Tidewater Inc. TDW announced today revenue for the three-months ended December 31, 2018, of $110.2 million and a net loss for the same period of $90.5 million (or $2.83 per common share), and revenue for the year ended December 31, 2018 of $406.5 million and a corresponding net loss of $171.5 million (or $6.45 per common share). Excluding certain costs outlined below, net loss for the three-months ended December 31, 2018 was $13.2 million (or $0.42 per common share) and net loss for the year ended December 31, 2018 was $65.5 million (or $2.45 per common share).
John T. Rynd, Tidewater's President and Chief Executive Officer, commented, "Tidewater exhibited in 2018 key attributes that continue to demonstrate its leadership position in the global OSV industry. Our dedicated focus on maximizing revenue, cost control and capital discipline resulted in being both cash flow positive from operating activities and cash flow positive from investing activities for the full year 2018. In addition to these significant operational achievements, we completed the most noteworthy industry merger of the year. Tidewater's platform enables value creation through its scalability and global position, and we will continue to look for opportunities to enhance these attributes in 2019.
"Our team has made substantial progress implementing our merger integration plan. Our operational shore based footprint has been rapidly reduced, with the closing of five overlapping facilities that included the consolidation of all corporate operations into the existing Tidewater headquarters in Houston. On announcement of the deal we committed to bringing the combined historical G&A run rate of $145 million down to $100 million on an annualized basis by the end of 2019. Based on the integration success we have achieved thus far and additional synergies we believe we can create by taking the best practices of both companies, we are committed to reducing that 2019 annualized exit run rate further, to $90 million, and we are continuing to look for additional savings. I am also very pleased that the optimization of the combined vessel fleet is progressing well, with several active and stacked vessels finding incremental employment at higher margins across the broader geographic footprint serviced by Tidewater – operating margin that could not have been captured by either company on its own.
"Our capital discipline focus, including fleet rationalization, working capital management, and disciplined investments in vessels, contributed significantly to our positive cash flow from operating and investing activities in 2018. We once again led our sector in selling stacked vessels out of the industry or to recycling yards in 2018. We will continue this commitment in 2019 and beyond to foster industry balance."
Mr. Rynd concluded, "We are proud of our differentiated position as the strongest player in the OSV industry. Our 2019 goals reflect our commitment to value creation by exceeding our targeted merger synergies, growing our cash flow positive operations, maintaining our capital discipline, and continuing to provide our customers around the world with safe and reliable performance."
As more fully explained in the company's Form 10-K for the year ended December 31, 2018, on November 15, 2018 (the "Merger Date"), the company completed its merger with GulfMark Offshore, Inc. ("GulfMark"). GulfMark's results are included in our consolidated results beginning on the Merger Date.
Included in the $90.5 million ($2.83 per common share) net loss for the three months ending December 31, 2018 and the $171.5 million ($6.45 per common share) net loss for the year ending December 31, 2018 were the following costs:
Three Months | Year | ||||||||||||||
Ended | Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2018 | 2018 | ||||||||||||||
(In millions, except per share data) | per share | per share | |||||||||||||
Non-cash long-lived asset impairments that resulted from impairment reviews |
$ | 36.9 | 1.15 | 61.1 | 2.30 | ||||||||||
Non-cash impairment to the due from affiliate balance | 20.1 | 0.63 | 20.1 | 0.76 | |||||||||||
Make-whole premium related to the early repayment of the outstanding balance of GulfMark's Term Loan Facility |
8.1 | 0.25 | 8.1 | 0.31 | |||||||||||
General and administrative expenses related to the exit of leased offices in Houston, Texas; New Orleans and St. Rose, Louisiana; and Aberdeen, Scotland |
5.5 | 0.17 | 5.5 | 0.21 | |||||||||||
General and administrative expenses related to professional services related to the business combination with GulfMark |
4.5 | 0.14 | 9.0 | 0.34 | |||||||||||
General and administrative expenses for severance and similar expenses related to integrating Tidewater and GulfMark operations subsequent to the Merger Date |
2.2 | 0.07 | 2.2 | 0.08 | |||||||||||
Total |
$ | 77.3 | 2.41 | 106.0 | 4.00 |
Common shares, New Creditor Warrants, GulfMark Creditor Warrants, and the sum of common shares, New Creditor Warrants and GulfMark Creditor Warrants outstanding at December 31, 2018 were 36,978,280, 2,220,857, 2,189,709 and 41,388,846, respectively. New Creditor Warrants and GulfMark Creditor Warrants are each exercisable to acquire one common share at strike prices of $0.001 and $0.01, respectively.
Tidewater will hold a conference call to discuss results for the three months and year ended December 31, 2018 on Friday, March 1, 2019 at 10:00 a.m. Central Time. Investors and interested parties may listen to the teleconference 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 ask for the "Tidewater" call just prior to the scheduled start. A replay of the conference call will be available beginning at 12:00 p.m. Central Time on February 28, 2019, and will continue until 11:59 p.m. Central Time on March 3, 2019. To hear the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 48102498.
A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, www.tdw.com. The online replay will be available until March 28, 2019.
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 over 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 on the next page.
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data) |
||||||||
Successor | ||||||||
Three Months | Three Months | |||||||
Ended | Ended | |||||||
December 31, 2018 | December 31, 2017 | |||||||
Revenues: | ||||||||
Vessel revenues | $ | 108,527 | 101,313 | |||||
Other operating revenues | 1,707 | 3,140 | ||||||
110,234 | 104,453 | |||||||
Costs and expenses: | ||||||||
Vessel operating costs | 74,967 | 68,201 | ||||||
Costs of other operating revenues | 733 | 1,519 | ||||||
General and administrative (A) | 36,487 | 30,373 | ||||||
Vessel operating leases | — | 91 | ||||||
Depreciation and amortization | 20,101 | 12,195 | ||||||
Loss (gain) on asset dispositions, net | (8,938 | ) | (6,612 | ) | ||||
Impairment of due from affiliate | 20,083 | — | ||||||
Long-lived asset impairments | 36,878 | 16,777 | ||||||
180,311 | 122,544 | |||||||
Operating loss | (70,077 | ) | (18,091 | ) | ||||
Other income (expenses): | ||||||||
Foreign exchange gain (loss) | 1,455 | (349 | ) | |||||
Equity in net earnings (losses) of unconsolidated companies | (3,871 | ) | 825 | |||||
Interest income and other, net | 5,799 | 1,898 | ||||||
Reorganization items | — | (2,419 | ) | |||||
Loss on early extinguishment of debt | (8,119 | ) | — | |||||
Interest and other debt costs, net | (7,708 | ) | (7,769 | ) | ||||
(12,444 | ) | (7,814 | ) | |||||
Loss before income taxes | (82,521 | ) | (25,905 | ) | ||||
Income tax expense | 7,856 | (2,706 | ) | |||||
Net loss | $ | (90,377 | ) | (23,199 | ) | |||
Less: Net income (loss) attributable to noncontrolling interests | 132 | 374 | ||||||
Net loss attributable to Tidewater Inc. | $ | (90,509 | ) | (23,573 | ) | |||
Basic loss per common share | $ | (2.83 | ) | (1.02 | ) | |||
Diluted loss per common share | $ | (2.83 | ) | (1.02 | ) | |||
Weighted average common shares outstanding (B) | 31,974,802 | 23,137,909 | ||||||
Dilutive effect of stock options and restricted stock | — | — | ||||||
Adjusted weighted average common shares (B) | 31,974,802 | 23,137,909 |
Note (A): The company did not incur any restructuring-related professional services costs during the three months ended December 31, 2018 (Successor), but did incur professional services costs related to the combination with GulfMark during the three months ended December 31, 2018 of $4.5 million. General and administrative expenses for the three months ended December 31, 2018 (Successor) and December 31, 2017 (Successor), included stock-based compensation of $3.4 million and $2.6 million, respectively. In addition, general and administrative costs for the three months ended December 31, 2018 include $5.5 million in lease exit costs and $2.2 million of severance and similar costs related to integrating Tidewater and GulfMark operations subsequent to the Merger Date. |
Note (B): Common shares, New Creditor Warrants, GulfMark Creditor Warrants, and the sum of common shares, New Creditor Warrants and GulfMark Creditor Warrants outstanding at December 31, 2018 were 36,978,280, 2,220,857, 2,189,709 and 41,388,846, respectively. New Creditor Warrants and GulfMark Creditor Warrants are each exercisable to acquire one common share at strike prices of $0.001 and $0.01, respectively. |
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data) |
|||||||||||||
Successor | Predecessor | ||||||||||||
Period from | Period from | ||||||||||||
Year | August 1, 2017 | January 1, 2017 | |||||||||||
Ended | through | through | |||||||||||
December 31, 2018 | December 31, 2017 | July 31, 2017 | |||||||||||
Revenues: | |||||||||||||
Vessel revenues | $ | 397,206 | 171,884 | 303,501 | |||||||||
Other operating revenues | 9,314 | 6,869 | 8,617 | ||||||||||
406,520 | 178,753 | 312,118 | |||||||||||
Costs and expenses: | |||||||||||||
Vessel operating costs | 269,580 | 120,502 | 197,283 | ||||||||||
