$TDW
TIDEWATER INC

2024 Q2 Form 10-Q Financial Statement

#000143774924014386 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $339.2M $321.2M $193.1M
YoY Change 57.81% 66.32% 82.64%
Cost Of Revenue $177.3M $168.7M $116.6M
YoY Change 49.47% 44.68% 69.31%
Gross Profit $161.9M $152.5M $76.49M
YoY Change 68.08% 99.31% 107.54%
Gross Profit Margin 47.73% 47.47% 39.61%
Selling, General & Admin $26.33M $25.33M $23.55M
YoY Change 1.21% 7.58% 29.25%
% of Gross Profit 16.26% 16.61% 30.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $39.38M $38.81M $21.05M
YoY Change 86.67% 84.39% 19.1%
% of Gross Profit 24.32% 25.46% 27.52%
Operating Expenses $85.77M $81.60M $54.21M
YoY Change 45.92% 50.52% 20.81%
Operating Profit $78.13M $81.90M $24.50M
YoY Change 100.6% 234.29% -435.14%
Interest Expense $1.175M $1.483M $130.0K
YoY Change -57.89% 1040.77% -96.27%
% of Operating Profit 1.5% 1.81% 0.53%
Other Income/Expense, Net -$20.32M -$22.08M -$1.712M
YoY Change 254.37% 1189.89% -766.15%
Pretax Income $57.80M $59.82M $22.79M
YoY Change 74.05% 162.5% -423.08%
Income Tax $7.887M $13.07M $11.97M
% Of Pretax Income 13.64% 21.85% 52.53%
Net Earnings $50.35M $47.03M $10.74M
YoY Change 122.96% 337.94% -188.25%
Net Earnings / Revenue 14.84% 14.64% 5.56%
Basic Earnings Per Share $0.96 $0.90 $0.21
Diluted Earnings Per Share $0.94 $0.89 $0.21
COMMON SHARES
Basic Shares Outstanding 52.76M 52.27M 50.57M
Diluted Shares Outstanding 53.35M 52.90M 51.97M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $315.9M $280.9M $165.1M
YoY Change 84.45% 70.06% 21.22%
Cash & Equivalents $315.9M $280.9M $165.1M
Short-Term Investments
Other Short-Term Assets $23.64M $23.92M $24.65M
YoY Change 13.5% -2.94% -3.58%
Inventory $26.91M $24.77M $24.45M
Prepaid Expenses
Receivables $280.5M $286.0M $182.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $646.9M $615.5M $396.4M
YoY Change 57.6% 55.26% 28.22%
LONG-TERM ASSETS
Property, Plant & Equipment $1.254B $1.287B $786.2M
YoY Change 59.72% 63.66% 16.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $29.64M $30.41M $34.06M
YoY Change -11.88% -10.72% 48.1%
Total Long-Term Assets $1.443B $1.462B $930.7M
YoY Change 54.53% 57.12% 24.94%
TOTAL ASSETS
Total Short-Term Assets $646.9M $615.5M $396.4M
Total Long-Term Assets $1.443B $1.462B $930.7M
Total Assets $2.090B $2.078B $1.327B
YoY Change 55.47% 56.56% 25.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $60.74M $51.77M $64.78M
YoY Change -13.01% -20.07% 173.36%
Accrued Expenses $133.1M $132.2M $107.3M
YoY Change 44.92% 23.14% 94.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $103.0M $103.0M
YoY Change 4119.3%
Total Short-Term Liabilities $340.2M $339.1M $215.3M
YoY Change 64.8% 57.49% 71.59%
LONG-TERM LIABILITIES
Long-Term Debt $608.0M $620.3M $169.4M
YoY Change 238.58% 266.14% 0.85%
Other Long-Term Liabilities $62.54M $63.20M $68.97M
YoY Change -4.7% -8.37% -2.71%
Total Long-Term Liabilities $670.5M $683.5M $238.4M
YoY Change 173.47% 186.72% -0.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $340.2M $339.1M $215.3M
Total Long-Term Liabilities $670.5M $683.5M $238.4M
Total Liabilities $1.011B $1.023B $453.7M
YoY Change 123.8% 125.39% 24.52%
SHAREHOLDERS EQUITY
Retained Earnings -$573.4M -$594.3M -$688.9M
YoY Change -13.95% -13.73% -0.17%
Common Stock $1.650B $1.646B $1.554B
YoY Change 6.09% 5.93% 12.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.081B $1.057B $873.3M
YoY Change
Total Liabilities & Shareholders Equity $2.090B $2.078B $1.327B
YoY Change 55.47% 56.56% 25.9%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $50.35M $47.03M $10.74M
YoY Change 122.96% 337.94% -188.25%
Depreciation, Depletion And Amortization $39.38M $38.81M $21.05M
YoY Change 86.67% 84.39% 19.1%
Cash From Operating Activities $78.65M $54.77M $12.79M
YoY Change 707.36% 328.05% -210.07%
INVESTING ACTIVITIES
Capital Expenditures $6.392M $10.94M $8.651M
YoY Change -27.77% 26.48% 603.91%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $3.056M $12.46M $5.716M
YoY Change 3.84% 118.04% 59.26%
Cash From Investing Activities -$3.336M $1.521M -$2.935M
YoY Change -43.52% -151.82% -224.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -43.46M -$44.60M -$5.174M
YoY Change 2349.89% 761.96% 304.22%
NET CHANGE
Cash From Operating Activities 78.65M $54.77M $12.79M
Cash From Investing Activities -3.336M $1.521M -$2.935M
Cash From Financing Activities -43.46M -$44.60M -$5.174M
Net Change In Cash 31.85M $11.69M $4.685M
YoY Change 1445.27% 149.48% -144.43%
FREE CASH FLOW
Cash From Operating Activities $78.65M $54.77M $12.79M
Capital Expenditures $6.392M $10.94M $8.651M
Free Cash Flow $72.25M $43.82M $4.143M
YoY Change 8000.11% 957.76% -132.23%

