1,260 | (64 | ) | 5,505 | 5,544 | 5,660 | |||||||||||||
Vessel operating margin (%) | 8.4 | % | (0.4 | )% | 24.7 | % | 21.5 | % | 20.7 | % | ||||||||||
West Africa - Select operating statistics | ||||||||||||||||||||
Average vessels - Total fleet | 56 | 58 | 63 | 65 | 67 | |||||||||||||||
Utilization - Total fleet | 34.2 | % | 30.6 | % | 36.5 | % | 45.7 | % | 49.1 | % | ||||||||||
Average vessels - Active fleet | 40 | 27 | 42 | 44 | 45 | |||||||||||||||
Utilization - Active fleet | 63.1 | % | 66.3 | % | 55.0 | % | 67.8 | % | 72.5 | % | ||||||||||
Average day rates | $ | 8,510 | 9,643 | 10,711 | 9,539 | 9,075 | ||||||||||||||
Vessels commencing drydocks | — | — | — | 3 | 1 | |||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 20,388 | 24,301 | 26,856 | 22,456 | 13,397 | ||||||||||||||
Cash paid for deferred drydocking and survey costs | (400 | ) | (576 | ) | 911 | 7,467 | 11,905 | |||||||||||||
Amortization of deferred drydocking and survey costs | (3,294 | ) | (3,426 | ) | (3,466 | ) | (3,067 | ) | (2,846 | ) | ||||||||||
Disposals, intersegment transfers and other | (14 | ) | 89 | — | — | — | ||||||||||||||
Deferred drydocking and survey costs - ending balance | $ | 16,680 | 20,388 | 24,301 | 26,856 | 22,456 | ||||||||||||||
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
Worldwide | ||||||||||||||||||||
Vessel revenues | $ | 87,830 | 85,395 | 100,975 | 111,974 | 116,539 | ||||||||||||||
Vessel operating costs: | ||||||||||||||||||||
Crew costs | $ | 36,760 | 36,686 | 38,691 | 44,487 | 46,071 | ||||||||||||||
Repair and maintenance | 8,027 | 5,932 | 6,656 | 10,598 | 15,181 | |||||||||||||||
Insurance | 1,447 | 1,953 | 2,010 | 1,785 | 1,174 | |||||||||||||||
Fuel, lube and supplies | 6,221 | 6,757 | 6,383 | 9,752 | 9,782 | |||||||||||||||
Other | 10,942 | 10,456 | 11,034 | 12,203 | 13,726 | |||||||||||||||
Total vessel operating costs | $ | 63,397 | 61,784 | 64,774 | 78,825 | 85,934 | ||||||||||||||
Vessel operating margin ($) | $ | 24,434 | 23,611 | 36,201 | 33,149 | 30,604 | ||||||||||||||
Vessel operating margin (%) | 27.8 | % | 27.6 | % | 35.9 | % | 29.6 | % | 26.3 | % | ||||||||||
Worldwide - Select operating statistics | ||||||||||||||||||||
Average vessels - Total fleet | 175 | 182 | 202 | 213 | 219 | |||||||||||||||
Utilization - Total fleet | 50.9 | % | 48.5 | % | 50.9 | % | 56.4 | % | 58.3 | % | ||||||||||
Average vessels - Active fleet | 125 | 113 | 138 | 153 | 157 | |||||||||||||||
Utilization - Active fleet | 77.0 | % | 78.2 | % | 74.5 | % | 78.5 | % | 81.4 | % | ||||||||||
Average day rates | $ | 10,749 | 10,503 | 10,799 | 10,267 | 9,940 | ||||||||||||||
Vessels commencing drydocks | 8 | — | 5 | 15 | 8 | |||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 63,975 | 74,584 | 81,981 | 66,936 | 49,026 | ||||||||||||||
Cash paid for deferred drydocking and survey costs | 3,772 | 535 | 4,097 | 24,867 | 26,736 | |||||||||||||||
Amortization of deferred drydocking and survey costs | (11,265 | ) | (11,433 | ) | (11,159 | ) | (9,822 | ) | (8,810 | ) | ||||||||||
Disposals, intersegment transfers and other | (14 | ) | 289 | (335 | ) | — | (16 | ) | ||||||||||||