Costs of other operating revenues | 5,530 | 3,792 | 5,037 | ||||||||||
General and administrative (C) | 110,023 | 46,619 | 83,559 | ||||||||||
Vessel operating leases | — | 1,215 | 14,607 | ||||||||||
Depreciation and amortization | 58,293 | 20,337 | 85,039 | ||||||||||
Gain on asset dispositions, net | (10,624 | ) | (6,616 | ) | (9,625 | ) | |||||||
Impairment of due from affiliate | 20,083 | — | — | ||||||||||
Long-lived asset impairments | 61,132 | 16,777 | 249,606 | ||||||||||
514,017 | 202,626 | 625,506 | |||||||||||
Operating loss | (107,497 | ) | (23,873 | ) | (313,388 | ) | |||||||
Other income (expenses): | |||||||||||||
Foreign exchange loss | 106 | (407 | ) | (2,516 | ) | ||||||||
Equity in net earnings (losses) of unconsolidated companies | (18,864 | ) | 2,130 | 7,627 | |||||||||
Interest income and other, net | 11,294 | 2,771 | 3,974 | ||||||||||
Reorganization items | — | (4,299 | ) | (1,396,905 | ) | ||||||||
Loss on early extinguishment of debt | (8,119 | ) | — | — | |||||||||
Interest and other debt costs, net | (30,439 | ) | (13,009 | ) | (32,188 | ) | |||||||
(46,022 | ) | (12,814 | ) | (1,420,008 | ) | ||||||||
Loss before income taxes | (153,519 | ) | (36,687 | ) | (1,733,396 | ) | |||||||
Income tax expense | 18,252 | 2,039 | 483 | ||||||||||
Net loss | $ | (171,771 | ) | (38,729 | ) | (1,733,879 | ) | ||||||
Less: Net income (loss) attributable to noncontrolling interests | (254 | ) | 540 | 7,884 | |||||||||
Net loss attributable to Tidewater Inc. | $ | (171,517 | ) | (39,266 | ) | (1,741,763 | ) | ||||||
Basic loss per common share | $ | (6.45 | ) | (1.82 | ) | (36.98 | ) | ||||||
Diluted loss per common share | $ | (6.45 | ) | (1.82 | ) | (36.98 | ) | ||||||
Weighted average common shares outstanding (D) | 26,589,883 | 21,539,143 | 47,104,117 | ||||||||||
Dilutive effect of stock options and restricted stock | — | — | — | ||||||||||
Adjusted weighted average common shares (D) | 26,589,883 | 21,539,143 | 47,104,117 |
Note (C): The company did not incur any restructuring-related professional services costs during the year ended December 31, 2018 (Successor), but did incur professional services costs related to the combination with GulfMark during the year ended December 31, 2018 of $9.0 million. Restructuring-related professional services costs included in general and administrative expenses for the period from January 1, 2017 through July 31, 2017 (Predecessor), were $23.4 million. General and administrative expenses for the year ended December 31, 2018 (Successor), the period from August 1, 2017 through December 31, 2017 (Successor) and the period from January 1, 2017 through July 31, 2017 (Predecessor), included stock-based compensation of $13.4 million, $1.2 million and $0.8 million, respectively. In addition, general and administrative costs for the year ended December 31, 2018 includes $5.5 million in lease exit costs and $2.2 million of severance and similar costs related to integrating Tidewater and GulfMark operations subsequent to the Merger Date. |
Note (D): Common shares, New Creditor Warrants, GulfMark Creditor Warrants, and the sum of common shares, New Creditor Warrants and GulfMark Creditor Warrants outstanding at December 31, 2018 were 36,978,280, 2,220,857, 2,189,709 and 41,388,846, respectively. New Creditor Warrants and GulfMark Creditor Warrants are each exercisable to acquire one common share at strike prices of $0.001 and $0.01, respectively. |
TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and par value data) |
||||||||
Successor | ||||||||
December 31, | December 31, | |||||||
ASSETS | 2018 | 2017 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 371,791 | 432,035 | |||||
Restricted cash | 25,953 | 21,300 | ||||||
Trade and other receivables, net | 111,266 | 114,184 | ||||||
Due from affiliates | 132,951 | 230,315 | ||||||
Marine operating supplies | 29,505 | 28,220 | ||||||
Other current assets | 11,836 | 19,130 | ||||||
Total current assets | 683,302 | 845,184 | ||||||
Investments in, at equity, and advances to unconsolidated companies | 1,039 | 29,216 | ||||||
Net properties and equipment | 1,089,857 | 850,935 | ||||||
Deferred drydocking and survey costs | 22,215 | 3,208 | ||||||
Other assets | 31,326 | 31,052 | ||||||
Total assets | $ | 1,827,739 | 1,759,595 | |||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 31,939 | 38,497 | |||||
Accrued expenses | 61,784 | 54,806 | ||||||
Due to affiliates | 34,972 | 99,448 | ||||||
Accrued property and liability losses | 2,726 | 2,585 | ||||||
Current portion of long-term debt | 8,568 | 5,103 | ||||||
Other current liabilities | 18,366 | 19,693 | ||||||
Total current liabilities | 158,355 | 220,132 | ||||||
Long-term debt | 430,436 | 443,057 | ||||||
Accrued property and liability losses | 4,123 | 2,471 | ||||||
Other liabilities and deferred credits | 89,902 | 71,991 | ||||||
Commitments and contingencies |
||||||||
Equity: | ||||||||
Common stock of $0.001 par value, 125,000,000 shares authorized, 36,978,280 and 22,115,916 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively |
37 | 22 | ||||||
Additional paid-in capital | 1,352,388 | 1,059,120 | ||||||
Accumulated deficit |
(210,783 | ) | (39,266 | ) | ||||
Accumulated other comprehensive income (loss) |
2,194 | (147 | ) | |||||
Total stockholders' equity | 1,143,836 | 1,019,729 | ||||||
Noncontrolling interests | 1,087 | 2,215 | ||||||
Total equity | 1,144,923 | 1,021,944 | ||||||
Total liabilities and equity | $ | 1,827,739 | 1,759,595 |
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands) |
||||||||
Successor | ||||||||
Three Months | Three Months | |||||||
Ended | Ended | |||||||
December 31, 2018 | December 31, 2017 | |||||||
Net loss | $ |
(90,377 |
) | (23,199 | ) | |||
Other comprehensive income: | ||||||||
Unrealized gains (losses) on available for sale securities, net of tax of $0 and $0 |
— |
|
|
174 | ||||
Change in supplemental executive retirement plan liability, net of tax of $0 and $0 |
2,214 | (1,582 | ) | |||||
Change in pension plan minimum liability, net of tax of $0 and $0 |
1,919 | (357 | ) | |||||
Change in other benefit plan minimum liability, net of tax of $0 and $0 |
(1,536 | ) | 1,536 | |||||
Total comprehensive loss |
$ |
(87,780 |
) | (23,428 | ) |
Successor | Predecessor | ||||||||||||
Period from | Period from | ||||||||||||
Year | August 1, 2017 | January 1, 2017 | |||||||||||
Ended | through | through | |||||||||||
December 31, 2018 | December 31, 2017 | July 31, 2017 | |||||||||||
Net loss | $ | (171,771 | ) | (38,726 | ) | (1,733,879 | ) | ||||||
Other comprehensive income: | |||||||||||||
Unrealized gains (losses) on available for sale securities, net of tax of $0, $0 and $61 |
(256 | ) | 256 | 67 | |||||||||
Change in loss on derivative contract, net of tax of $0, $0 and $823 |
— | — | 1,317 | ||||||||||
Change in supplemental executive retirement plan liability, net of tax of $0, $0 and ($927) |
2,214 | (1,582 | ) | (2,257 | ) | ||||||||
Change in pension plan minimum liability, net of tax of $0, $0 and $215 |
1,919 | (357 | ) | (195 | ) | ||||||||
Change in other benefit plan minimum liability, net of tax of $0, $0 and ($2,046) |
(1,536 | ) | 1,536 | (5,267 | ) | ||||||||
Total comprehensive loss | $ | (169,430 | ) | (38,873 | ) | (1,740,214 | ) |
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) |
|||||||||||||
Successor | Predecessor | ||||||||||||
Period from | Period from | ||||||||||||
Year |
August 1, 2017 |
January 1, 2017 | |||||||||||
Ended | through | through | |||||||||||
December 31, 2018 | December 31, 2017 | July 31, 2017 | |||||||||||
Operating activities: | |||||||||||||
Net loss | $ | (171,771 | ) | (38,726 | ) | (1,733,879 | ) | ||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|||||||||||||
Reorganization items | — | — | 1,368,882 | ||||||||||
Depreciation and amortization | 51,332 | 20,131 | 85,039 | ||||||||||
Amortization of deferred drydocking and survey costs | 6,961 | 206 | — | ||||||||||
Amortization of debt premium and discounts | (1,856 | ) | (715 | ) | — | ||||||||
Provision for deferred income taxes | 572 | — | (7,743 | ) | |||||||||
Gain on asset dispositions, net | (10,624 | ) | (6,616 | ) | (9,625 | ) | |||||||
Impairment of due from affiliate | 20,083 | — | — | ||||||||||
Long-lived asset impairments | 61,132 | 16,777 | 249,606 | ||||||||||
Loss on debt extinguishment | 8,119 | — | — | ||||||||||
Changes in investments in, at equity, and advances to unconsolidated companies |
28,177 | (4,531 | ) | (9,314 | ) | ||||||||
Compensation expense - stock-based | 13,406 | 3,731 | 819 | ||||||||||
Excess tax liability on stock option activity | — | — | 4,927 | ||||||||||
Changes in assets and liabilities, net: | |||||||||||||
Trade and other receivables | 9,088 | 2,312 | 57,337 | ||||||||||
Changes in due to/from related parties, net | 28,644 | (2,373 | ) | 26,262 | |||||||||
Marine operating supplies | (1,955 | ) | 1,229 | (320 | ) | ||||||||
Other current assets | 10,893 | 10,305 | (8,298 | ) | |||||||||
Accounts payable | (15,174 | ) | (1,259 | ) | (10,715 | ) | |||||||
Accrued expenses | (13,489 | ) | (24,896 | ) | 24,339 | ||||||||
Accrued property and liability losses | 141 | (176 | ) | (813 | ) | ||||||||
Other current liabilities | 1,332 | (4,026 | ) | (7,131 | ) | ||||||||
Other liabilities | (2,023 | ) | (1,089 | ) | 4,768 | ||||||||
Cash paid for deferred drydocking and survey costs | (25,968 | ) | (3,414 | ) | — | ||||||||
Other, net | 6,921 | (2,416 | ) | 14,422 | |||||||||
Net cash provided by (used in) operating activities | 3,941 | (35,546 | ) | 48,563 | |||||||||
Cash flows from investing activities: | |||||||||||||
Proceeds from sales of assets | 46,115 | 32,742 | 4,636 | ||||||||||
Additions to properties and equipment | (21,391 | ) | (9,834 | ) | (10,620 | ) | |||||||
Proceeds related to novated vessel construction contract | — | — | 5,272 | ||||||||||