Facts In Submission

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CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2024Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
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ProceedsFromSaleOfProductiveAssets
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CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10942000 usd
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PaymentsToAcquirePropertyPlantAndEquipment
8651000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
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1521000 usd
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NetCashProvidedByUsedInInvestingActivities
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CY2024Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
12500000 usd
CY2023Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
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CY2024Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3501000 usd
CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2024Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
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CY2023Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
1427000 usd
CY2024Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
135000 usd
CY2023Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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CY2024Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
28462000 usd
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3747000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
11688000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4685000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
277965000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
167977000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
289653000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
172662000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
15621000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
98000 usd
CY2024Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
15603000 usd
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
17057000 usd
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1037697000 usd
CY2024Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
46688000 usd
CY2024Q1 tdw Stock Issued During Period Value New Issues Net Of Costs
StockIssuedDuringPeriodValueNewIssuesNetOfCosts
0 usd
CY2024Q1 tdw Stock Repurchased And Retired During Period Amount
StockRepurchasedAndRetiredDuringPeriodAmount
3535000 usd
CY2024Q1 tdw Stock Issued During Period Value Amortization Or Cancellation Of Restricted Stock
StockIssuedDuringPeriodValueAmortizationOrCancellationOfRestrictedStock
-25697000 usd
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1055153000 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
865990000 usd
CY2023Q1 us-gaap Noncontrolling Interest Increase From Business Combination
NoncontrollingInterestIncreaseFromBusinessCombination
1427000 usd
CY2023Q1 tdw Stock Issued During Period Value Amortization Or Cancellation Of Restricted Stock
StockIssuedDuringPeriodValueAmortizationOrCancellationOfRestrictedStock
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CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
873413000 usd
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
52759223
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
50780847
CY2024Q1 tdw Common Stock Shares Outstanding And Reserved For Future Issuance
CommonStockSharesOutstandingAndReservedForFutureIssuance
53512262
CY2023Q1 tdw Common Stock Shares Outstanding And Reserved For Future Issuance
CommonStockSharesOutstandingAndReservedForFutureIssuance
52607361
CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
589500000 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
591700000 usd
CY2024Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
601000000 usd
CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
603300000 usd
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
738836000 usd
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
751651000 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
15498000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
17213000 usd
CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
103009000 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
103077000 usd
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
620329000 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
631361000 usd
CY2024Q1 us-gaap Other Comprehensive Income Reclassification Adjustment For Held To Maturity Transferred To Available For Sale Securities Before Tax
OtherComprehensiveIncomeReclassificationAdjustmentForHeldToMaturityTransferredToAvailableForSaleSecuritiesBeforeTax
100000 usd
CY2024Q1 tdw Number Of Vessels
NumberOfVessels
214 pure
CY2023 tdw Number Of Vessels
NumberOfVessels
217 pure
CY2024Q1 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
1712643000 usd
CY2023Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
1716339000 usd
CY2024Q1 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
41625000 usd
CY2023Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
32447000 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1754268000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1748786000 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
467650000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
433664000 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1286618000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1315122000 usd
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
38936000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
34989000 usd
CY2024Q1 tdw Accrued Vessel Expenses
AccruedVesselExpenses
46381000 usd
CY2023Q4 tdw Accrued Vessel Expenses
AccruedVesselExpenses
48076000 usd
CY2024Q1 us-gaap Interest Payable Current
InterestPayableCurrent
19202000 usd
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
17128000 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
27671000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
25397000 usd
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
132190000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
125590000 usd
CY2024Q1 us-gaap Accrued Income Taxes Current
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43164000 usd
CY2023Q4 us-gaap Accrued Income Taxes Current
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44461000 usd
CY2024Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
9000000 usd
CY2023Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
10672000 usd
CY2024Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
52164000 usd
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
55133000 usd
CY2024Q1 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
19094000 usd
CY2023Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
19003000 usd
CY2024Q1 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
24742000 usd
CY2023Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
27319000 usd
CY2024Q1 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
19361000 usd
CY2023Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
18663000 usd
CY2024Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
63197000 usd
CY2023Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
64985000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
321164000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
193104000 usd
CY2024Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
11039000 usd
CY2023Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
2216000 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
81898000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
24499000 usd
CY2024Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
56270000 usd
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
30666000 usd
CY2024Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
10942000 usd
CY2023Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
8651000 usd
CY2024Q1 us-gaap Assets
Assets
2077816000 usd
CY2023Q4 us-gaap Assets
Assets
2062774000 usd
CY2024Q1 tdw Number Of Vessels Sold Or Scrapped
NumberOfVesselsSoldOrScrapped
3 pure
CY2024Q1 tdw Proceeds From Sale Of Vessels
ProceedsFromSaleOfVessels
12500000 usd
CY2024Q1 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
11000000 usd
CY2023Q1 tdw Number Of Vessels Sold Or Scrapped
NumberOfVesselsSoldOrScrapped
5 pure
CY2023Q1 tdw Number Of Vessels Held For Sale
NumberOfVesselsHeldForSale
3 pure
CY2023Q1 tdw Asset Held For Sale Net Book Value
AssetHeldForSaleNetBookValue
700000 usd
CY2023Q1 tdw Proceeds From Sale Of Vessels
ProceedsFromSaleOfVessels
5700000 usd
CY2023Q1 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
2200000 usd
CY2024Q1 tdw Number Of Vessels Held For Sale
NumberOfVesselsHeldForSale
0 pure

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