Tidewater Inc. Q3 2024: $125M Notes Due 2026, $5M Interest Set Aside

TL;DR

**TIDEWATER INC (TDW): Q3 2024 - $125M notes due '26, $5M cash set for interest. Fair value of term loan dropped to $231.1M from $313.7M.**

AI Summary

Tidewater Inc. reported its Q3 2024 results, with total assets of $3,086 million and total liabilities of $15,914 million. The company has $125 million in senior secured notes due November 2026. Approximately $5.0 million of restricted cash is set aside for the next semiannual interest payment on these notes.

Why It Matters

This filing provides insight into Tidewater's financial health and its ability to meet its debt obligations, particularly concerning its senior secured notes.

Risk Assessment

Risk Level: medium — The company has significant debt obligations, including $125 million in senior secured notes, and the fair value of its term loan has decreased, indicating potential financial risk.

Key Numbers

• $3,086 million — Total Assets (As of Q3 2024)
• $15,914 million — Total Liabilities (As of Q3 2024)
• $125,000,000 — Senior Secured Notes (Due November 2026)
• $5.0 million — Restricted Cash (For next semiannual interest payment)
• $231.1 million — Fair Value of Senior Secured Term Loan (As of September 30, 2024)

Key Players & Entities

• TIDEWATER INC (company) — Filer
• 8.50% Senior Secured Notes (dollar_amount) — Debt Instrument
• $5.0 million (dollar_amount) — Restricted Cash for Interest Payment
• November 2026 (date) — Maturity Date of Senior Secured Notes
• $231.1 million (dollar_amount) — Fair Value of Senior Secured Term Loan (Sept 30, 2024)
• $313.7 million (dollar_amount) — Fair Value of Senior Secured Term Loan (Dec 31, 2023)

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common stock, $0.001 par value per share TDW New York St
• $2.1 million — ted cash at September 30, 2024 includes $2.1 million in long-term restricted cash, which is

Filing Documents

• tdw20240930_10q.htm (10-Q) — 1926KB
• ex_710546.htm (EX-31.1) — 17KB
• ex_710547.htm (EX-31.2) — 12KB
• ex_710548.htm (EX-32.1) — 9KB
• ex_710549.htm (EX-32.2) — 7KB
• tdw01.jpg (GRAPHIC) — 4KB
• 0001437749-24-033961.txt ( ) — 6424KB
• tdw-20240930.xsd (EX-101.SCH) — 52KB
• tdw-20240930_cal.xml (EX-101.CAL) — 47KB
• tdw-20240930_def.xml (EX-101.DEF) — 316KB
• tdw-20240930_lab.xml (EX-101.LAB) — 279KB
• tdw-20240930_pre.xml (EX-101.PRE) — 344KB
• tdw20240930_10q_htm.xml (XML) — 869KB

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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 280,840 $ 274,437 Restricted cash 7,259 1,241 Trade and other receivables, net of allowance for credit losses of $ 3,086 and $ 15,914 at September 30, 2024 and December 31, 2023, respectively 293,085 268,352 Marine operating supplies 26,670 31,933 Prepaid expenses and other current assets 18,117 15,172 Total current assets 625,971 591,135 Net properties and equipment 1,220,056 1,315,122 Deferred drydocking and survey costs 160,944 106,698 Indemnification assets 12,216 17,370 Other assets 27,944 32,449 Total assets $ 2,047,131 $ 2,062,774 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 64,058 $ 44,931 Accrued expenses 117,878 125,590 Current portion of long-term debt 53,105 103,077 Other current liabilities 38,532 55,133 Total current liabilities 273,573 328,731 Long-term debt 597,352 631,361 Other liabilities 62,366 64,985 Commitments and contingencies Equity: Common stock of $ 0.001 par value, 125,000,000 shares authorized, 52,322,461 and 52,259,303 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 52 52 Additional paid-in capital 1,653,027 1,671,759 Accumulated deficit ( 541,191 ) ( 637,838 ) Accumulated other comprehensive income 4,592 5,266 Total stockholders' equity 1,116,480 1,039,239 Noncontrolling interests ( 2,640 ) ( 1,542 ) Total equity 1,113,840 1,037,697 Total liabilities and equity $ 2,047,131 $ 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 Nine Months Ended September 30, 2024 Sept

View Full Filing

View this 10-Q filing on SEC EDGAR