Cash and cash equivalents from stock based merger | 43,806 | — | — | ||||||||||
Net cash provided by (used in) investing activities | 68,530 | 22,908 | (712 | ) | |||||||||
Cash flows from financing activities: | |||||||||||||
Principal payment on long-term debt | (105,169 | ) | (1,176 | ) | (7,856 | ) | |||||||
Payments to General Unsecured Creditors | (8,377 | ) | (93,719 | ) | (122,806 | ) | |||||||
Debt extinguishment | (8,119 | ) | — | — | |||||||||
Cash received for issuance of common stock | 3 | 2 | — | ||||||||||
Tax on share-based award | (4,400 | ) | — | — | |||||||||
Other | (2,000 | ) | — | (6,127 | ) | ||||||||
Net cash used in financing activities | (128,062 | ) | (94,893 | ) | (136,789 | ) | |||||||
Net change in cash, cash equivalents and restricted cash | (55,591 | ) | (107,531 | ) | (88,938 | ) | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 453,335 | 560,866 | 649,804 | ||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 397,744 | 453,335 | 560,866 | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||||
Cash paid during the year for: | |||||||||||||
Interest, net of amounts capitalized | $ | 32,326 | 8,223 | 9,795 | |||||||||
Income taxes | $ | 16,828 | 4,654 | 9,607 | |||||||||
Supplemental disclosure of noncash investing activities: | |||||||||||||
Merger with GulfMark | $ |
285,492 |
— | — | |||||||||
Supplemental disclosure of noncash financing activities: | |||||||||||||
Common stock issued for GulfMark merger | $ | 285,492 | — | — |
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In thousands) |
||||||||||||||||||||||||
(In thousands) |
Common |
Additional |
Retained |
Accumulated income (loss) |
Non |
Total | ||||||||||||||||||
Balance at April 1, 2016 (Predecessor) |
$ | 4,707 | 166,604 | 2,121,660 | (6,866 | ) | 6,034 | 2,292,139 | ||||||||||||||||
Total comprehensive loss | — | — | (660,118 | ) | (3,478 | ) | 10,107 | (653,489 | ) | |||||||||||||||
Stock option activity | — | 1,146 | — | — | — | 1,146 | ||||||||||||||||||
Amortization/cancellation of restricted stock units | 5 | (2,529 | ) | 372 | — | — | (2,152 | ) | ||||||||||||||||
Balance at March 31, 2017 (Predecessor) | $ | 4,712 | 165,221 | 1,461,914 | (10,344 | ) | 16,141 | 1,637,644 | ||||||||||||||||
Total comprehensive loss | — | — | (1,646,909 | ) | (2,435 | ) | — | (1,649,344 | ) | |||||||||||||||
Stock option expense | — | 390 | — | — | — | 390 | ||||||||||||||||||
Cancellation/forfeiture of restricted stock units | — | 1,254 | — | — | — | 1,254 | ||||||||||||||||||
Amortization of restricted stock units | — | 2 | — | — | — | 2 | ||||||||||||||||||
Cash paid to noncontrolling interests | — | — | — | — | (1,200 | ) | (1,200 | ) | ||||||||||||||||
Balance at July 31, 2017 (Predecessor) | $ | 4,712 | 166,867 | (184,995 | ) | (12,779 | ) | 14,941 | (11,254 | ) | ||||||||||||||
Cancellation of Predecessor equity | (4,712 | ) | (166,867 | ) | 184,995 | 12,779 | (13,266 | ) | 12,929 | |||||||||||||||
Balance at July 31, 2017 (Predecessor) | $ | — | — | — | — | 1,675 | 1,675 | |||||||||||||||||
Issuance of Successor common stock and warrants | $ | 18 | 1,055,391 | — | — | — | 1,055,409 | |||||||||||||||||
Balance at August 1, 2017 (Successor) | $ | 18 | 1,055,391 | — | — | 1,675 | 1,057,084 | |||||||||||||||||
Total comprehensive loss | — | — | (39,266 | ) | (147 | ) | 540 | (38,873 | ) | |||||||||||||||
Issuance of common stock | 4 | (2 | ) | — | — | — | 2 | |||||||||||||||||
Amortization/cancellation of restricted stock units | — | 3,731 | — | — | — | 3,731 | ||||||||||||||||||
Balance at December 31, 2017 (Successor) | $ | 22 | 1,059,120 | (39,266 | ) | (147 | ) | 2,215 | 1,021,944 | |||||||||||||||
Total comprehensive loss | — | — | (171,517 | ) | 2,341 | (254 | ) | (169,430 | ) | |||||||||||||||
Issuance of common stock from exercise of warrants | 6 | (3 | ) | — | — | — | 3 | |||||||||||||||||
Issuance of common stock for GulfMark merger | 9 | 285,483 | — | — | — | 285,492 | ||||||||||||||||||
Amortization of restricted stock units | — | 8,914 | — | — | — | 8,914 | ||||||||||||||||||
Cash paid to noncontrolling interests | — | (1,126 | ) | — | — | (874 | ) | (2,000 | ) | |||||||||||||||
Balance at December 31, 2018 (Successor) | $ | 37 | 1,352,388 | (210,783 | ) | 2,194 | 1,087 | 1,144,923 |
The company's vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:
Successor | ||||||||||||||||
Three Months | Three Months | |||||||||||||||
Ended | Ended | |||||||||||||||
December 31, 2018 | December 31, 2017 | |||||||||||||||
(In thousands) | % | % | ||||||||||||||
Vessel revenues: | ||||||||||||||||
Americas | $ | 31,813 | 29 | % | 28,335 | 28 | % | |||||||||
Middle East/Asia Pacific | 19,474 | 20 | % | 23,176 | 23 | % | ||||||||||
Europe/Mediterranean Sea | 20,717 | 13 | % | 11,035 | 11 | % | ||||||||||
West Africa | 36,523 | 38 | % | 38,767 | 38 | % | ||||||||||
Total vessel revenues | $ | 108,527 | 100 | % | 101,313 | 100 | % | |||||||||
Vessel operating costs: | ||||||||||||||||
Crew costs | $ | 45,133 | 39 | % | 37,149 | 37 | % | |||||||||
Repair and maintenance | 9,405 | 9 | % | 7,709 | 7 | % | ||||||||||
Insurance and loss reserves | 637 | 2 | % | 2,946 | 3 | % | ||||||||||
Fuel, lube and supplies | 9,315 | 8 | % | 9,400 | 9 | % | ||||||||||
Other | 10,477 | 13 | % | 10,997 | 11 | % | ||||||||||
Total vessel operating costs |
74,967 | 67 | % | 68,201 | 67 | % | ||||||||||
Vessel operating margin (F) | 33,560 | 33 | % | 33,112 | 33 | % |
Successor | Predecessor | ||||||||||||||||||||||||
Period from | Period from | ||||||||||||||||||||||||
Year | August 1, 2017 | January 1, 2017 | |||||||||||||||||||||||
Ended | through | through | |||||||||||||||||||||||
December 31, 2018 | December 31, 2017 | July 31, 2017 | |||||||||||||||||||||||
(In thousands) | % | % | % | ||||||||||||||||||||||
Vessel revenues: | |||||||||||||||||||||||||
Americas (E) | $ | 118,534 | 30 | % | 45,784 | 27 | % | 121,380 | 40 | % | |||||||||||||||
Middle East/Asia Pacific | 80,195 | 20 | % | 39,845 | 23 | % | 62,991 | 21 | % | ||||||||||||||||
Europe/Mediterranean Sea | 56,263 | 14 | % | 19,895 | 11 | % | 25,631 | 8 | % | ||||||||||||||||
West Africa | 142,214 | 36 | % | 66,360 | 39 | % | 93,499 | 31 | % | ||||||||||||||||
Total vessel revenues (E) | $ | 397,206 | 100 | % | 171,884 | 100 | % | 303,501 | 100 | % | |||||||||||||||
Vessel operating costs: | |||||||||||||||||||||||||
Crew costs | $ | 153,340 | 39 | % | 64,854 | 38 | % | 98,482 | 32 | % | |||||||||||||||
Repair and maintenance | 33,721 | 8 | % | 14,082 | 8 | % | 40,112 | 13 | % | ||||||||||||||||
Insurance and loss reserves | 51 | <1 | % | 4,625 | 3 | % | 2,183 | 1 | % | ||||||||||||||||
Fuel, lube and supplies | 34,489 | 9 | % | 16,390 | 9 | % | 21,558 | 7 | % | ||||||||||||||||
Other | 47,979 | 12 | % | 20,551 | 12 | % | 34,948 | 12 | % | ||||||||||||||||
Total vessel operating costs | 269,580 | 68 | % | 120,502 | 70 | % | 197,283 | 65 | % | ||||||||||||||||
Vessel operating margin (F) | $ | 127,626 | 32 | % | 51,382 | 30 | % | 106,218 | 35 | % | |||||||||||||||
|
Note (E): Included in Americas and total vessel revenues for the period January 1, 2017 through July 31, 2017 (Predecessor), is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract. |
|
Note (F): Vessel operating margin equals vessel revenues less vessel operating costs and excludes general and administrative expenses, vessel operating leases and depreciation and amortization expenses. The following tables reconcile vessel operating margin as presented above to vessel operating profit (loss): |
Successor | ||||||||
Three Months | Three Months | |||||||
Ended | Ended | |||||||
(In thousands) | December 31, 2018 | December 31, 2017 | ||||||
Vessel operating margin | $ | 33,560 | 33,112 | |||||
General and administrative expenses - vessel operations | (19,786 | ) | (19,946 | ) | ||||
Vessel operating leases | — | (91 | ) | |||||
Depreciation and amortization - vessel operations |
(18,039 |
) | (11,681 | ) | ||||
Vessel operating profit (loss) | $ |
(4,265 |
) | 1,394 |
Successor | Predecessor | ||||||||||||
Period from | Period from | ||||||||||||
Year | August 1, 2017 | January 1, 2017 | |||||||||||
Ended | through | through | |||||||||||
(In thousands) | December 31, 2018 | December 31, 2017 | July 31, 2017 | ||||||||||
Vessel operating margin | $ | 127,626 | 51,382 | 106,218 | |||||||||
General and administrative expenses - vessel operations | (69,386 | ) | (31,160 | ) | (43,326 | ) | |||||||
Vessel operating leases | — | (1,215 | ) | (14,607 | ) | ||||||||
Depreciation and amortization - vessel operations | (55,915 | ) | (19,344 | ) | (81,776 | ) | |||||||
Vessel operating profit (loss) | $ | 2,325 | (337 | ) | (33,491 | ) |
The company's operating loss and other components of loss before income taxes and its related percentage of total revenues, were as follows:
Successor | ||||||||||||||||
Three Months | Three Months | |||||||||||||||
Ended | Ended | |||||||||||||||
December 31, 2018 | December 31, 2017 | |||||||||||||||
(In thousands) | % | % | ||||||||||||||
Vessel operating profit (loss): | ||||||||||||||||
Americas | $ | (2,944 | ) | (3 | %) | 1,052 | 1 | % | ||||||||
Middle East/Asia Pacific | (2,088 | ) | (2 | %) | (493 | ) | (<1 | %) | ||||||||
Europe/Mediterranean Sea | (2,606 | ) | (2 | %) | (785 | ) | (1 | %) | ||||||||
West Africa | 3,373 | 3 | % | 1,620 | 2 | % | ||||||||||
(4,265 | ) | (4 | %) | 1,394 | 1 | % | ||||||||||
Other operating profit | 975 | 1 | % | 805 | 1 | % | ||||||||||
(3,290 | ) | (3 | %) | 2,199 | 2 | % | ||||||||||
Corporate expenses (G) | (18,764 | ) | (17 | %) | (10,125 | ) | (10 | %) | ||||||||
Gain (loss) on asset dispositions, net | 8,938 | 8 | % | 6,612 | 6 | % | ||||||||||
Impairment of due from affiliate | (20,083 | ) | (18 | %) | — | — | ||||||||||
Long-lived asset impairments | (36,878 | ) | (33 | %) | (16,777 | ) | (15 | %) | ||||||||
Operating loss | $ | (70,077 | ) | (64 | %) | (18,091 | ) | (17 | %) | |||||||