Deferred drydocking and survey costs - ending balance | $ | 56,468 | 63,975 | 74,584 | 81,981 | 66,936 | ||||||||||||||
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
Net loss | $ | (29,427 | ) | (38,081 | ) | (110,664 | ) | (18,524 | ) | (60,574 | ) | |||||||||
Interest and other debt costs | 5,984 | 6,071 | 5,959 | 6,142 | 6,282 | |||||||||||||||
Income tax (benefit) expense | (4,477 | ) | 5,953 | 2,730 | (5,171 | ) | 1,281 | |||||||||||||
Depreciation | 19,416 | 19,343 | 16,986 | 17,285 | 19,416 | |||||||||||||||
Amortization of deferred drydock and survey costs | 11,265 | 11,434 | 11,158 | 9,822 | 8,810 | |||||||||||||||
EBITDA (A), (B), (C) | $ | 2,761 | 4,720 | (73,831 | ) | 9,554 | (24,785 | ) | ||||||||||||
Long-lived asset impairments and other | 6,475 | 1,945 | 55,482 | 10,207 | 32,549 | |||||||||||||||
Affiliate credit loss impairment expense | (600 | ) | — | 53,581 | ||||||||||||||||
Affiliate guarantee obligation | — | — | 2,000 | — | — | |||||||||||||||
One-time integration related costs | 291 | 641 | 446 | 129 | 2,123 | |||||||||||||||
Adjusted EBITDA (A), (B), (C) | $ | 8,927 | 7,306 | 37,678 | 19,890 | 9,887 | ||||||||||||||
Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, and merger and integration related costs. |
Note (B): EBITDA and Adjusted EBITDA for the three months ended December 31, 2020, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,158, $1,223, $1,401, $1,335, and $2,972, respectively. |
Note (C): EBITDA and Adjusted EBITDA for the three months ended December 31, 2020, and for each of the prior four quarters includes foreign exchange gains (losses) of $(2,880), $(1,153), $(2,076), $864, and $(945), 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 | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
Net cash provided by (used in) operating activities (A) | $ | 2,180 | 14,629 | 14,702 | (27,525 | ) | 5,281 | |||||||||||||
Cash interest expense | 5,066 | 5,435 | 5,292 | 5,442 | 8,205 | |||||||||||||||
Interest income and other | (144 | ) | (272 | ) | (696 | ) | (116 | ) | (690 | ) | ||||||||||
Additions to property and equipment | (10,218 | ) | (607 | ) | (1,626 | ) | (2,449 | ) | (4,067 | ) | ||||||||||
Expansion capital | 5,300 | — | — | — | — | |||||||||||||||
Free cash flow before proceeds from asset sales | 2,184 | 19,185 | 17,672 | (24,648 | ) | 8,729 | ||||||||||||||
Proceeds from asset sales | 6,798 | 10,592 | 11,454 | 9,452 | 3,755 | |||||||||||||||
Free cash flow | $ | 8,982 | 29,777 | 29,126 | (15,196 | ) | 12,484 | |||||||||||||
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 | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments | $ | (4,915 | ) | 18,858 | (10,373 | ) | (18,127 | ) | 32,826 | |||||||||||
Cash paid for deferred drydock and survey costs | (3,772 | ) | (535 | ) | (4,097 | ) | (24,867 | ) | (26,736 | ) | ||||||||||
Total sources (uses) of cash for changes in assets and liabilities | $ | (8,687 | ) | 18,323 | (14,470 | ) | (42,994 | ) | 6,090 | |||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210304006132/en/
Contacts:
Jason Stanley
Vice President,
ESG and Investor Relations
+1.713.470.5300
