$TDW
TIDEWATER INC

2016 Q4 Form 10-Q Financial Statement

#000156459016028294 Filed on November 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $129.2M $143.7M $271.9M
YoY Change -40.78% -47.15% -31.6%
Cost Of Revenue $85.10M $90.50M $164.7M
YoY Change -33.98% -45.05% -24.93%
Gross Profit -$26.05M -$21.43M $25.08M
YoY Change -401.64% -185.44% -72.41%
Gross Profit Margin -20.16% -14.91% 9.22%
Selling, General & Admin $42.60M $41.40M $45.70M
YoY Change -3.18% -9.41% -14.26%
% of Gross Profit 182.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $41.30M $43.80M $45.90M
YoY Change -9.23% -4.58% 5.03%
% of Gross Profit 182.99%
Operating Expenses $83.80M $85.30M $91.80M
YoY Change -6.26% -7.08% -5.36%
Operating Profit -$287.0M -$155.3M -$17.64M
YoY Change 2953.55% 780.44% -120.83%
Interest Expense -$12.60M -$18.70M $13.25M
YoY Change -15.44% -241.16% 5.48%
% of Operating Profit
Other Income/Expense, Net -$14.97M
YoY Change 428.68%
Pretax Income -$299.7M -$174.1M -$32.61M
YoY Change 1134.25% 433.87% -139.82%
Income Tax -$2.900M $3.600M $11.39M
% Of Pretax Income
Net Earnings -$297.7M -$178.5M -$43.84M
YoY Change 1425.84% 307.19% -171.97%
Net Earnings / Revenue -230.37% -124.19% -16.12%
Basic Earnings Per Share -$6.32 -$3.79 -$0.93
Diluted Earnings Per Share -$6.32 -$3.79 -$0.93
COMMON SHARES
Basic Shares Outstanding 47.07M 46.94M shares
Diluted Shares Outstanding 46.94M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $649.8M $674.9M $88.20M
YoY Change 1253.75% 665.19% -29.04%
Cash & Equivalents $649.8M $674.9M $88.22M
Short-Term Investments
Other Short-Term Assets $22.00M $31.80M $45.28M
YoY Change -63.82% -29.76% 83.75%
Inventory $30.70M $31.10M $37.10M
Prepaid Expenses $9.333M $9.744M
Receivables $174.3M $209.9M $269.0M
Other Receivables $287.6M $300.7M $346.9M
Total Short-Term Assets $1.165B $1.249B $786.6M
YoY Change 56.27% 58.73% -12.3%
LONG-TERM ASSETS
Property, Plant & Equipment $3.009B $3.312B $3.658B
YoY Change -16.57% -9.47% 0.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $42.50M $38.20M $59.42M
YoY Change -7.0% -35.71% -16.08%
Other Assets $98.80M $90.00M $103.7M
YoY Change 19.98% -13.19% 2.58%
Total Long-Term Assets $3.151B $3.440B $3.821B
YoY Change -15.65% -9.98% -6.93%
TOTAL ASSETS
Total Short-Term Assets $1.165B $1.249B $786.6M
Total Long-Term Assets $3.151B $3.440B $3.821B
Total Assets $4.315B $4.688B $4.608B
YoY Change -3.69% 1.75% -7.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.80M $64.20M $60.71M
YoY Change -16.75% 5.75% -4.16%
Accrued Expenses $71.00M $79.70M $137.0M
YoY Change -26.5% -41.8% -4.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.036B $2.041B $10.00M
YoY Change 20655.35% 20313.67% -0.2%
Total Short-Term Liabilities $2.341B $2.422B $452.6M
YoY Change 475.06% 435.04% 7.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $1.488B
YoY Change -100.0% -100.0% -0.52%
Other Long-Term Liabilities $170.4M $164.5M $224.5M
YoY Change -22.55% -26.72% 18.99%
Total Long-Term Liabilities $170.4M $164.5M $1.713B
YoY Change -88.18% -90.39% 1.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.341B $2.422B $452.6M
Total Long-Term Liabilities $170.4M $164.5M $1.713B
Total Liabilities $2.576B $2.586B $2.165B
YoY Change 39.31% 19.42% 2.78%
SHAREHOLDERS EQUITY
Retained Earnings $1.868B $2.248B
YoY Change -16.92% -14.31%
Common Stock $174.2M $170.5M
YoY Change 2.15% 7.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.739B $2.035B $2.398B
YoY Change
Total Liabilities & Shareholders Equity $4.315B $4.688B $4.608B
YoY Change -3.69% 1.75% -7.89%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$297.7M -$178.5M -$43.84M