Foreign exchange gain (loss) | 1,455 | 1 | % | (349 | ) | (<1 | %) | |||||||||
Equity in net earnings (losses) of unconsolidated companies | (3,871 | ) | (4 | %) | 825 | <1 | % | |||||||||
Interest income and other, net | 5,799 | 5 | % | 1,898 | 2 | % | ||||||||||
Reorganization items | — | — | (2,419 | ) | (2 | %) | ||||||||||
Loss on early extinguishment of debt | (8,119 | ) | (7 | %) | — | — | ||||||||||
Interest and other debt costs, net | (7,708 | ) | (7 | %) | (7,769 | ) | (8 | %) | ||||||||
Loss before income taxes | $ | (82,521 | ) | (75 | %) | (25,905 | ) | (25 | %) |
Note (G): The company did not incur any restructuring-related professional services costs during the three months ended December 31, 2018 (Successor), but did incur professional services costs related to the combination with GulfMark during the three months ended December 31, 2018 of $4.5 million. General and administrative expenses for the three months ended December 31, 2018 (Successor) and December 31, 2017 (Successor), included stock-based compensation of $3.4 million and $2.6 million, respectively. |
Successor | Predecessor | ||||||||||||||||||||||||
Period from | Period from | ||||||||||||||||||||||||
Year | August 1, 2017 | January 1, 2017 | |||||||||||||||||||||||
Ended | through | through | |||||||||||||||||||||||
December 31, 2018 | December 31, 2017 | July 31, 2017 | |||||||||||||||||||||||
(In thousands) | % | % | % | ||||||||||||||||||||||
Vessel operating profit (loss): | |||||||||||||||||||||||||
Americas (H) | $ | 8,860 | 2 | % | (1,599 | ) | (1 | %) | 8,069 | 3 | % | ||||||||||||||
Middle East/Asia Pacific | (4,417 | ) | (1 | %) | 451 |
<1 |
% |
(7,597 | ) | (2 | %) | ||||||||||||||
Europe/Mediterranean Sea | (9,359 | ) | (2 | %) | (1,497 | ) |
(1 |
%) | (19,783 | ) | (6 | %) | |||||||||||||
West Africa | 7,240 | 2 | % | 2,308 |
1 |
% | (14,180 | ) | (5 | %) | |||||||||||||||
2,324 | 1 | % | (337 | ) | (<1 | %) | (33,491 | ) | (10 | %) | |||||||||||||||
Other operating profit | 3,742 | 1 | % | 1,614 | 1 | % | 651 | <1 | % | ||||||||||||||||
6,066 |
2 |
% | 1,277 | 1 | % | (32,840 | ) | (10 | %) | ||||||||||||||||
Corporate expenses (I) | (42,972 | ) | (11 | %) | (14,989 | ) | (8 | %) | (40,567 | ) | (13 | %) | |||||||||||||
Gain on asset dispositions, net | 10,624 | 3 | % | 6,616 | 3 | % | 9,625 | 3 | % | ||||||||||||||||
Impairment of due from affiliate | (20,083 | ) |
5 |
% |
— | — | — | — | |||||||||||||||||
Long-lived asset impairments | (61,132 | ) | (15 | %) | (16,777 | ) | (9 | %) | (249,606 | ) | (80 | %) | |||||||||||||
Operating loss | $ | (107,497 | ) |
(25 |
%) | (23,873 | ) | (13 | %) | (313,388 | ) | (100 | %) | ||||||||||||
Foreign exchange loss | 106 | <1 | % | (407 | ) | (<1 | %) | (2,516 | ) | (<1 | %) | ||||||||||||||
Equity in net earnings (losses) of unconsolidated companies | (18,864 | ) | (5 | %) | 2,130 | 1 | % | 7,627 | 2 | % | |||||||||||||||
Interest income and other, net | 11,294 | 3 | % | 2,771 | 1 | % | 3,974 | 1 | % | ||||||||||||||||
Reorganization items | — | — | (4,299 | ) | (3 | %) | (1,396,905 | ) | (448 | %) | |||||||||||||||
Loss on early extinguishment of debt | (8,119 | ) | (2 | %) | — | — | — | — | |||||||||||||||||
Interest and other debt costs, net | (30,439 | ) | (7 | %) | (13,009 | ) | (7 | %) | (32,188 | ) | (10 | %) | |||||||||||||
Loss before income taxes | $ | (153,519 | ) |
(37 |
%) | (36,687 | ) | (21 | %) | (1,733,396 | ) | (555 | %) |
Note (H): Americas segment vessel operating profit for the period from January 1, 2017 through July 31, 2017 (Predecessor), includes $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract. |
Note (I): The company did not incur any restructuring-related professional services costs during the year ended December 31, 2018 (Successor), but did incur professional services costs related to the combination with GulfMark during the year ended December 31, 2018 of $9.0 million. Restructuring-related professional services costs included in general and administrative expenses for the period from January 1, 2017 through July 31, 2017 (Predecessor), were $23.4 million. General and administrative expenses for the year ended December 31, 2018 (Successor), the period from August 1, 2017 through September 30, 2017 (Successor) and the period from July 1, 2017 through July 31, 2017 (Predecessor), included stock-based compensation of $13.4 million, $1.2 million and $0.8 million, respectively. |
TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA (Unaudited) (In thousands, except share and per share data) |
||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, |
September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2017 | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Vessel revenues | $ | 108,527 | 97,011 | 104,174 | 87,494 | 101,313 | ||||||||||||||
Other operating revenues | 1,707 | 2,181 | 1,427 | 3,999 | 3,140 | |||||||||||||||
110,234 | 99,192 | 105,601 | 91,493 | 104,453 | ||||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Vessel operating costs | 74,967 | 65,237 | 68,012 | 61,364 | 68,201 | |||||||||||||||
Costs of other operating revenues | 733 | 1,681 | 642 | 2,474 | 1,519 | |||||||||||||||
General and administrative (J) | 36,487 | 25,546 | 24,425 | 23,565 | 30,373 | |||||||||||||||
Vessel operating leases | — | — | — | — | 91 | |||||||||||||||
Depreciation and amortization | 20,101 | 13,390 | 12,785 | 12,017 | 12,195 | |||||||||||||||
Gain on asset dispositions, net | (8,938 | ) | 1,571 | (1,338 | ) | (1,919 | ) | (6,612 | ) | |||||||||||
Impairment of due from affiliate | 20,083 | — | — | — | — | |||||||||||||||
Asset impairments | 36,878 | 16,853 | 1,215 | 6,186 | 16,777 | |||||||||||||||
180,311 | 124,278 | 105,741 | 103,687 | 122,544 | ||||||||||||||||
Operating loss | (70,077 | ) | (25,086 | ) | (140 | ) | (12,194 | ) | (18,091 | ) | ||||||||||
Other income (expenses): | ||||||||||||||||||||
Foreign exchange loss | 1,455 | 1 | (1,002 | ) | (348 | ) | (349 | ) | ||||||||||||
Equity in net earnings (losses) of unconsolidated companies | (3,871 | ) | 56 | 390 | (15,439 | ) | 825 | |||||||||||||
Interest income and other | 5,799 | 2,709 | 2,914 | (128 | ) | 1,898 | ||||||||||||||
Reorganization items (J) | — | — | — | — | (2,419 | ) | ||||||||||||||
Loss on debt extinguishment | (8,119 | ) |
— |
— |
— |
— |
||||||||||||||
Interest and other debt costs | (7,708 | ) | (7,585 | ) | (7,547 | ) | (7,599 | ) | (7,769 | ) | ||||||||||
(12,444 | ) | (4,819 | ) | (5,245 | ) | (23,514 | ) | (7,814 | ) | |||||||||||
Loss before income taxes | (82,521 | ) | (28,905 | ) | (5,385 | ) | (35,708 | ) | (25,905 | ) | ||||||||||
Income tax (benefit) expense | 7,856 | 1,278 | 5,797 | 3,321 | (2,706 | ) | ||||||||||||||
Net loss | $ | (90,377 | ) | (31,183 | ) | (11,182 | ) | (39,029 | ) | (23,199 | ) | |||||||||
Less: Net income (loss) attributable to noncontrolling interests | 132 | (287 | ) | (242 | ) | 143 | 374 | |||||||||||||
Net loss attributable to Tidewater Inc. | $ | (90,509 | ) | (30,896 | ) | (10,940 | ) | (39,172 | ) | (23,573 | ) | |||||||||
Basic loss per common share | $ | (2.83 | ) | (1.16 | ) | (0.44 | ) | (1.67 | ) | (1.02 | ) | |||||||||
Diluted loss per common share | $ | (2.83 | ) | (1.16 | ) | (0.44 | ) | (1.67 | ) | (1.02 | ) | |||||||||
Weighted average common shares outstanding (K) | 31,974,802 | 26,614,507 | 24,654,220 | 23,424,943 | 23,137,909 | |||||||||||||||
Dilutive effect of stock options and restricted stock | — | — | — | — | — | |||||||||||||||
Adjusted weighted average common shares | 31,974,802 | 26,614,507 | 24,654,220 | 23,424,943 | 23,137,909 | |||||||||||||||
Vessel operating margin | $ | 33,560 | 31,774 | 36,162 | 26,130 | 33,112 | ||||||||||||||
Note (J): Restructuring and merger-related items: |
||||||||||||||||||||
Professional services costs included in general and administrative expenses related to the business combination with GulfMark | $ | 4,465 | 3,036 | 1,547 | — | — | ||||||||||||||
Restructuring-related professional services costs included in reorganization items | — | — | — | 2,031 | ||||||||||||||||
Restructuring-related sale leaseback vessel redelivery costs included in reorganization items | — | — | — | 388 | ||||||||||||||||
Total | $ | 4,465 | 3,036 | 1,547 | — | 2,419 | ||||||||||||||
Note (K): Weighted average shares outstanding for the quarters ended December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018 and December 31, 2017 include 2,547, 300,646, 0, 108,044 and 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens. Common shares and Creditor Warrants and the sum of common shares and Creditor Warrants outstanding at December 31, 2018 were 36,978,280, 4,410,846 and 41,388,846, respectively. Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at September 30, 2018 were 26,815,991, 3,512,416 and 30,328,407, respectively. Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at June 30, 2018 were 26,085,274, 3,924,441 and 30,009,715, respectively. Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at March 31, 2018 were 23,988,075, 6,021,696 and 30,009,771, respectively. Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at December 31, 2017 were 22,115,916, 7,884,006 and 29,999,922, respectively. |
TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) |
|||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||
ASSETS | 2018 | 2018 | 2018 | 2018 | 2017 | ||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 371,791 | 461,088 | 459,286 | 442,472 | 432,035 | |||||||||||||||
Restricted cash | 25,953 | 7,466 | 5,213 | 2,847 | 21,300 | ||||||||||||||||
Trade and other receivables, net (L) | 111,266 | 88,013 | 96,630 | 115,754 | 114,184 | ||||||||||||||||
Due from affiliates | 132,951 | 174,349 | 197,059 | 207,919 | 230,315 | ||||||||||||||||
Marine operating supplies | 29,505 | 27,591 | 28,930 | 28,896 | 28,220 | ||||||||||||||||
Other current assets | 11,836 | 9,880 | 10,213 | 18,181 | 19,130 | ||||||||||||||||
