$TDW
TIDEWATER INC

2020 Q2 Form 10-Q Financial Statement

#000156459020034786 Filed on July 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $102.3M $125.9M
YoY Change -18.68% 19.18%
Cost Of Revenue $64.90M $81.00M
YoY Change -19.88% 17.9%
Gross Profit $568.0K $8.321M
YoY Change -93.17% 8.81%
Gross Profit Margin 0.55% 6.61%
Selling, General & Admin $17.30M $23.70M
YoY Change -27.0% -2.87%
% of Gross Profit 3045.77% 284.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.00M $19.60M
YoY Change -13.27% 75.0%
% of Gross Profit 2992.96% 235.55%
Operating Expenses $45.50M $48.80M
YoY Change -6.76% 31.54%
Operating Profit -$117.7M -$4.394M
YoY Change 2579.68% 3038.57%
Interest Expense $696.0K $1.859M
YoY Change -62.56% -75.37%
% of Operating Profit
Other Income/Expense, Net $9.811M -$5.617M
YoY Change -274.67% 7.09%
Pretax Income -$107.9M -$10.01M
YoY Change 978.15% 85.91%
Income Tax $2.730M $5.542M
% Of Pretax Income
Net Earnings -$110.6M -$15.96M
YoY Change 593.17% 45.88%
Net Earnings / Revenue -108.09% -12.68%
Basic Earnings Per Share -$2.74 -$0.42
Diluted Earnings Per Share -$2.74 -$0.42
COMMON SHARES
Basic Shares Outstanding 40.31M 37.57M
Diluted Shares Outstanding 40.31M 37.57M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $203.1M $369.5M
YoY Change -45.03% -19.55%
Cash & Equivalents $226.3M $369.5M
Short-Term Investments
Other Short-Term Assets $69.30M $14.46M
YoY Change 379.25% 41.58%
Inventory $20.60M $29.10M
Prepaid Expenses
Receivables $115.0M $121.2M
Other Receivables $65.80M $121.9M
Total Short-Term Assets $473.8M $669.9M
YoY Change -29.27% -15.98%
LONG-TERM ASSETS
Property, Plant & Equipment $839.9M $1.041B
YoY Change -19.32% 29.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $658.0K
YoY Change -50.71%
Other Assets $102.0M $39.65M
YoY Change 157.24% -3.76%
Total Long-Term Assets $941.9M $1.122B
YoY Change -16.08% 32.64%
TOTAL ASSETS
Total Short-Term Assets $473.8M $669.9M
Total Long-Term Assets $941.9M $1.122B
Total Assets $1.416B $1.792B
YoY Change -21.01% 9.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.10M $24.17M
YoY Change -29.25% -21.01%
Accrued Expenses $60.99M $56.68M
YoY Change 7.62% 8.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.437M $10.00M
YoY Change -5.65% 58.76%
Total Short-Term Liabilities $162.2M $154.3M
YoY Change 5.09% -8.72%
LONG-TERM LIABILITIES
Long-Term Debt $273.2M $424.9M
YoY Change -35.7% -3.11%
Other Long-Term Liabilities $90.30M $97.47M
YoY Change -7.36% 61.64%
Total Long-Term Liabilities $363.5M $522.4M
YoY Change -30.41% 19.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $162.2M $154.3M
Total Long-Term Liabilities $363.5M $522.4M
Total Liabilities $527.2M $676.7M
YoY Change -22.1% 1.11%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $888.5M $1.114B
YoY Change
Total Liabilities & Shareholders Equity $1.416B $1.792B
YoY Change -21.01% 9.05%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$110.6M -$15.96M
YoY Change 593.17% 45.88%
Depreciation, Depletion And Amortization $17.00M $19.60M
YoY Change -13.27% 75.0%
Cash From Operating Activities $14.70M -$17.50M
YoY Change -184.0% -176.09%
INVESTING ACTIVITIES
Capital Expenditures -$1.700M -$5.800M
YoY Change -70.69% 41.46%
Acquisitions
YoY Change
Other Investing Activities $11.40M $10.90M
YoY Change 4.59% 211.43%
Cash From Investing Activities $9.800M $5.200M
YoY Change 88.46% -966.67%
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 -2.500M
YoY Change -8.0% -21.88%
NET CHANGE
Cash From Operating Activities 14.70M -17.50M
Cash From Investing Activities 9.800M 5.200M
Cash From Financing Activities -2.300M -2.500M
Net Change In Cash 22.20M -14.80M
YoY Change -250.0% -177.08%
FREE CASH FLOW
Cash From Operating Activities $14.70M -$17.50M
Capital Expenditures -$1.700M -$5.800M
Free Cash Flow $16.40M -$11.70M
YoY Change -240.17% -143.17%

