$TDW
TIDEWATER INC

2018 Q4 Form 10-Q Financial Statement

#000156459018029120 Filed on November 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $110.2M $99.19M $104.5M
YoY Change 5.53% 173.54% -19.16%
Cost Of Revenue $0.00 $66.90M $9.300K
YoY Change -100.0% -23.98% -99.99%
Gross Profit $110.2M $2.852M $104.4M
YoY Change 5.54% -409.33% -500.89%
Gross Profit Margin 100.0% 2.88% 99.99%
Selling, General & Admin $34.30M $25.50M $30.50M
YoY Change 12.46% -4.85% -28.4%
% of Gross Profit 31.12% 894.11% 29.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.40M $11.30M $12.00M
YoY Change 45.0% 38.85% -70.94%
% of Gross Profit 15.78% 396.21% 11.49%
Operating Expenses $54.40M $39.00M $42.70M
YoY Change 27.4% -15.22% -49.05%
Operating Profit -$70.08M -$25.09M -$18.09M
YoY Change 287.36% -35.13% -93.7%
Interest Expense -$4.300M $7.585M -$5.400M
YoY Change -20.37% 44.75% -57.14%
% of Operating Profit
Other Income/Expense, Net -$4.819M
YoY Change -3.62%
Pretax Income -$82.50M -$29.91M -$25.90M
YoY Change 218.53% 177.36% -91.36%
Income Tax $7.900M $1.278M -$30.00M
% Of Pretax Income
Net Earnings -$90.51M -$30.90M -$23.57M
YoY Change 283.95% -97.25% -92.08%
Net Earnings / Revenue -82.11% -31.15% -22.57%
Basic Earnings Per Share -$2.83 -$1.16 -$1.02
Diluted Earnings Per Share -$2.83 -$1.16 -$1.02
COMMON SHARES
Basic Shares Outstanding 27.26M 26.62M
Diluted Shares Outstanding 26.62M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $371.8M $461.1M $440.9M
YoY Change -15.67% 0.24% -32.15%
Cash & Equivalents $371.8M $468.6M $432.0M
Short-Term Investments $0.00 $0.00 $8.900M
Other Short-Term Assets $11.84M $17.30M $19.13M
YoY Change -38.13% 16.79% -13.05%
Inventory $29.50M $27.60M $28.20M
Prepaid Expenses $10.41M $8.439M $8.442M
Receivables $111.3M $88.00M $114.2M
Other Receivables $132.9M $174.4M $230.3M
Total Short-Term Assets $683.3M $768.4M $845.2M
YoY Change -19.15% -11.8% -27.42%
LONG-TERM ASSETS
Property, Plant & Equipment $1.090B $776.6M $850.9M
YoY Change 28.08% -10.6% -71.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $8.479M $1.100M $29.22M
YoY Change -70.98% -97.77% -31.26%
Other Assets $31.33M $28.70M $31.05M
YoY Change 0.88% -38.73% -68.57%
Total Long-Term Assets $1.144B $822.5M $914.4M
YoY Change 25.16% -72.71% -70.98%
TOTAL ASSETS
Total Short-Term Assets $683.3M $768.4M $845.2M
Total Long-Term Assets $1.144B $822.5M $914.4M
Total Assets $1.828B $1.591B $1.760B
YoY Change 3.87% -59.05% -59.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.94M $30.57M $38.50M
YoY Change -17.04% -22.49% -24.22%
Accrued Expenses $61.78M $46.06M $54.81M
YoY Change 12.73% -24.63% -22.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.568M $7.671M $5.103M
YoY Change 67.9% 48.26% -99.75%
Total Short-Term Liabilities $158.4M $153.7M $220.1M
YoY Change -28.06% -40.7% -90.6%
LONG-TERM LIABILITIES
Long-Term Debt $430.4M $435.3M $443.1M
YoY Change -2.85% -2.33%
Other Long-Term Liabilities $94.03M $53.78M $71.99M
YoY Change 30.61% -14.05% -57.75%
Total Long-Term Liabilities $524.5M $489.1M $515.0M
YoY Change 1.83% -3.77% 202.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $158.4M $153.7M $220.1M
Total Long-Term Liabilities $524.5M $489.1M $515.0M
Total Liabilities $682.8M $642.8M $735.2M
YoY Change -7.12% -16.24% -71.46%
SHAREHOLDERS EQUITY
Retained Earnings -$210.8M -$120.3M -$39.27M
YoY Change 436.81% 666.42%
Common Stock $1.352B $1.064B $1.059B
YoY Change 27.69% 0.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.144B $943.0M $1.020B
YoY Change
Total Liabilities & Shareholders Equity $1.828B $1.591B $1.760B
YoY Change 3.87% -12.24% -59.22%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income -$90.51M -$30.90M -$23.57M
YoY Change 283.95% -97.25% -92.08%
Depreciation, Depletion And Amortization $17.40M $11.30M $12.00M
YoY Change 45.0% 38.85% -70.94%
Cash From Operating Activities -$18.30M $5.200M -$17.70M
YoY Change 3.39% -129.2% -55.42%
INVESTING ACTIVITIES
Capital Expenditures -$12.30M -$3.300M -$9.200M
YoY Change 33.7% -660.27% 21.05%
Acquisitions
YoY Change
Other Investing Activities $73.40M $3.500M $27.90M
YoY Change 163.08% -45.31% 13.88%
Cash From Investing Activities $61.10M $200.0K $18.60M
YoY Change 228.49% -95.33% 9.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -113.7M -1.400M -7.500M
YoY Change 1416.0% -98.4% 226.09%
NET CHANGE
Cash From Operating Activities -18.30M 5.200M -17.70M
Cash From Investing Activities 61.10M 200.0K 18.60M
Cash From Financing Activities -113.7M -1.400M -7.500M
Net Change In Cash -70.90M 4.000M -6.600M
YoY Change 974.24% -103.96% -73.6%
FREE CASH FLOW
Cash From Operating Activities -$18.30M $5.200M -$17.70M
Capital Expenditures -$12.30M -$3.300M -$9.200M
Free Cash Flow -$6.000M $8.500M -$8.500M
YoY Change -29.41% -146.2% -73.52%