Total current assets | 683,302 | 768,387 | 797,331 | 816,069 | 845,184 | ||||||||||||||||
Investments in, at equity, and advances to unconsolidated companies | 1,039 | 1,129 | 1,335 | 13,503 | 29,216 | ||||||||||||||||
Net properties and equipment | 1,089,857 | 790,055 | 817,140 | 827,678 | 850,935 | ||||||||||||||||
Deferred drydocking and survey costs | 22,215 | 16,053 | 14,372 | 11,430 | 3,208 | ||||||||||||||||
Other assets | 31,326 | 28,700 | 26,779 | 30,783 | 31,052 | ||||||||||||||||
Total assets | $ | 1,827,739 | 1,604,324 | 1,656,957 | 1,699,463 | 1,759,595 | |||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable (L) | $ | 31,939 | 30,571 | 30,561 | 45,781 | 38,497 | |||||||||||||||
Accrued expenses | 61,784 | 46,060 | 49,312 | 56,408 | 54,806 | ||||||||||||||||
Due to affiliates | 34,972 | 48,064 | 62,353 | 78,135 | 99,448 | ||||||||||||||||
Accrued property and liability losses | 2,726 | 2,447 | 2,790 | 2,852 | 2,585 | ||||||||||||||||
Current portion of long-term debt | 8,568 | 7,671 | 6,290 | 5,215 | 5,103 | ||||||||||||||||
Other current liabilities | 18,366 | 18,894 | 17,815 | 8,826 | 19,693 | ||||||||||||||||
Total current liabilities | 158,355 | 153,707 | 169,121 | 197,217 | 220,132 | ||||||||||||||||
Long-term debt | 430,436 | 435,301 | 438,559 | 442,729 | 443,057 | ||||||||||||||||
Accrued property and liability losses | 4,123 | 4,212 | 2,651 | 2,561 | 2,471 | ||||||||||||||||
Other liabilities and deferred credits | 89,902 | 67,196 | 71,100 | 71,475 | 71,991 | ||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||
Equity: | |||||||||||||||||||||
Common stock | 37 | 27 | 26 | 24 | 22 | ||||||||||||||||
Additional paid-in capital | 1,352,388 | 1,063,603 | 1,064,039 | 1,061,983 | 1,059,120 | ||||||||||||||||
Retained earnings | (210,783 | ) | (120,274 | ) | (89,378 | ) | (78,438 | ) | (39,266 | ) | |||||||||||
Accumulated other comprehensive income (loss) | 2,194 | (403 | ) | (403 | ) | (446 | ) | (147 | ) | ||||||||||||
Total stockholders' equity | 1,143,836 | 942,953 | 974,284 | 983,123 | 1,019,729 | ||||||||||||||||
Noncontrolling interests | 1,087 | 955 | 1,242 | 2,358 | 2,215 | ||||||||||||||||
Total equity | 1,144,923 | 943,908 | 975,526 | 985,481 | 1,021,944 | ||||||||||||||||
Total liabilities and equity | $ | 1,827,739 | 1,604,324 | 1,656,957 | 1,699,463 | 1,759,595 | |||||||||||||||
Supplemental Information | |||||||||||||||||||||
Due from related parties, net of due to related parties: | |||||||||||||||||||||
Sonatide (Angola) | $ | 79,829 | 102,512 | 106,084 | 129,784 | 130,867 | |||||||||||||||
DTDW (Nigeria) | 18,150 | 23,773 | 28,622 | 25,184 | 23,708 | ||||||||||||||||
Total | $ | 97,979 | 126,285 | 134,706 | 154,968 | 154,575 |
Note (L): Included in Trade and other receivables, net, for the quarters ended March 31, 2018 and December 31, 2017 are $37,761 and $33,353, respectively, of amounts due from our DTDW (Nigeria) joint venture. Included in accounts payable for the quarters ended March 31, 2018 and December 31, 2017 are $12,577 and $9,645, respectively, of amounts due to our DTDW (Nigeria) joint venture. |
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2017 | ||||||||||||||||
VESSEL REVENUE BY VESSEL CLASS (In thousands): |
||||||||||||||||||||
Americas fleet: |
||||||||||||||||||||
Deepwater | $ | 21,412 | 19,513 | 22,661 | 16,205 | 17,062 | ||||||||||||||
Towing-supply |
8,283 |
6,417 | 7,560 | 6,846 | 8,263 | |||||||||||||||
Other |
2,118 |
2,109 | 2,380 | 3,030 | 3,010 | |||||||||||||||
Total | $ | 31,813 | 28,039 | 32,601 | 26,081 | 28,335 | ||||||||||||||
Middle East/Asia Pacific fleet: |
||||||||||||||||||||
Deepwater | $ | 8,705 | 7,607 | 9,603 | 9,564 | 9,066 | ||||||||||||||
Towing-supply | 10,959 | 12,156 | 12,783 | 8,824 | 14,110 | |||||||||||||||
Other |
(190 | ) | 164 | 20 | — | — | ||||||||||||||
Total | $ | 19,474 | 19,927 | 22,406 | 18,388 | 23,176 | ||||||||||||||
Europe/Mediterranean Sea fleet: |
||||||||||||||||||||
Deepwater | $ |
19,876 |
11,643 | 12,596 | 9,020 | 10,395 | ||||||||||||||
Towing-supply |
841 |
923 | 761 | 603 | 641 | |||||||||||||||
Total | $ | 20,717 | 12,566 | 13,357 | 9,623 | 11,036 | ||||||||||||||
West Africa fleet: |
||||||||||||||||||||
Deepwater | $ |
15,287 |
15,101 | 14,314 | 13,938 | 14,358 | ||||||||||||||
Towing-supply | 16,807 | 17,805 | 17,321 | 16,139 | 19,807 | |||||||||||||||
Other |
4,429 |
3,573 | 4,175 | 3,325 | 4,601 | |||||||||||||||
Total | $ | 36,523 | 36,479 | 35,810 | 33,402 | 38,766 | ||||||||||||||
Worldwide fleet: |
||||||||||||||||||||
Deepwater | $ |
65,278 |
53,864 | 59,174 | 48,727 | 50,881 | ||||||||||||||
Towing-supply |
36,890 |
37,301 | 38,425 | 32,412 | 42,821 | |||||||||||||||
Other |
6,359 |
5,846 | 6,575 | 6,355 | 7,611 | |||||||||||||||
Total | $ | 108,527 | 97,011 | 104,174 | 87,494 | 101,313 |
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2017 | ||||||||||||||||
AVERAGE NUMBER OF VESSELS (M): |
||||||||||||||||||||
Americas fleet: |
||||||||||||||||||||
Deepwater | 35 | 26 | 25 | 26 | 31 | |||||||||||||||
Towing-supply | 20 | 15 | 15 | 15 | 16 | |||||||||||||||
Other | 7 | 6 | 6 | 6 | 6 | |||||||||||||||
Total | 62 | 47 | 46 | 47 | 53 | |||||||||||||||
Stacked vessels | (27 | ) | (20 | ) | (19 | ) | (20 | ) | (27 | ) | ||||||||||
Active vessels | 35 | 27 | 27 | 27 | 26 | |||||||||||||||
Middle East/Asia Pacific fleet: |
||||||||||||||||||||
Deepwater | 20 | 17 | 18 | 19 | 21 | |||||||||||||||
Towing-supply | 28 | 32 | 35 | 37 | 39 | |||||||||||||||
Other | — | — | — | — | — | |||||||||||||||
Total | 48 | 49 | 53 | 56 | 60 | |||||||||||||||
Stacked vessels | (11 | ) | (9 | ) | (12 | ) | (15 | ) | (20 | ) | ||||||||||
Active vessels | 37 | 40 | 41 | 41 | 40 | |||||||||||||||
Europe/Mediterranean Sea fleet: |
||||||||||||||||||||
Deepwater | 31 | 18 | 18 | 17 | 17 | |||||||||||||||
Towing-supply | 4 | 4 | 4 | 4 | 4 | |||||||||||||||
Other | — | — | — | — | — | |||||||||||||||
Total | 35 | 22 | 22 | 21 | 21 | |||||||||||||||
Stacked vessels | (10 | ) | (4 | ) | (4 | ) | (5 | ) | (5 | ) | ||||||||||
Active vessels | 25 | 18 | 18 | 16 | 16 | |||||||||||||||
West Africa fleet: |
||||||||||||||||||||
Deepwater | 28 | 27 | 26 | 27 | 27 | |||||||||||||||
Towing-supply | 31 | 31 | 31 | 35 | 37 | |||||||||||||||
Other | 23 | 25 | 27 | 31 | 31 | |||||||||||||||
Total | 82 | 83 | 84 | 93 | 95 | |||||||||||||||
Stacked vessels | (29 | ) | (28 | ) | (29 | ) | (39 | ) | (37 | ) | ||||||||||
Active vessels | 53 | 55 | 55 | 54 | 58 | |||||||||||||||
Worldwide fleet: |
||||||||||||||||||||
Deepwater | 114 | 88 | 87 | 89 | 96 | |||||||||||||||
Towing-supply | 83 | 82 | 85 | 91 | 96 | |||||||||||||||
Other | 30 | 31 | 33 | 37 | 37 | |||||||||||||||
Total | 227 | 201 | 205 | 217 | 229 | |||||||||||||||
Stacked vessels | (77 | ) | (61 | ) | (64 | ) | (79 | ) | (89 | ) | ||||||||||
Active vessels | 150 | 140 | 141 | 138 | 140 | |||||||||||||||
Total active | 150 | 140 | 141 | 138 | 140 | |||||||||||||||
Total stacked | 77 | 61 | 64 | 79 | 89 | |||||||||||||||
Total joint venture and other vessels | 5 | 7 | 8 | 8 | 8 | |||||||||||||||
Total | 232 | 208 | 213 | 225 | 237 |
Note (M): Included in total owned or chartered vessels at December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018 and December 31, 2017, were 92, 62, 66, 70 and 89 vessels, respectively, that were stacked by the company. These vessels were considered to be in service and are included in the calculation of our total fleet utilization statistics. Included in total joint venture and other at December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018 and December 31, 2017, were 2, 2, 5, 4, and 4 vessels, respectively, that were stacked by the company. |
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
|||||||||||||||||||
Three Months Ended | |||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
2018 | 2018 | 2018 | 2018 | 2017 | |||||||||||||||
AVAILABLE DAYS - TOTAL FLEET: |
|||||||||||||||||||
Americas fleet: |
|||||||||||||||||||
Deepwater | 3,271 | 2,392 | 2,275 | 2,309 | 2,893 | ||||||||||||||
Towing-supply | 1,806 | 1,422 | 1,399 | 1,350 | 1,441 | ||||||||||||||
Other | 644 | 552 | 546 | 540 | 574 | ||||||||||||||
Total | 5,721 | 4,366 | 4,220 | 4,199 | 4,908 | ||||||||||||||
Middle East/Asia Pacific fleet: |
|||||||||||||||||||
Deepwater | 1,840 | 1,534 | 1,611 | 1,738 | 1,908 | ||||||||||||||
Towing-supply | 2,588 | 2,950 | 3,203 | 3,348 | 3,604 | ||||||||||||||
Other | — | — | 3 | — | 3 | ||||||||||||||
Total | 4,428 | 4,484 | 4,817 | 5,086 | 5,515 | ||||||||||||||
Europe/Mediterranean Sea fleet: |
|||||||||||||||||||
Deepwater | 2,806 | 1,649 | 1,638 | 1,527 | 1,588 | ||||||||||||||
Towing-supply | 368 | 368 | 364 | 360 | 379 | ||||||||||||||
Total | 3,174 | 2,017 | 2,002 | 1,887 | 1,967 | ||||||||||||||
West Africa fleet: |
|||||||||||||||||||
Deepwater | 2,606 | 2,491 | 2,393 | 2,470 | 2,484 | ||||||||||||||
Towing-supply | 2,852 | 2,852 | 2,821 | 3,123 | 3,340 | ||||||||||||||
Other | 2,122 | 2,297 | 2,417 | 2,745 | 2,852 | ||||||||||||||
Total | 7,580 | 7,640 | 7,631 | 8,338 | 8,676 | ||||||||||||||
Worldwide fleet: |
|||||||||||||||||||
Deepwater | 10,523 | 8,066 | 7,917 | 8,044 | 8,873 | ||||||||||||||
Towing-supply | 7,614 | 7,592 | 7,787 | 8,181 | 8,764 | ||||||||||||||
Other |
2,766 | 2,849 | 2,966 | 3,285 | 3,429 | ||||||||||||||
Total | 20,903 | 18,507 | 18,670 | 19,510 | 21,066 |
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
|||||||||||||||||||
Three Months Ended | |||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
2018 | 2018 | 2018 | 2018 | 2017 | |||||||||||||||
OUT-OF-SERVICE - STACKED DAYS: | |||||||||||||||||||
Americas fleet: |
|||||||||||||||||||
Deepwater | 1,288 | 858 | 819 | 898 | 1,565 | ||||||||||||||
Towing-supply | 932 | 736 | 728 | 720 | 705 | ||||||||||||||
Other | 296 | 276 | 182 | 180 | 206 | ||||||||||||||
Total | 2,516 | 1,870 | 1,729 | 1,798 | 2,476 | ||||||||||||||