YoY Change 1425.84% 307.19% -171.97%
Depreciation, Depletion And Amortization $41.30M $43.80M $45.90M
YoY Change -9.23% -4.58% 5.03%
Cash From Operating Activities -$39.70M $10.30M $71.20M
YoY Change -244.36% -85.53% -53.89%
INVESTING ACTIVITIES
Capital Expenditures -$7.600M -$1.900M -$46.40M
YoY Change -42.42% -95.91% -47.57%
Acquisitions
YoY Change
Other Investing Activities $24.50M $700.0K $12.90M
YoY Change 1066.67% -94.57% -33.85%
Cash From Investing Activities $17.00M -$1.400M -$33.50M
YoY Change -253.15% -95.82% -51.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.300M -2.800M -52.60M
YoY Change -95.94% -94.68% 260.27%
NET CHANGE
Cash From Operating Activities -39.70M 10.30M 71.20M
Cash From Investing Activities 17.00M -1.400M -33.50M
Cash From Financing Activities -2.300M -2.800M -52.60M
Net Change In Cash -25.00M 6.100M -14.90M
YoY Change -37.81% -140.94% -121.05%
FREE CASH FLOW
Cash From Operating Activities -$39.70M $10.30M $71.20M
Capital Expenditures -$7.600M -$1.900M -$46.40M
Free Cash Flow -$32.10M $12.20M $117.6M
YoY Change -178.87% -89.63% -51.59%

Facts In Submission

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CY2015Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-243000
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-447000
CY2015Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-20628000
CY2015Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-20378000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-734000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-484000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-250000
CY2016Q3 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
14189000
CY2011Q2 tdw Assessed Fine Original
AssessedFineOriginal
155000000
CY2016Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
21505000
CY2016Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1101000
CY2015Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
2823000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
2494000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
5767000
CY2016Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
19578000
CY2015Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
16070000
us-gaap Interest Costs Incurred
InterestCostsIncurred
37925000
us-gaap Interest Costs Incurred
InterestCostsIncurred
32196000
CY2016Q3 tdw Reduction Of Debt
ReductionOfDebt
7500000
CY2016Q1 tdw Reduction Of Debt
ReductionOfDebt
6800000
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
525161
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
317518
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
508989
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
306727
CY2016Q3 tdw Refunds From Cancelled Vessel Construction Contracts
RefundsFromCancelledVesselConstructionContracts
14300000
CY2016Q3 tdw Assessed Fine Original
AssessedFineOriginal
47500000
CY2011Q2 tdw Number Of Vessels That Subsidiaries Failed To Obtain Import Licenses
NumberOfVesselsThatSubsidiariesFailedToObtainImportLicenses
17
CY2015Q2 tdw Assessed Fine
AssessedFine
3000000
tdw Assessed Fine
AssessedFine
1000000
tdw Fine Amount
FineAmount
30000000
tdw Fine Amount
FineAmount
9200000
tdw Remaining Fine Resolved In Entity Favor Amount
RemainingFineResolvedInEntityFavorAmount
122000000
tdw Remaining Fine Resolved In Entity Favor Amount
RemainingFineResolvedInEntityFavorAmount
37400000
tdw Remaining Fine Original Amount
RemainingFineOriginalAmount
155000000
tdw Percentage Of Custom Duty For Vessel Repair