Facts In Submission

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23711000
CY2017Q4 tdw Defined Benefit Plan Supplemental Plan Obligations
DefinedBenefitPlanSupplementalPlanObligations
32508000
CY2018Q3 us-gaap Long Term Debt
LongTermDebt
435018000
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
438827000
CY2018Q3 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
7954000
CY2017Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
9333000
CY2018Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
153000
CY2018Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
7738000
CY2017Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
5240000
CY2017Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
43200000
CY2018Q3 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
50900000
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
43200000
CY2018Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
50900000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
tdw Tax Cuts And Jobs Act Of2017 Incomplete Accounting Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit
0
tdw Tax Cuts And Jobs Act Of2017 Incomplete Accounting Transition Tax For Accumulated Foreign Earnings Provisional Income Tax Expense
TaxCutsAndJobsActOf2017IncompleteAccountingTransitionTaxForAccumulatedForeignEarningsProvisionalIncomeTaxExpense
0
tdw Tax Cuts And Jobs Act Of2017 Incomplete Accounting Executive Compensation Deduction Limitation Amount
TaxCutsAndJobsActOf2017IncompleteAccountingExecutiveCompensationDeductionLimitationAmount
1000000
tdw Tax Cuts And Jobs Act Of2017 Incomplete Accounting Interest Expense Limitation Minimum Percentage On Adjusted Taxable Income
TaxCutsAndJobsActOf2017IncompleteAccountingInterestExpenseLimitationMinimumPercentageOnAdjustedTaxableIncome
0.30
tdw Tax Cuts And Jobs Act Of2017 Incomplete Accounting Interest Expense Limitation Provisional Amount
TaxCutsAndJobsActOf2017IncompleteAccountingInterestExpenseLimitationProvisionalAmount
11000000
tdw Tax Cuts And Jobs Act Of2017 Incomplete Accounting Changes In Provision To Net Impact In Income Loss
TaxCutsAndJobsActOf2017IncompleteAccountingChangesInProvisionToNetImpactInIncomeLoss
0
CY2018Q3 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
38000
CY2017Q4 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
8908000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
521000
us-gaap Interest Costs Incurred
InterestCostsIncurred
23252000
CY2018Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3512416
CY2018Q3 tdw Common Stock Shares And Class Of Warrants Or Rights Outstanding
CommonStockSharesAndClassOfWarrantsOrRightsOutstanding
30328407
CY2018Q3 us-gaap Related Party Transaction Due From To Related Party Current
RelatedPartyTransactionDueFromToRelatedPartyCurrent
126285000
CY2017Q4 us-gaap Related Party Transaction Due From To Related Party Current
RelatedPartyTransactionDueFromToRelatedPartyCurrent
154575000
tdw Dividend Received In Excess Of Investment
DividendReceivedInExcessOfInvestment
5000000
CY2011Q2 tdw Assessed Fine Original
AssessedFineOriginal
155000000
CY2011Q2 tdw Assessed Fine Original
AssessedFineOriginal
98700000
tdw Percentage Of Custom Duty For Vessel Repair
PercentageOfCustomDutyForVesselRepair
0.50
tdw Short Term Deposits Maximum Maturity Period
ShortTermDepositsMaximumMaturityPeriod
P90D
CY2018Q3 us-gaap Deposits Assets Current
DepositsAssetsCurrent
1403000
CY2017Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
1780000