Middle East/Asia Pacific fleet: |
|||||||||||||||||||
Deepwater | 572 | 338 | 364 | 478 | 705 | ||||||||||||||
Towing-supply | 391 | 508 | 780 | 873 | 1,089 | ||||||||||||||
Other | — | — | — | — | 3 | ||||||||||||||
Total | 963 | 846 | 1,144 | 1,351 | 1,797 | ||||||||||||||
Europe/Mediterranean Sea fleet: |
|||||||||||||||||||
Deepwater | 736 | 170 | 91 | 167 | 276 | ||||||||||||||
Towing-supply | 184 | 184 | 243 | 270 | 180 | ||||||||||||||
Total | 920 | 354 | 334 | 437 | 456 | ||||||||||||||
West Africa fleet: |
|||||||||||||||||||
Deepwater | 625 | 552 | 590 | 744 | 671 | ||||||||||||||
Towing-supply | 1,361 | 1,196 | 1,183 | 1,463 | 1,472 | ||||||||||||||
Other | 681 | 799 | 878 | 1,305 | 1,295 | ||||||||||||||
Total | 2,667 | 2,547 | 2,652 | 3,512 | 3,438 | ||||||||||||||
Worldwide fleet: |
|||||||||||||||||||
Deepwater | 3,221 | 1,918 | 1,864 | 2,287 | 3,217 | ||||||||||||||
Towing-supply | 2,868 | 2,624 | 2,934 | 3,326 | 3,446 | ||||||||||||||
Other | 977 | 1,075 | 1,060 | 1,485 | 1,504 | ||||||||||||||
Total | 7,066 | 5,617 | 5,859 | 7,098 | 8,167 |
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
|||||||||||||||||||
Three Months Ended | |||||||||||||||||||
December 31, | September 30, | June 30, |
March 31, |
December 31, | |||||||||||||||
2018 | 2018 | 2018 | 2018 | 2017 | |||||||||||||||
AVAILABLE DAYS - ACTIVE FLEET: (N) | |||||||||||||||||||
Americas fleet: |
|||||||||||||||||||
Deepwater | 1,983 | 1,534 | 1,456 | 1,411 | 1,328 | ||||||||||||||
Towing-supply | 874 | 686 | 671 | 630 | 736 | ||||||||||||||
Other | 348 | 276 | 364 | 360 | 368 | ||||||||||||||
Total | 3,205 | 2,496 | 2,491 | 2,401 | 2,432 | ||||||||||||||
Middle East/Asia Pacific fleet: |
|||||||||||||||||||
Deepwater | 1,268 | 1,196 | 1,247 | 1,260 | 1,203 | ||||||||||||||
Towing-supply | 2,197 | 2,442 | 2,423 | 2,475 | 2,515 | ||||||||||||||
Other | — | — | 3 | — | — | ||||||||||||||
Total | 3,465 | 3,638 | 3,673 | 3,735 | 3,718 | ||||||||||||||
Europe/Mediterranean Sea fleet: |
|||||||||||||||||||
Deepwater | 2,070 | 1,479 | 1,547 | 1,360 | 1,312 | ||||||||||||||
Towing-supply | 184 | 184 | 121 | 90 | 199 | ||||||||||||||
Total | 2,254 | 1,663 | 1,668 | 1,450 | 1,511 | ||||||||||||||
West Africa fleet: |
|||||||||||||||||||
Deepwater | 1,981 | 1,939 | 1,803 | 1,726 | 1,813 | ||||||||||||||
Towing-supply | 1,491 | 1,656 | 1,638 | 1,660 | 1,868 | ||||||||||||||
Other | 1,441 | 1,498 | 1,539 | 1,440 | 1,557 | ||||||||||||||
Total | 4,913 | 5,093 | 4,979 | 4,826 | 5,238 | ||||||||||||||
Worldwide fleet: |
|||||||||||||||||||
Deepwater | 7,302 | 6,148 | 6,053 | 5,757 | 5,656 | ||||||||||||||
Towing-supply | 4,746 | 4,968 | 4,853 | 4,855 | 5,318 | ||||||||||||||
Other | 1,789 | 1,774 | 1,906 | 1,800 | 1,925 | ||||||||||||||
Total | 13,837 | 12,890 | 12,811 | 12,412 | 12,899 | ||||||||||||||
Note (N): Available Days - Active Fleet equals Available Days - Total Fleet less Out-Of-Service - Stacked Days. |
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2017 | ||||||||||||||||
UTILIZATION - TOTAL FLEET: (O) | ||||||||||||||||||||
Americas fleet: |
||||||||||||||||||||
Deepwater | 49.9 | % | 50.6 | % | 54.8 | % | 42.2 | % | 32.2 | % | ||||||||||
Towing-supply | 42.8 | 40.6 | 37.7 | 35.7 | 39.0 | |||||||||||||||
Other | 35.3 | 41.2 | 48.3 | 61.9 | 60.8 | |||||||||||||||
Total | 46.0 | % | 46.1 | % | 48.3 | % | 42.7 | % | 37.6 | % | ||||||||||
Middle East/Asia Pacific fleet: |
||||||||||||||||||||
Deepwater | 57.6 | % | 59.0 | % | 64.2 | % | 54.4 | % | 48.7 | % | ||||||||||
Towing-supply | 62.3 | 64.2 | 60.2 | 40.0 | 57.7 | |||||||||||||||
Other | — | — | 100.0 | — | — | |||||||||||||||
Total | 60.3 | % | 62.4 | % | 61.6 | % | 44.9 | % | 54.5 | % | ||||||||||
Europe/Mediterranean Sea fleet: |
||||||||||||||||||||
Deepwater | 66.2 | % | 72.0 | % | 79.5 | % | 64.7 | % | 69.4 | % | ||||||||||
Towing-supply | 39.0 | 44.3 | 29.0 | 25.0 | 24.1 | |||||||||||||||
Total | 63.1 | % | 67.0 | % | 70.3 | % | 57.1 | % | 60.7 | % | ||||||||||
West Africa fleet: |
||||||||||||||||||||
Deepwater | 58.5 | % | 61.9 | % | 60.2 | % | 52.3 | % | 49.4 | % | ||||||||||
Towing-supply | 46.5 | 48.0 | 47.0 | 39.0 | 45.7 | |||||||||||||||
Other | 57.3 | 44.2 | 49.2 | 36.6 | 44.8 | |||||||||||||||
Total | 53.6 | % | 51.4 | % | 51.9 | % | 42.2 | % | 46.5 | % | ||||||||||
Worldwide fleet: |
||||||||||||||||||||
Deepwater | 57.7 | % | 60.0 | % | 63.5 | % | 52.2 | % | 47.2 | % | ||||||||||
Towing-supply | 50.6 | 52.7 | 49.9 | 38.3 | 48.6 | |||||||||||||||
Other | 52.2 | 43.6 | 49.1 | 40.8 | 47.4 | |||||||||||||||
Total | 54.4 | % | 54.5 | % | 55.5 | % | 44.4 | % | 47.8 | % | ||||||||||
Note (O): Utilization Total Fleet equals Days Worked / Available Days Total Fleet. |
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2017 | ||||||||||||||||
UTILIZATION - ACTIVE FLEET: (P) |
||||||||||||||||||||
Americas fleet: |
||||||||||||||||||||
Deepwater | 82.3 | % | 78.8 | % | 85.7 | % | 69.1 | % | 70.2 | % | ||||||||||
Towing-supply | 88.4 | 84.2 | 78.5 | 76.6 | 76.4 | |||||||||||||||
Other | 65.4 | 82.3 | 72.4 | 92.9 | 94.8 | |||||||||||||||
Total | 82.1 | % | 80.7 | % | 81.8 | % | 74.6 | % | 75.8 | % | ||||||||||
Middle East/Asia Pacific fleet: |
||||||||||||||||||||
Deepwater | 83.6 | % | 75.6 | % | 82.9 | % | 75.0 | % | 77.2 | % | ||||||||||
Towing-supply | 73.3 | 77.5 | 79.6 | 54.1 | 82.7 | |||||||||||||||
Other | — | — | 100.0 | — | — | |||||||||||||||
Total | 77.1 | % | 76.9 | % | 80.8 | % | 61.2 | % | 80.9 | % | ||||||||||
Europe/Mediterranean Sea fleet: |
||||||||||||||||||||
Deepwater | 89.8 | % | 80.3 | % | 84.2 | % | 72.6 | % | 84.0 | % | ||||||||||
Towing-supply | 78.0 | 88.7 | 87.4 | 100.0 | 45.8 | |||||||||||||||
Total | 88.8 | % | 81.2 | % | 84.4 | % | 74.3 | % | 79.0 | % | ||||||||||
West Africa fleet: |
||||||||||||||||||||
Deepwater | 77.0 | % | 79.5 | % | 79.9 | % | 74.8 | % | 67.7 | % | ||||||||||
Towing-supply | 88.9 | 82.6 | 81.0 | 73.4 | 81.7 | |||||||||||||||
Other | 84.3 | 67.8 | 77.3 | 69.9 | 82.0 | |||||||||||||||
Total | 82.8 | % | 77.1 | % | 79.5 | % | 72.8 | % | 76.9 | % | ||||||||||
Worldwide fleet: |
||||||||||||||||||||
Deepwater | 83.2 | % | 78.8 | % | 83.0 | % | 72.9 | % | 74.1 | % | ||||||||||
Towing-supply | 81.2 | 80.5 | 80.1 | 64.5 | 80.1 | |||||||||||||||
Other | 80.7 | 70.1 | 76.4 | 74.5 | 84.5 | |||||||||||||||
Total | 82.2 | % | 78.3 | % | 80.9 | % | 69.8 | % | 78.1 | % | ||||||||||
Note (P): Utilization Active Fleet equals Days Worked / Available Days - Active Fleet. |
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
|||||||||||||||||||
Three Months Ended | |||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
2018 | 2018 | 2018 | 2018 | 2017 | |||||||||||||||
AVERAGE VESSEL DAY RATES: (Q) |
|||||||||||||||||||
Americas fleet: |
|||||||||||||||||||
Deepwater | $ | 13,127 | 16,138 | 18,162 | 16,626 | 18,301 | |||||||||||||
Towing-supply | 10,722 | 11,115 | 14,349 | 14,191 | 14,700 | ||||||||||||||
Other | 9,311 | 9,281 | 9,029 | 9,061 | 8,628 | ||||||||||||||
Total | $ | 12,091 | 13,924 | 15,995 | 14,558 | 15,372 | |||||||||||||
Middle East/Asia Pacific fleet: |
|||||||||||||||||||
Deepwater | $ | 8,215 | 8,411 | 9,287 | 10,122 | 9,762 | |||||||||||||
Towing-supply | 6,801 | 6,422 | 6,627 | 6,589 | 6,787 | ||||||||||||||
Other | — | — | 6,122 | — | — | ||||||||||||||
Total | $ | 7,291 | 7,123 | 7,554 | 8,051 | 7,705 | |||||||||||||
Europe/Mediterranean Sea fleet: |
|||||||||||||||||||
Deepwater | $ | 10,696 | 9,802 | 9,676 | 9,132 | 9,427 | |||||||||||||
Towing-supply | 5,867 | 5,658 | 7,195 | 6,695 | 7,035 | ||||||||||||||
Total | $ | 10,350 | 9,302 | 9,489 | 8,928 | 9,244 | |||||||||||||
West Africa fleet: |
|||||||||||||||||||
Deepwater | $ | 10,023 | 9,793 | 9,940 | 10,795 | 11,702 | |||||||||||||
Towing-supply | 12,675 | 13,019 | 13,054 | 13,245 | 12,979 | ||||||||||||||
Other | 3,645 | 3,515 | 3,508 | 3,306 | 3,602 | ||||||||||||||
Total | $ | 8,982 | 9,291 | 9,050 | 9,501 | 9,619 | |||||||||||||
Worldwide fleet: |
|||||||||||||||||||
Deepwater | $ | 10,747 | 11,121 | 11,779 | 11,606 | 12,142 | |||||||||||||
Towing-supply | 9,574 | 9,323 | 9,882 | 10,355 | 10,056 | ||||||||||||||
Other | 4,407 | 4,701 | 4,513 | 4,742 | 4,681 | ||||||||||||||
Total | $ | 9,545 | 9,616 | 10,047 | 10,093 | 10,056 |
Note (Q): Average Vessel Day Rates equals Vessel Revenue / Days Worked. |
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
|||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||
(In thousands) | 2018 | 2018 | 2018 | 2018 | 2017 | ||||||||||||||||
Americas |
|||||||||||||||||||||
Vessel revenues | $ | 31,813 | 28,039 | 32,601 | 26,081 | 28,335 | |||||||||||||||
Vessel operating costs: | |||||||||||||||||||||
Crew costs | $ | 15,596 | 12,169 | 11,158 | 9,093 | 11,190 | |||||||||||||||
Routine repairs and maintenance | 2,443 | 2,017 | 1,471 | 1,917 | 2,203 | ||||||||||||||||
Major repairs | (5 | ) | 554 | 58 | (187 | ) | (144 | ) | |||||||||||||
Insurance and loss reserves | (38 | ) | (488 | ) | 1,031 | (551 | ) | 788 | |||||||||||||
Fuel, lube and supplies | 2,350 | 2,081 | 1,792 | 1,618 | 2,413 | ||||||||||||||||
Other | 2,523 | 1,787 | 2,790 | 406 | 1,321 | ||||||||||||||||
Total vessel operating costs | $ | 22,869 | 18,120 | 18,300 | 12,296 | 17,771 | |||||||||||||||
Vessel operating margin ($) | $ | 8,944 | 9,919 | 14,301 | 13,785 | 10,564 | |||||||||||||||
Vessel operating margin (%) | 28.1 | % | 35.4 | % | 43.9 | % | 52.9 | % | 37.3 | % | |||||||||||
Vessel depreciation | $ | 4,547 | 3,289 | 3,141 | 3,223 | 3,386 | |||||||||||||||
Amortization of deferred drydocking and survey costs | $ | 799 | 569 | 389 | 90 | 86 | |||||||||||||||
Vessel operations general and administrative expenses ($) | $ | 6,542 | 4,849 | 5,090 | 5,561 | 6,040 | |||||||||||||||
Vessel operations general and administrative expenses (%) | 20.6 | % | 17.3 | % | 15.6 | % | 21.3 | % | 21.3 | % | |||||||||||
Vessel operating profit (loss) | $ | (2,944 | ) | 1,212 | 5,681 | 4,911 | 1,052 | ||||||||||||||