Facts In Submission

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<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:4.54%;white-space:nowrap" valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(2)</span></p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><span style="font-family:Arial;">RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED</span></p></td></tr></table></div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;letter-spacing:-0.1pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying and amending existing guidance to simplify the accounting for income taxes.  The guidance is effective for annual and interim periods beginning after December 15, 2020 with early adoption permitted.  We are currently evaluating the effect the standard may have in our consolidated financial statements.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2018 the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General, which modifies the disclosure requirements for employers that sponsor defined benefit plans or other postretirement plans. This ASU removes certain disclosures that no longer are considered cost beneficial, clarifies the specific requirements of certain other disclosures, and adds disclosure requirements identified as relevant.  The guidance is effective for annual and interim periods beginning after December 15, 2020 with early adoption permitted.  We are currently evaluating the effect the standard may have on our consolidated financial statement disclosures.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p>
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CommonStockSharesAndClassOfWarrantsOrRightsOutstanding
42738204
CY2019Q2 tdw Common Stock Shares And Class Of Warrants Or Rights Outstanding
CommonStockSharesAndClassOfWarrantsOrRightsOutstanding
41842242
CY2020Q2 tdw Rights Expiration Description
RightsExpirationDescription
The rights will expire on the earliest of (i) the close of business on April 13, 2023, (ii) the time at which the rights are redeemed or exchanged, or (iii) the time at which the Board determines that the Tax Attributes are fully utilized, expired, no longer necessary or become limited under Section 382
CY2019Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
101300000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
103500000
CY2020Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
105700000
CY2020Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
6900000
CY2020Q2 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
65766000
CY2019Q4 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
125972000
CY2020Q2 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
48803000
CY2019Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
50186000
CY2020Q2 us-gaap Related Party Transaction Due From To Related Party Current
RelatedPartyTransactionDueFromToRelatedPartyCurrent
16963000
CY2019Q4 us-gaap Related Party Transaction Due From To Related Party Current
RelatedPartyTransactionDueFromToRelatedPartyCurrent
75786000
CY2020Q2 us-gaap Proceeds From Dividends Received
ProceedsFromDividendsReceived
17100000
tdw Percentage Of Net Proceeds From Asset Dispositions
PercentageOfNetProceedsFromAssetDispositions
0.65
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
290019000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
297659000
CY2020Q2 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-7367000
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-8725000
CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
9437000
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
9890000
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
273215000
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
279044000
CY2020Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
19900000
tdw Short Term Deposits Maximum Maturity Period
ShortTermDepositsMaximumMaturityPeriod
P90D
CY2020Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
226300000
CY2019Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
227600000
CY2020Q2 tdw Number Of Vessels
NumberOfVessels
146
tdw Number Of Vessels Held For Sale
NumberOfVesselsHeldForSale
46
CY2020Q2 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
969360000
CY2019Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
1051558000
CY2020Q2 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
16234000
CY2019Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
13119000
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
985594000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1064677000
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
145682000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
125716000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
839912000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
938961000
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
16229000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
16351000
CY2020Q2 tdw Accrued Vessel Expenses
AccruedVesselExpenses
22462000
CY2019Q4 tdw Accrued Vessel Expenses
AccruedVesselExpenses
38383000
CY2020Q2 us-gaap Interest Payable Current
InterestPayableCurrent
4485000
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
4570000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
17817000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
14696000
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
60993000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
74000000
CY2020Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
19498000
CY2019Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
18661000
CY2020Q2 tdw Other Liabilities Current Other
OtherLiabilitiesCurrentOther
6317000
CY2019Q4 tdw Other Liabilities Current Other
OtherLiabilitiesCurrentOther
5439000
CY2020Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
25815000
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
24100000
CY2020Q2 tdw Pension Plan Liabilities Noncurrent
PensionPlanLiabilitiesNoncurrent
30688000
CY2019Q4 tdw Pension Plan Liabilities Noncurrent
PensionPlanLiabilitiesNoncurrent
32545000
CY2020Q2 tdw Liability For Uncertain Tax Positions Noncurrent Of Consolidated Entities