CY2018Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
8439000
CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
8442000
CY2018Q3 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
817798000
CY2017Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
850268000
CY2018Q3 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
5450000
CY2017Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
5710000
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
823248000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
855978000
CY2018Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
46608000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
18458000
CY2018Q3 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
4056000
CY2017Q4 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
2405000
CY2018Q3 tdw Investments Held For Supplemental Savings Plan Accounts
InvestmentsHeldForSupplementalSavingsPlanAccounts
5448000
CY2017Q4 tdw Investments Held For Supplemental Savings Plan Accounts
InvestmentsHeldForSupplementalSavingsPlanAccounts
6583000
CY2018Q3 us-gaap Other Long Term Investments
OtherLongTermInvestments
14176000
CY2017Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
16217000
CY2017Q4 tdw Amounts Payable To Holders Of General Unsecured Claims
AmountsPayableToHoldersOfGeneralUnsecuredClaims
8474000
CY2018Q3 tdw Other Liabilities Current Other
OtherLiabilitiesCurrentOther
2586000
CY2018Q3 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
2350000
CY2018Q3 tdw Pension Plan Liabilities Noncurrent
PensionPlanLiabilitiesNoncurrent
36367000
CY2018Q3 tdw Deferred Supplemental Savings Plan Liability
DeferredSupplementalSavingsPlanLiability
5450000
CY2017Q4 tdw Deferred Supplemental Savings Plan Liability
DeferredSupplementalSavingsPlanLiability
6592000
CY2018Q3 tdw Other Liabilities Credits Noncurrent
OtherLiabilitiesCreditsNoncurrent
9614000
CY2018Q3 us-gaap Gross Profit
GrossProfit
2852000
CY2017Q3 us-gaap Gross Profit
GrossProfit
-922000
CY2018Q3 tdw Corporate Expenses
CorporateExpenses
9514000
CY2017Q3 tdw Corporate Expenses
CorporateExpenses
4864000
CY2018Q3 us-gaap Interest Expense
InterestExpense
7585000
CY2017Q3 us-gaap Interest Expense
InterestExpense
5240000
CY2018Q3 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
3341000
CY2017Q3 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
589000
CY2017 tdw Number Of Remotely Operated Vehicles Sold Or Scrapped
NumberOfRemotelyOperatedVehiclesSoldOrScrapped
8
us-gaap Gross Profit
GrossProfit
9356000
tdw Corporate Expenses
CorporateExpenses
24208000
us-gaap Interest Expense
InterestExpense
22731000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
9116000
CY2018Q3 tdw Assets Excluding Equity Investments
AssetsExcludingEquityInvestments
1135011000
CY2017Q4 tdw Assets Excluding Equity Investments
AssetsExcludingEquityInvestments
1251125000
CY2018Q3 tdw Assets Except For Corporate Portion
AssetsExceptForCorporatePortion
1136140000
CY2017Q4 tdw Assets Except For Corporate Portion
AssetsExceptForCorporatePortion
1280341000
CY2018Q3 tdw Number Of Vessels Impaired During Period
NumberOfVesselsImpairedDuringPeriod
15
tdw Number Of Vessels Impaired During Period
NumberOfVesselsImpairedDuringPeriod
30
CY2018Q3 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.74
CY2018Q3 us-gaap Liabilities Subject To Compromise Early Contract Termination Fees
LiabilitiesSubjectToCompromiseEarlyContractTerminationFees
35000000

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