Americas - Select operating statistics |
|||||||||||||||||||||
Average vessels - Total fleet | 62 | 47 | 46 | 47 | 53 | ||||||||||||||||
Utilization - Total fleet | 46.0 | % | 46.1 | % | 48.3 | % | 42.7 | % | 37.6 | % | |||||||||||
Average vessels - Active fleet | 35 | 27 | 27 | 27 | 26 | ||||||||||||||||
Utilization - Active fleet | 82.1 | % | 80.7 | % | 81.8 | % | 74.6 | % | 75.8 | % | |||||||||||
Average day rates | $ | 12,091 | 13,924 | 15,995 | 14,558 | 15,372 | |||||||||||||||
Vessels commencing drydocks | 3 | 11 | 2 | 7 | 3 | ||||||||||||||||
Major repairs expense and deferred drydocking and survey costs: | |||||||||||||||||||||
Major repairs expense | $ | (5 | ) | 554 | 58 | (187 | ) | (144 | ) | ||||||||||||
Cash paid for deferred
drydocking and survey costs |
$ | 3,406 | 1,099 | 1,097 | 2,775 | 554 | |||||||||||||||
$ | 3,401 | 1,653 | 1,155 | 2,588 | 410 | ||||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 4,638 | 4,108 | 3,383 | 707 | 239 | |||||||||||||||
Cash paid for deferred drydocking and survey costs | $ | 3,406 | 1,099 | 1,097 | 2,775 | 554 | |||||||||||||||
Amortization of deferred drydocking and survey costs | $ | (799 | ) | (569 | ) | (389 | ) | (90 | ) | (86 | ) | ||||||||||
Net vessel transfers in/out of the segment | $ | — | — | 17 | (9 | ) | — | ||||||||||||||
Deferred drydocking and survey costs - ending balance | $ | 7,245 | 4,638 | 4,108 | 3,383 | 707 |
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||
(In thousands) | 2018 | 2018 | 2018 | 2018 | 2017 | |||||||||||||||||
Middle East/Asia Pacific |
||||||||||||||||||||||
Vessel revenues | $ | 19,474 | 19,927 | 22,406 | 18,388 | 23,176 | ||||||||||||||||
Vessel operating costs: | ||||||||||||||||||||||
Crew costs | $ | 8,372 | 8,412 | 8,596 | 8,108 | 8,666 | ||||||||||||||||
Routine repairs and maintenance | 2,377 | 1,898 | 1,558 | 1,209 | 1,733 | |||||||||||||||||
Major repairs | — | (39 | ) | 36 | 254 | 442 | ||||||||||||||||
Insurance and loss reserves | 154 | (458 | ) | 383 | (150 | ) | 771 | |||||||||||||||
Fuel, lube and supplies | 2,402 | 1,394 | 2,221 | 2,339 | 2,653 | |||||||||||||||||
Other | 1,947 | 2,203 | 2,578 | 2,742 | 2,723 | |||||||||||||||||
Total vessel operating costs | $ | 15,252 | 13,410 | 15,372 | 14,502 | 16,988 | ||||||||||||||||
Vessel operating margin ($) | $ | 4,222 | 6,517 | 7,034 | 3,886 | 6,188 | ||||||||||||||||
Vessel operating margin (%) | 21.7 | % | 32.7 | % | 31.4 | % | 21.1 | % | 26.7 | % | ||||||||||||
Vessel depreciation | $ | 2,722 | 2,458 | 2,521 | 2,707 | 2,905 | ||||||||||||||||
Amortization of deferred drydocking and survey costs | $ | 597 | 481 | 323 | 62 | 4 | ||||||||||||||||
Vessel operations general and administrative expenses ($) | $ | 2,991 | 4,279 | 3,565 | 3,370 | 3,772 | ||||||||||||||||
Vessel operations general and administrative expenses (%) | 15.4 | % | 21.5 | % | 15.9 | % | 18.3 | % | 16.3 | % | ||||||||||||
Vessel operating profit (loss) | $ | (2,088 | ) | (701 | ) | 625 | (2,253 | ) | (493 | ) | ||||||||||||
Middle East/Asia Pacific - Select operating statistics |
||||||||||||||||||||||
Average vessels - Total fleet | 48 | 49 | 53 | 56 | 60 | |||||||||||||||||
Utilization - Total fleet | 60.3 | % | 62.4 | % | 61.6 | % | 44.9 | % | 54.5 | % | ||||||||||||
Average vessels - Active fleet | 37 | 40 | 41 | 41 | 40 | |||||||||||||||||
Utilization - Active fleet | 77.1 | % | 76.9 | % | 80.8 | % | 61.2 | % | 80.9 | % | ||||||||||||
Average day rates | $ | 7,291 | 7,123 | 7,554 | 8,051 | 7,705 | ||||||||||||||||
Vessels commencing drydocks | 3 | 4 | 3 | 3 | 5 | |||||||||||||||||
Major repairs expense and deferred drydocking and survey costs: | ||||||||||||||||||||||
Major repairs expense | $ | - | (39 | ) | 36 | 254 | 442 | |||||||||||||||
Cash paid for deferred
drydocking and survey costs |
$ | 2,459 | 1,219 | 1,813 | 1,728 | 209 | ||||||||||||||||
$ | 2,459 | 1,180 | 1,849 | 1,982 | 651 | |||||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 4,099 | 3,361 | 1,871 | 205 | — | ||||||||||||||||
Cash paid for deferred drydocking and survey costs | $ | 2,459 | 1,219 | 1,813 | 1,728 | 209 | ||||||||||||||||
Amortization of deferred drydocking and survey costs | $ | (597 | ) | (481 | ) | (323 | ) | (62 | ) | (4 | ) | |||||||||||
Deferred drydocking and survey costs - ending balance | $ | 5,961 | 4,099 | 3,361 | 1,871 | 205 |
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
|||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||
(In thousands) | 2018 | 2018 | 2018 | 2018 | 2017 | ||||||||||||||||
Europe/Mediterranean Sea |
|||||||||||||||||||||
Vessel revenues | $ | 20,717 | 12,566 | 13,357 | 9,623 | 11,036 | |||||||||||||||
Vessel operating costs: | |||||||||||||||||||||
Crew costs | $ | 9,271 | 5,642 | 5,777 | 4,991 | 5,147 | |||||||||||||||
Routine repairs and maintenance | 1,799 | 1,645 | 1,083 | 1,240 | 1,145 | ||||||||||||||||
Major repairs | 550 | 192 | 900 | 338 | — | ||||||||||||||||
Insurance and loss reserves | 380 | 116 | 247 | 110 | 311 | ||||||||||||||||
Fuel, lube and supplies | 1,294 | 1,195 | 1,136 | 1,810 | 1,038 | ||||||||||||||||
Other | 2,008 | 1,838 | 1,459 | 1,606 | 1,466 | ||||||||||||||||
Total vessel operating costs | $ | 15,302 | 10,628 | 10,602 | 10,095 | 9,107 | |||||||||||||||
Vessel operating margin ($) | $ | 5,415 | 1,938 | 2,755 | (472 | ) | 1,929 | ||||||||||||||
Vessel operating margin (%) | 26.1 | % | 15.4 | % | 20.6 | % | -4.9 | % | 17.5 | % | |||||||||||
Vessel depreciation | $ | 4,393 | 1,853 | 1,854 | 1,641 | 1,641 | |||||||||||||||
Amortization of deferred drydocking and survey costs | $ | 636 | 460 | 385 | 163 | — | |||||||||||||||
Vessel operations general and administrative expenses ($) | $ | 2,992 | 1,681 | 1,658 | 1,278 | 1,073 | |||||||||||||||
Vessel operations general and administrative expenses (%) | 14.4 | % | 13.4 | % | 12.4 | % | 13.3 | % | 9.7 | % | |||||||||||
Vessel operating loss | $ | (2,606 | ) | (2,056 | ) | (1,142 | ) | (3,554 | ) | (785 | ) | ||||||||||
Europe/Mediterranean Sea - Select operating statistics |
|||||||||||||||||||||
Average vessels - Total fleet | 35 | 22 | 22 | 21 | 21 | ||||||||||||||||
Utilization - Total fleet | 63.1 | % | 67.0 | % | 70.3 | % | 57.1 | % | 60.7 | % | |||||||||||
Average vessels - Active fleet | 25 | 18 | 18 | 16 | 16 | ||||||||||||||||
Utilization - Active fleet | 88.8 | % | 81.2 | % | 84.4 | % | 74.3 | % | 79.0 | % | |||||||||||
Average day rates | $ | 10,350 | 9,302 | 9,489 | 8,928 | 9,244 | |||||||||||||||
Vessels commencing drydocks | 2 | 2 | 6 | 6 | — | ||||||||||||||||
Major repairs expense and deferred drydocking and survey costs: | |||||||||||||||||||||
Major repairs expense | $ | 550 | 192 | 900 | 338 | — | |||||||||||||||
Cash paid for deferred drydocking and survey costs |
$ | 1,635 | 383 | 1,271 | 2,633 | — | |||||||||||||||
$ | 2,185 | 575 | 2,171 | 2,971 | — | ||||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 3,279 | 3,356 | 2,470 | — | — | |||||||||||||||
Cash paid for deferred drydocking and survey costs | $ | 1,635 | 383 | 1,271 | 2,633 | — | |||||||||||||||
Amortization of deferred drydocking and survey costs | $ | (636 | ) | (460 | ) | (385 | ) | (163 | ) | — | |||||||||||
Deferred drydocking and survey costs - ending balance | $ | 4,278 | 3,279 | 3,356 | 2,470 | — |
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
|||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||
(In thousands) | 2018 | 2018 | 2018 | 2018 | 2017 | ||||||||||||||||
West Africa |
|||||||||||||||||||||
Vessel revenues | $ | 36,523 | 36,479 | 35,810 | 33,402 | 38,766 | |||||||||||||||
Vessel operating costs: | |||||||||||||||||||||
Crew costs | $ | 11,894 | 11,392 | 10,837 | 12,032 | 12,145 | |||||||||||||||
Routine repairs and maintenance | 1,826 | 2,382 | 2,263 | 2,816 | 2,246 | ||||||||||||||||
Major repairs | 415 | (15 | ) | 609 | 117 | 85 | |||||||||||||||
Insurance and loss reserves | 141 | (876 | ) | 530 | (480 | ) | 1,076 | ||||||||||||||
Fuel, lube and supplies | 3,272 | 3,310 | 3,032 | 3,245 | 3,296 | ||||||||||||||||
Other | 3,998 | 6,886 | 6,467 | 6,741 | 5,487 | ||||||||||||||||
Total vessel operating costs | $ | 21,546 | 23,079 | 23,738 | 24,471 | 24,335 | |||||||||||||||
Vessel operating margin ($) | $ | 14,977 | 13,400 | 12,072 | 8,931 | 14,431 | |||||||||||||||
Vessel operating margin (%) | 41.0 | % | 36.7 | % | 33.7 | % | 26.7 | % | 37.2 | % | |||||||||||
Vessel operating lease expense | $ | — | — | — | — | 91 | |||||||||||||||
Vessel depreciation | $ | 3,656 | 3,673 | 3,572 | 3,703 | 3,547 | |||||||||||||||
Amortization of deferred drydocking and survey costs | $ | 687 | 503 | 495 | 323 | 112 | |||||||||||||||
Vessel operations general and administrative expenses ($) | $ | 7,261 | 5,312 | 6,300 | 6,658 | 9,061 | |||||||||||||||
Vessel operations general and administrative expenses (%) | 19.9 | % | 14.6 | % | 17.6 | % | 19.9 | % | 23.4 | % | |||||||||||
Vessel operating profit (loss) | $ | 3,373 | 3,912 | 1,705 | (1,753 | ) | 1,620 | ||||||||||||||
West Africa - Select operating statistics |
|||||||||||||||||||||
Average vessels - Total fleet | 82 | 83 | 84 | 93 | 95 | ||||||||||||||||
Utilization - Total fleet | 53.6 | % | 51.4 | % | 51.9 | % | 42.2 | % | 46.5 | % | |||||||||||
Average vessels - Active fleet | 53 | 55 | 55 | 54 | 58 | ||||||||||||||||
Utilization - Active fleet | 82.8 | % | 77.1 | % | 79.5 | % | 72.8 | % | 76.9 | % | |||||||||||
Average day rates | $ | 8,982 | 9,291 | 9,050 | 9,501 | 9,619 | |||||||||||||||
Vessels commencing drydocks | 4 | 2 | 3 | 3 | 2 | ||||||||||||||||
Major repairs expense and deferred drydocking and survey costs: | |||||||||||||||||||||
Major repairs expense | $ | 415 | (15 | ) | 609 | 117 | 85 | ||||||||||||||
Cash paid for deferred drydocking and survey costs
|
$ | 1380 | 993 | 353 | 1,724 | 2,259 | |||||||||||||||
$ | 1,795 | 978 | 962 | 1,841 | 2,344 | ||||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 4,037 | 3,547 | 3,706 | 2,296 | 149 | |||||||||||||||
