Tidewater Inc. Reports Q1 2024 Results

TL;DR

<b>Tidewater Inc. reported Q1 2024 revenue of $3.69 million and net income of $15.91 million.</b>

AI Summary

TIDEWATER INC (TDGMW) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Tidewater Inc. reported revenue of $3,687,000 for the first quarter of 2024. The company's net income for the period was $15,914,000. Earnings per share (EPS) stood at $0.001 for Q1 2024. Total assets were $125,000,000 as of March 31, 2024. Total debt amounted to $52,759,223 as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking TIDEWATER INC, this filing contains several important signals. The filing provides detailed financial statements for the quarter ended March 31, 2024, offering insight into the company's operational and financial performance. Specific figures on revenue, net income, assets, and debt allow investors to assess Tidewater's financial health and compare it against previous periods and industry benchmarks.

Risk Assessment

Risk Level: low — TIDEWATER INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine financial disclosure.

Analyst Insight

Review the detailed financial statements and segment information to understand revenue drivers and cost structures for Q1 2024.

Financial Highlights

debt To Equity

52,259,303

revenue

3,687,000

total Assets

125,000,000

total Debt

52,759,223

net Income

15,914,000

eps

0.001

Revenue Breakdown

Key Numbers

• 3,687,000 — Revenue (Q1 2024)
• 15,914,000 — Net Income (Q1 2024)
• 0.001 — EPS (Q1 2024)
• 125,000,000 — Total Assets (As of March 31, 2024)
• 52,759,223 — Total Debt (As of March 31, 2024)
• 52,259,303 — Debt/Equity Ratio (As of March 31, 2024)
• 2,300 — Shares Outstanding (As of March 31, 2024)
• 0.001 — EPS (Q1 2023)

Key Players & Entities

• TIDEWATER INC (company) — Filer
• 2024-03-31 (date) — Period of report
• 2024-05-02 (date) — Filed as of date
• 842 WEST SAM HOUSTON PARKWAY NORTH (address) — Business address
• HOUSTON (location) — Business address city
• DE (location) — State of incorporation
• 1231 (date) — Fiscal year end
• Swire Pacific Offshore Holdings Ltd (company) — Related entity

FAQ

Risk Factors

• Write-off of Nigerian Joint Venture Balance [medium — financial]: The company recorded a write-off of the remaining balance due from its Nigerian joint venture, impacting financial results.

Key Financial Figures

• $0.001 — nge on which registered Common stock, $0.001 par value per share TDW New York St
• $2.3 million — tricted cash at March 31, 2024 includes $2.3 million in long-term restricted cash, which is

Filing Documents

• tdw20240331_10q.htm (10-Q) — 1222KB
• ex_633451.htm (EX-31.1) — 17KB
• ex_633452.htm (EX-31.2) — 12KB
• ex_633453.htm (EX-32.1) — 9KB
• ex_633454.htm (EX-32.2) — 7KB
• tdw.jpg (GRAPHIC) — 2KB
• 0001437749-24-014386.txt (&nbsp;) — 5224KB
• tdw-20240331.xsd (EX-101.SCH) — 51KB
• tdw-20240331_cal.xml (EX-101.CAL) — 45KB
• tdw-20240331_def.xml (EX-101.DEF) — 312KB
• tdw-20240331_lab.xml (EX-101.LAB) — 265KB
• tdw-20240331_pre.xml (EX-101.PRE) — 336KB
• tdw20240331_10q_htm.xml (XML) — 637KB

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 2 CONDENSED CONSOLIDATED BALANCE SHEETS 2 CONDENSED CONSOLIDATED INCOME STATEMENTS 3 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 4 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 5 CONDENSED CONSOLIDATED STATEMENTS OF EQUITY 7 Notes to the Condensed Consolidated Financial Statements 8 ITEM 2. MANAGEMENT' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 21 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 36 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 36 PART II 37 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 37 ITEM 1A.

RISK FACTORS

RISK FACTORS 37 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 37 ITEM 6. EXHIBITS 38

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In Thousands, except share and par value data) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 280,853 $ 274,437 Restricted cash 6,474 1,241 Trade and other receivables, net of allowance for credit losses of $ 3,687 and $ 15,914 at March 31, 2024 and December 31, 2023, respectively 285,968 268,352 Marine operating supplies 24,767 31,933 Prepaid expenses and other current assets 17,447 15,172 Total current assets 615,509 591,135 Net properties and equipment 1,286,618 1,315,122 Deferred drydocking and survey costs 128,639 106,698 Indemnification assets 16,642 17,370 Other assets 30,408 32,449 Total assets $ 2,077,816 $ 2,062,774 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 51,774 $ 44,931 Accrued expenses 132,190 125,590 Current portion of long-term debt 103,009 103,077 Other current liabilities 52,164 55,133 Total current liabilities 339,137 328,731 Long-term debt 620,329 631,361 Other liabilities 63,197 64,985 Commitments and contingencies Equity: Common stock of $ 0.001 par value, 125,000,000 shares authorized, 52,759,223 and 52,259,303 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 53 52 Additional paid-in capital 1,646,061 1,671,759 Accumulated deficit ( 594,347 ) ( 637,838 ) Accumulated other comprehensive income 5,209 5,266 Total stockholders' equity 1,056,976 1,039,239 Noncontrolling interests ( 1,823 ) ( 1,542 ) Total equity 1,055,153 1,037,697 Total liabilities and equity $ 2,077,816 $ 2,062,774 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 2 TIDEWATER INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) (In Thousands, except per share data) Three Months Ended March 31, 2024 March 31, 2023 Revenues: Vessel reve

View Full Filing

View this 10-Q filing on SEC EDGAR