PercentageOfCustomDutyForVesselRepair
0.50
tdw Short Term Deposits Maximum Maturity Period
ShortTermDepositsMaximumMaturityPeriod
P90D
CY2016Q3 us-gaap Derivative Number Of Instruments Held
DerivativeNumberOfInstrumentsHeld
1
CY2016Q1 us-gaap Derivative Number Of Instruments Held
DerivativeNumberOfInstrumentsHeld
2
CY2016Q3 tdw Notional Value Equivalent Of Forward Contract
NotionalValueEquivalentOfForwardContract
800000
CY2016Q1 tdw Notional Value Equivalent Of Forward Contract
NotionalValueEquivalentOfForwardContract
1400000
CY2016Q3 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
631138000
CY2016Q1 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
643770000
CY2016Q3 tdw Deposits On Vessel Construction Options Current
DepositsOnVesselConstructionOptionsCurrent
13474000
CY2016Q1 tdw Deposits On Vessel Construction Options Current
DepositsOnVesselConstructionOptionsCurrent
30285000
CY2016Q3 us-gaap Deposits Assets Current
DepositsAssetsCurrent
8656000
CY2016Q1 us-gaap Deposits Assets Current
DepositsAssetsCurrent
8076000
CY2016Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
9744000
CY2016Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
6394000
CY2016Q3 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
11144000
CY2016Q1 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
9412000
CY2016Q3 us-gaap Deferred Tax Assets Net Noncurrent
DeferredTaxAssetsNetNoncurrent
46868000
CY2016Q1 us-gaap Deferred Tax Assets Net Noncurrent
DeferredTaxAssetsNetNoncurrent
33505000
CY2016Q3 tdw Savings Plans And Supplemental Plan Assets
SavingsPlansAndSupplementalPlanAssets
14546000
CY2016Q1 tdw Savings Plans And Supplemental Plan Assets
SavingsPlansAndSupplementalPlanAssets
14472000
CY2016Q3 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
17409000
CY2016Q1 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
14297000
CY2016Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
12248000
CY2016Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
12864000
CY2016Q3 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
3722000
CY2016Q1 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
7193000
CY2016Q3 tdw Accrued Vessel Expenses
AccruedVesselExpenses
37639000
CY2016Q1 tdw Accrued Vessel Expenses
AccruedVesselExpenses
45838000
CY2016Q3 us-gaap Interest Payable Current
InterestPayableCurrent
15231000
CY2016Q1 us-gaap Interest Payable Current
InterestPayableCurrent
15120000
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7245000
CY2016Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10596000
CY2016Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
35299000
CY2016Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
45854000
CY2016Q3 tdw Sale Leaseback Transaction Deferred Gain Current Portion
SaleLeasebackTransactionDeferredGainCurrentPortion
23798000
CY2016Q1 tdw Sale Leaseback Transaction Deferred Gain Current Portion
SaleLeasebackTransactionDeferredGainCurrentPortion
23798000
CY2016Q3 tdw Other Liabilities Current Other
OtherLiabilitiesCurrentOther
1248000
CY2016Q1 tdw Other Liabilities Current Other
OtherLiabilitiesCurrentOther
5173000
CY2016Q3 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
1872000
CY2016Q1 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
4755000
CY2016Q3 tdw Pension Plan Liabilities Noncurrent
PensionPlanLiabilitiesNoncurrent
39106000
CY2016Q1 tdw Pension Plan Liabilities Noncurrent
PensionPlanLiabilitiesNoncurrent
41690000
CY2016Q3 us-gaap Sale Leaseback Transaction Deferred Gain Net
SaleLeasebackTransactionDeferredGainNet
100822000
CY2016Q1 us-gaap Sale Leaseback Transaction Deferred Gain Net