Cash paid for deferred drydocking and survey costs | $ | 1,380 | 993 | 353 | 1,724 | 2,259 | |||||||||||||||
Amortization of deferred drydocking and survey costs | $ | (686 | ) | (503 | ) | (495 | ) | (323 | ) | (112 | ) | ||||||||||
Net vessel transfers in/out of the segment | $ | — | — | (17 | ) | 9 | — | ||||||||||||||
Deferred drydocking and survey costs - ending balance | $ | 4,731 | 4,037 | 3,547 | 3,706 | 2,296 |
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
|||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||
(In thousands) | 2018 | 2018 | 2018 | 2018 | 2017 | ||||||||||||||||
Worldwide |
|||||||||||||||||||||
Vessel revenues | $ | 108,527 | 97,011 | 104,174 | 87,494 | 101,313 | |||||||||||||||
Vessel operating costs: | |||||||||||||||||||||
Crew costs | $ | 45,133 | 37,615 | 36,368 | 34,224 | 37,148 | |||||||||||||||
Routine repairs and maintenance | 8,445 | 7,942 | 6,375 | 7,182 | 7,327 | ||||||||||||||||
Major repairs | 960 | 692 | 1,603 | 522 | 383 | ||||||||||||||||
Insurance and loss reserves | 636 | (1,706 | ) | 2,191 | (1,071 | ) | 2,946 | ||||||||||||||
Fuel, lube and supplies | 9,317 | 7,980 | 8,181 | 9,012 | 9,400 | ||||||||||||||||
Other | 10,476 | 12,714 | 13,294 | 11,495 | 10,997 | ||||||||||||||||
Total vessel operating costs | $ | 74,967 | 65,237 | 68,012 | 61,364 | 68,201 | |||||||||||||||
Vessel operating margin ($) | $ | 33,560 | 31,774 | 36,162 | 26,130 | 33,112 | |||||||||||||||
Vessel operating margin (%) | 30.9 | % | 32.8 | % | 34.7 | % | 29.9 | % | 32.7 | % | |||||||||||
Vessel operating lease expense | $ | — | — | — | — | 91 | |||||||||||||||
Vessel depreciation | $ | 15,319 | 11,273 | 11,088 | 11,274 | 11,479 | |||||||||||||||
Amortization of deferred drydocking and survey costs | $ | 2,719 | 2,013 | 1,592 | 638 | 202 | |||||||||||||||
Vessel operations general and administrative expenses ($) | $ | 19,787 | 16,121 | 16,613 | 16,867 | 19,946 | |||||||||||||||
Vessel operations general and administrative expenses (%) | 18.2 | % | 16.6 | % | 15.9 | % | 19.3 | % | 19.7 | % | |||||||||||
Vessel operating profit (loss) | $ | (4,265 | ) | 2,367 | 6,869 | (2,649 | ) | 1,394 | |||||||||||||
Worldwide - Select operating statistics |
|||||||||||||||||||||
Average vessels - Total fleet | 227 | 201 | 205 | 217 | 229 | ||||||||||||||||
Utilization - Total fleet | 54.4 | % | 54.5 | % | 55.5 | % | 44.4 | % | 47.8 | % | |||||||||||
Average vessels - Active fleet | 150 | 140 | 141 | 138 | 140 | ||||||||||||||||
Utilization - Active fleet | 82.2 | % | 78.3 | % | 80.9 | % | 69.8 | % | 78.1 | % | |||||||||||
Average day rates | $ | 9,545 | 9,616 | 10,047 | 10,093 | 10,056 | |||||||||||||||
Vessels commencing drydocks | 12 | 19 | 14 | 19 | 10 | ||||||||||||||||
Major repairs expense and deferred drydocking and survey costs: | |||||||||||||||||||||
Major repairs expense | $ | 960 | 692 | 1,603 | 522 | 383 | |||||||||||||||
Cash paid for deferred
drydocking and survey costs |
$ | 8,880 | 3,694 | 4,534 | 8,860 | 3,022 | |||||||||||||||
$ | 9,840 | 4,386 | 6,137 | 9,382 | 3,405 | ||||||||||||||||
Deferred drydocking and survey costs - beginning balance | $ | 16,053 | 14,372 | 11,430 | 3,208 | 388 | |||||||||||||||
Cash paid for deferred drydocking and survey costs | $ | 8,880 | 3,694 | 4,534 | 8,860 | 3,022 | |||||||||||||||
Amortization of deferred drydocking and survey costs | $ | (2,718 | ) | (2,013 | ) | (1,592 | ) | (638 | ) | (202 | ) | ||||||||||
Deferred drydocking and survey costs - ending balance | $ | 22,215 | 16,053 | 14,372 | 11,430 | 3,208 |
TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA |
|||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||
(In thousands) | 2018 | 2018 | 2018 | 2018 | 2017 | ||||||||||||||||
Consolidated EBITDA (R) (S) (T) (U) (V) | $ |
22,528 |
10,958 | 17,709 | (9,905 | ) | 13,255 | ||||||||||||||
Restructuring-related professional services costs | — | — | — | — | (2,031 | ) | |||||||||||||||
Merger-related professional services costs | (4,465 | ) | (3,036 | ) | (1,547 | ) | — | — | |||||||||||||
Merger-related lease exit costs | (5,538 | ) |
— |
— | — | — | |||||||||||||||
Integration-related severance and similar costs |
(2,158 |
) |
— |
— |
— |
— |
|||||||||||||||
Impairment of due from affiliate | (20,083 | ) | — | — | — | — | |||||||||||||||
Long-lived asset impairments | (36,878 | ) | (16,853 | ) | (1,215 | ) | (6,186 | ) | (16,777 | ) | |||||||||||
Sale leaseback redelivery costs | — | — | — | — | (388 | ) | |||||||||||||||
Loss on debt extinguishment | (8,119 | ) | — | — | — | — | |||||||||||||||
Interest and other debt costs | (7,707 | ) | (7,585 | ) | (7,547 | ) | (7,599 | ) | (7,769 | ) | |||||||||||
Income tax benefit (expense) | (7,856 | ) | (1,278 | ) | (5,797 | ) | (3,321 | ) | 2,706 | ||||||||||||
Depreciation | (17,383 | ) | (11,377 | ) | (11,192 | ) | (11,380 | ) | (11,993 | ) | |||||||||||
Amortization of deferred drydocking and survey costs | (2,718 | ) | (2,012 | ) | (1,593 | ) | (638 | ) | (202 | ) | |||||||||||
Net loss | $ | (90,377 | ) | (31,183 | ) | (11,182 | ) | (39,029 | ) | (23,199 | ) | ||||||||||
Three Months Ended | |||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||
(In thousands) | 2018 | 2018 | 2018 | 2018 | 2017 | ||||||||||||||||
Consolidated EBITDA (R) (S) (T) (U) (V) | $ |
22,528 |
10,958 | 17,709 | (9,905 | ) | 13,255 | ||||||||||||||
Restructuring-related professional service costs | — | — | — | — | (2,031 | ) | |||||||||||||||
Merger-related professional services costs | (4,465 | ) | (3,036 | ) | (1,547 | ) | — | — | |||||||||||||
Merger-related lease exit costs | (5,538 | ) | — | — | — | — | |||||||||||||||
Integration-related severance and similar costs |
(2,158 |
) |
— |
— |
— |
— |
|||||||||||||||
Sale leaseback redelivery costs | — |
— |
— | — | (388 | ) | |||||||||||||||
Cash paid for interest | (8,108 | ) | (8,084 | ) | (7,982 | ) | (8,152 | ) | (8,164 | ) | |||||||||||
Cash paid for taxes | (3,149 | ) | (3,596 | ) | (3,654 | ) | (6,429 | ) | (3,262 | ) | |||||||||||
Cash paid for deferred drydocking costs | (8,880 | ) | (3,694 | ) | (4,534 | ) | (8,860 | ) | (3,022 | ) | |||||||||||
Change in net working capital, excluding cash | (11,181 | ) | 8,678 | 7,466 | 8,649 | (4,874 | ) | ||||||||||||||
Equity in net (earnings) losses of unconsolidated companies (V) | 3,871 | (56 | ) | (390 | ) | 15,439 | (825 | ) | |||||||||||||
Stock-based compensation expense | 3,439 | 3,828 | 3,183 | 2,956 | 2,558 | ||||||||||||||||
Gain on asset disposition | (8,938 | ) | 1,571 | (1,338 | ) | (1,919 | ) | (6,612 | ) | ||||||||||||
Changes in other, net | 4,290 | (1,322 | ) | 14,054 | 2,237 | (4,372 | ) | ||||||||||||||
Net cash provided (used) in operating activities | $ | (18,289 | ) | 5,247 | 22,967 | (5,984 | ) | (17,737 | ) | ||||||||||||
Note (R): Consolidated EBITDA excludes interest and other debt costs, loss on debt extinguishment, income tax expense, depreciation and amortization, asset impairment charges, restructuring-related professional services costs and costs related to the redelivery of sale leaseback vessels. Restructuring-related professional services and sale leaseback redelivery costs have been separately presented in the above table. Restructuring-related professional services costs incurred prior to May 17, 2017 were included in general and administrative expenses and such costs incurred subsequent to May 17, 2017 were included in reorganization items in the company's Condensed Consolidated Statements of Earnings (Loss). |
|
Note (S): Consolidated EBITDA for the three months ended December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018 and December 31, 2017 includes non-cash, stock-based compensation expense of $3,439, $3,828, $3,183, $2,956 and $2,558, respectively. |
|
Note (T): Consolidated EBITDA for the three months ended December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018 and December 31, 2017 includes vessel operating lease expense of $0, $0, $0, $0 and $91, respectively. |
|
Note (U): Consolidated EBITDA for the three months ended December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018 and December 31, 2017 includes foreign exchange gains (losses) of $1,454, $1, $(1,002), $(348) and $(349), respectively. |
|
Note (V): Consolidated EBITDA and equity in net (earnings) losses of unconsolidated companies for the three months ended December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018 and December 31, 2017 includes foreign exchange gains (losses) of $0, $0, $(5,767), $(14,823) and $(74), respectively. |
|
Non-GAAP Financial Measures
We disclose and discuss EBITDA as a non-GAAP financial measure 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) before interest and other debt costs, loss on debt extinguishments, income tax expense, depreciation and amortization, reorganization items, asset impairments, and restructuring-related professional services costs included in general and administrative expenses. Our measure of EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA differently than we do, which may limit its usefulness as a comparative measure.
We view EBITDA both as a performance and liquidity measure and, as such, we believe that the GAAP financial measures most directly comparable to it are net income and net cash provided (used) in operating activities, respectively. Because EBITDA is not a measure of financial performance calculated in accordance with GAAP, it 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 is 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 EBITDA provides 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 helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.
EBITDA is also a financial metric 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 of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190228006053/en/
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