LiabilityForUncertainTaxPositionsNoncurrentOfConsolidatedEntities
44377000
CY2019Q4 tdw Liability For Uncertain Tax Positions Noncurrent Of Consolidated Entities
LiabilityForUncertainTaxPositionsNoncurrentOfConsolidatedEntities
48577000
CY2020Q2 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
2791000
CY2019Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
2571000
CY2020Q2 tdw Other Liabilities Credits Noncurrent
OtherLiabilitiesCreditsNoncurrent
12445000
CY2019Q4 tdw Other Liabilities Credits Noncurrent
OtherLiabilitiesCreditsNoncurrent
14704000
CY2020Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
90301000
CY2019Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
98397000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
102344000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
125859000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
218712000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
248008000
CY2020Q2 us-gaap Gross Profit
GrossProfit
568000
CY2019Q2 us-gaap Gross Profit
GrossProfit
8321000
us-gaap Gross Profit
GrossProfit
-3047000
us-gaap Gross Profit
GrossProfit
12632000
CY2020Q2 tdw Corporate Expenses
CorporateExpenses
8910000
CY2019Q2 tdw Corporate Expenses
CorporateExpenses
12221000
tdw Corporate Expenses
CorporateExpenses
18952000
tdw Corporate Expenses
CorporateExpenses
27422000
CY2020Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
55482000
CY2019Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
494000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
65689000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
-776000
CY2020Q2 us-gaap Contract With Customer Asset Credit Loss Expense
ContractWithCustomerAssetCreditLossExpense
53581000
us-gaap Contract With Customer Asset Credit Loss Expense
ContractWithCustomerAssetCreditLossExpense
53581000
CY2020Q2 tdw Affiliate Guarantee Obligation
AffiliateGuaranteeObligation
2000000
tdw Affiliate Guarantee Obligation
AffiliateGuaranteeObligation
2000000
CY2020Q2 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
1660000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
6991000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-117745000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4394000
us-gaap Operating Income Loss
OperatingIncomeLoss
-136278000
us-gaap Operating Income Loss
OperatingIncomeLoss
-14014000
CY2020Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
28144000
CY2019Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
25038000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
55251000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
47970000
CY2020Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
1626000
CY2019Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
5757000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
4075000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
8873000
CY2020Q2 us-gaap Assets
Assets
1415675000
CY2019Q4 us-gaap Assets
Assets
1579528000
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
4381000
us-gaap Restructuring Charges
RestructuringCharges
385000
us-gaap Payments For Restructuring
PaymentsForRestructuring
875000
CY2020Q2 us-gaap Restructuring Reserve
RestructuringReserve
3891000
CY2018Q4 us-gaap Restructuring Reserve
RestructuringReserve
6753000
us-gaap Restructuring Charges
RestructuringCharges
3945000
us-gaap Payments For Restructuring
PaymentsForRestructuring
5342000
CY2019Q2 us-gaap Restructuring Reserve
RestructuringReserve
5356000
CY2019Q4 tdw Number Of Vessels Beginning Balance
NumberOfVesselsBeginningBalance
46
CY2019Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
39287000
CY2020Q1 tdw Number Of Vessels Beginning Balance
NumberOfVesselsBeginningBalance
38
CY2020Q1 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
26142000
CY2019Q4 tdw Number Of Vessels Beginning Balance
NumberOfVesselsBeginningBalance
46
CY2019Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
39287000
CY2020Q2 tdw Additions To Number Of Vessels
AdditionsToNumberOfVessels
22
CY2020Q2 tdw Assets Held For Sale Not Part Of Disposal Group Current Additions
AssetsHeldForSaleNotPartOfDisposalGroupCurrentAdditions
15930000
tdw Additions To Number Of Vessels
AdditionsToNumberOfVessels
22
tdw Assets Held For Sale Not Part Of Disposal Group Current Additions
AssetsHeldForSaleNotPartOfDisposalGroupCurrentAdditions
15930000
CY2020Q1 tdw Number Of Vessels Sold
NumberOfVesselsSold
8
CY2020Q1 tdw Assets Held For Sale Not Part Of Disposal Group Current Sales
AssetsHeldForSaleNotPartOfDisposalGroupCurrentSales
2938000
CY2020Q2 tdw Number Of Vessels Sold
NumberOfVesselsSold
14
CY2020Q2 tdw Assets Held For Sale Not Part Of Disposal Group Current Sales
AssetsHeldForSaleNotPartOfDisposalGroupCurrentSales
7407000
tdw Number Of Vessels Sold
NumberOfVesselsSold
22
tdw Assets Held For Sale Not Part Of Disposal Group Current Sales
AssetsHeldForSaleNotPartOfDisposalGroupCurrentSales
10345000
CY2020Q1 tdw Assets Held For Sale Not Part Of Disposal Group Current Additional Impairment
AssetsHeldForSaleNotPartOfDisposalGroupCurrentAdditionalImpairment
10207000
CY2020Q2 tdw Assets Held For Sale Not Part Of Disposal Group Current Additional Impairment
AssetsHeldForSaleNotPartOfDisposalGroupCurrentAdditionalImpairment
5601000
tdw Assets Held For Sale Not Part Of Disposal Group Current Additional Impairment
AssetsHeldForSaleNotPartOfDisposalGroupCurrentAdditionalImpairment
15808000
CY2020Q1 tdw Number Of Vessels Ending Balance
NumberOfVesselsEndingBalance
38
CY2020Q1 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
26142000
CY2020Q2 tdw Number Of Vessels Ending Balance
NumberOfVesselsEndingBalance
46
CY2020Q2 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
29064000
CY2020Q2 tdw Number Of Vessels Ending Balance
NumberOfVesselsEndingBalance
46
CY2020Q2 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
29064000
tdw Percentage Reduction In The Value Of Vessels Due To The Effetcs Of Completing Quick Sale
PercentageReductionInTheValueOfVesselsDueToTheEffetcsOfCompletingQuickSale
0.10

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