SaleLeasebackTransactionDeferredGainNet
112721000
CY2016Q3 tdw Other Liabilities Credits Noncurrent
OtherLiabilitiesCreditsNoncurrent
22730000
CY2016Q1 tdw Other Liabilities Credits Noncurrent
OtherLiabilitiesCreditsNoncurrent
22380000
CY2016Q3 us-gaap Gross Profit
GrossProfit
-21432000
CY2015Q3 us-gaap Gross Profit
GrossProfit
25084000
us-gaap Gross Profit
GrossProfit
-45101000
us-gaap Gross Profit
GrossProfit
58288000
CY2016Q3 tdw Corporate Expenses
CorporateExpenses
10603000
CY2015Q3 tdw Corporate Expenses
CorporateExpenses
9581000
tdw Corporate Expenses
CorporateExpenses
21826000
tdw Corporate Expenses
CorporateExpenses
21089000
CY2016Q3 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
9871000
CY2015Q3 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
47442000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
19986000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
140461000
CY2016Q3 tdw Assets Excluding Equity Investments
AssetsExcludingEquityInvestments
3781179000
CY2016Q1 tdw Assets Excluding Equity Investments
AssetsExcludingEquityInvestments
4063801000
CY2016Q3 tdw Assets Except For Corporate Portion
AssetsExceptForCorporatePortion
3819379000
CY2016Q1 tdw Assets Except For Corporate Portion
AssetsExceptForCorporatePortion
4101303000
CY2016Q3 us-gaap Minimum Lease Payments Sale Leaseback Transactions Remainder Of Fiscal Year
MinimumLeasePaymentsSaleLeasebackTransactionsRemainderOfFiscalYear
15182000
CY2016Q3 us-gaap Minimum Lease Payments Sale Leaseback Transactions Within Two Years
MinimumLeasePaymentsSaleLeasebackTransactionsWithinTwoYears
33090000
CY2016Q3 us-gaap Minimum Lease Payments Sale Leaseback Transactions Within Three Years
MinimumLeasePaymentsSaleLeasebackTransactionsWithinThreeYears
35034000
CY2016Q3 us-gaap Minimum Lease Payments Sale Leaseback Transactions Within Four Years
MinimumLeasePaymentsSaleLeasebackTransactionsWithinFourYears
37016000
CY2016Q3 us-gaap Minimum Lease Payments Sale Leaseback Transactions Within Five Years
MinimumLeasePaymentsSaleLeasebackTransactionsWithinFiveYears
31573000
CY2016Q3 us-gaap Minimum Lease Payments Sale Leaseback Transactions Thereafter
MinimumLeasePaymentsSaleLeasebackTransactionsThereafter
39336000
CY2016Q3 us-gaap Minimum Lease Payments Sale Leaseback Transactions
MinimumLeasePaymentsSaleLeasebackTransactions
191231000
CY2016Q3 us-gaap Sale Leaseback Transaction Current Period Gain Recognized
SaleLeasebackTransactionCurrentPeriodGainRecognized
5900000
us-gaap Sale Leaseback Transaction Current Period Gain Recognized
SaleLeasebackTransactionCurrentPeriodGainRecognized
11700000
CY2016Q3 tdw Number Of Vessels Impaired During Period
NumberOfVesselsImpairedDuringPeriod
42
CY2015Q3 tdw Number Of Vessels Impaired During Period
NumberOfVesselsImpairedDuringPeriod
19
tdw Number Of Vessels Impaired During Period
NumberOfVesselsImpairedDuringPeriod
54
tdw Number Of Vessels Impaired During Period
NumberOfVesselsImpairedDuringPeriod
33
CY2016Q3 tdw Number Of Remotely Operated Vehicles Impaired During Period
NumberOfRemotelyOperatedVehiclesImpairedDuringPeriod
8
tdw Number Of Remotely Operated Vehicles Impaired During Period
NumberOfRemotelyOperatedVehiclesImpairedDuringPeriod
8
CY2016Q3 tdw Assets Fair Value Disclosure1
AssetsFairValueDisclosure1
322550000
CY2015Q3 tdw Assets Fair Value Disclosure1
AssetsFairValueDisclosure1
107445000
tdw Assets Fair Value Disclosure1
AssetsFairValueDisclosure1
477950000
tdw Assets Fair Value Disclosure1
AssetsFairValueDisclosure1
154300000

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