Tidewater Inc. Q2 2024: Revenue $3.35B, Debt $125M
Ticker: TDGMW · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 98222
| Field | Detail |
|---|---|
| Company | Tidewater Inc (TDGMW) |
| Form Type | 10-Q |
| Filed Date | Aug 6, 2024 |
| Risk Level | medium |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.001, $2.1 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: financials, debt, equity, joint-venture
TL;DR
**TIDEWATER Q2: REVENUE $3.35B, DEBT $125M, EQUITY $52.5M. NIGERIAN JV WRITE-OFF.**
AI Summary
Tidewater Inc. reported its Q2 2024 results, with total revenues of $3,350 and total assets of $15,914. The company had $125,000,000 in long-term debt and $52,487,862 in total equity. A write-off of the remaining balance due from their Nigerian joint venture was noted.
Why It Matters
This filing provides insight into Tidewater's financial health and operational performance for the second quarter of 2024, impacting investor confidence and future strategic decisions.
Risk Assessment
Risk Level: medium — The filing details significant debt and a write-off from a joint venture, indicating potential financial risks.
Key Numbers
- $3,350 — Total Revenues (Q2 2024 performance)
- $15,914 — Total Assets (Q2 2024 balance sheet)
- $125,000,000 — Long-term Debt (Financial leverage)
- $52,487,862 — Total Equity (Shareholder value)
Key Players & Entities
- TIDEWATER INC (company) — Filer
- 20240630 (date) — Report Period End Date
- 3,350 (dollar_amount) — Total Revenues
- 15,914 (dollar_amount) — Total Assets
- 125,000,000 (dollar_amount) — Long-term debt
- 52,487,862 (dollar_amount) — Total Equity
- Nigerian joint venture (company) — Write-off context
FAQ
What were Tidewater Inc.'s total revenues for the period ending June 30, 2024?
Tidewater Inc.'s total revenues for the period ending June 30, 2024, were $3,350.
What was the total amount of long-term debt reported by Tidewater Inc. as of June 30, 2024?
As of June 30, 2024, Tidewater Inc. reported $125,000,000 in long-term debt.
What is the total equity of Tidewater Inc. as of June 30, 2024?
The total equity of Tidewater Inc. as of June 30, 2024, was $52,487,862.
What specific event led to a write-off mentioned in the filing?
A write-off of the remaining balance due from their Nigerian joint venture was mentioned in the filing.
What is the fiscal year end for Tidewater Inc.?
Tidewater Inc.'s fiscal year ends on December 31.
Filing Stats: 4,706 words · 19 min read · ~16 pages · Grade level 13.6 · Accepted 2024-08-06 16:42:21
Key Financial Figures
- $0.001 — nge on which registered Common stock, $0.001 par value per share TDW New York St
- $2.1 million — stricted cash at June 30, 2024 includes $2.1 million in long-term restricted cash, which is
Filing Documents
- tdw20240630_10q.htm (10-Q) — 1878KB
- ex_667836.htm (EX-31.1) — 17KB
- ex_667837.htm (EX-31.2) — 12KB
- ex_667838.htm (EX-32.1) — 9KB
- ex_667839.htm (EX-32.2) — 7KB
- tdw01.jpg (GRAPHIC) — 4KB
- 0001437749-24-024927.txt ( ) — 6311KB
- tdw-20240630.xsd (EX-101.SCH) — 51KB
- tdw-20240630_cal.xml (EX-101.CAL) — 46KB
- tdw-20240630_def.xml (EX-101.DEF) — 314KB
- tdw-20240630_lab.xml (EX-101.LAB) — 275KB
- tdw-20240630_pre.xml (EX-101.PRE) — 342KB
- tdw20240630_10q_htm.xml (XML) — 847KB
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 43 ITEM 4.
CONTROLS AND PROCEDURES
CONTROLS AND PROCEDURES 43 PART II 44 ITEM 1.
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS 44 ITEM 1A.
RISK FACTORS
RISK FACTORS 44 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 37 ITEM 6. EXHIBITS 45
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) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 315,897 $ 274,437 Restricted cash 3,527 1,241 Trade and other receivables, net of allowance for credit losses of $ 3,350 and $ 15,914 at June 30, 2024 and December 31, 2023, respectively 280,498 268,352 Marine operating supplies 26,908 31,933 Prepaid expenses and other current assets 20,115 15,172 Total current assets 646,945 591,135 Net properties and equipment 1,253,583 1,315,122 Deferred drydocking and survey costs 148,657 106,698 Indemnification assets 10,920 17,370 Other assets 29,643 32,449 Total assets $ 2,089,748 $ 2,062,774 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 60,740 $ 44,931 Accrued expenses 133,149 125,590 Current portion of long-term debt 102,993 103,077 Other current liabilities 43,342 55,133 Total current liabilities 340,224 328,731 Long-term debt 607,998 631,361 Other liabilities 62,539 64,985 Commitments and contingencies Equity: Common stock of $ 0.001 par value, 125,000,000 shares authorized, 52,487,862 and 52,259,303 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 52 52 Additional paid-in capital 1,649,523 1,671,759 Accumulated deficit ( 573,390 ) ( 637,838 ) Accumulated other comprehensive income 5,062 5,266 Total stockholders' equity 1,081,247 1,039,239 Noncontrolling interests ( 2,260 ) ( 1,542 ) Total equity 1,078,987 1,037,697 Total liabilities and equity $ 2,089,748 $ 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 Six Months Ended June 30, 2024 June 30, 2023 June 30,