Tidewater Reports Results for the Three and Twelve Months Ending December 31, 2020

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Tidewater Reports Results for the Three and Twelve Months Ending December 31, 2020

03/04/2021

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ending December 31, 2020, of $91.9 million and $397.0 million, respectively compared with $118.8 million and $486.5 million, respectively, for the three and twelve months ending December 31, 2019. Tidewater's net losses for the three and twelve months ending December 31, 2020, were $29.2 million ($0.72 per share) and $196.2 million ($4.86 per share), respectively, compared with $59.9 million ($1.52 per share) and $141.7 million ($3.71 per share), respectively, for the three and twelve months ending December 31, 2019. Included in the net losses for the three and twelve months ending December 31, 2020 were impairment charges related to assets held for sale, affiliate credit losses, affiliate guaranteed obligation, inventory obsolescence and general and administrative severance expenses totaling $6.2 million and $130.6 million, respectively. Excluding these costs, we would have reported a net loss for the three months ending December 31, 2020 of $23.1 million ($0.57 per common share) and a net loss for the twelve months ending December 31, 2020 of $65.6 million ($1.63 per common share). Excluding long-lived asset impairments and one-time expenses, net losses for the three and twelve months ending December 31, 2019 were $25.2 million (or $0.64 per common share) and $91.4 million (or $2.39) per common share), respectively.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “I am pleased to report that we again generated free cash flow in the latest quarter and that we generated $52.7 million of free cash flow for the calendar year. Achieving these results during a considerably challenging year was due to the ability of our offshore and onshore team to quickly and skillfully adjust to the changing market.

“The offshore supply vessel market continues to evolve, and the ability of Tidewater to continue to transform itself is key to delivering top value to our shareholders. In addition to adapting to the market changes mentioned previously, Tidewater’s digital transformation has been underway since the 2018 merger. We were featured in a press release by global satellite provider Inmarsat last month regarding the completion of our high bandwidth vessel connectivity. This connectivity allows us to expand our in-house suite of tablet-based applications directly to the vessel, which will enable us to provide comprehensive real-time vessel system monitoring as well as administrative efficiencies.

“The other transformation we are embracing is how our business contributes to a lower carbon future. Shipping is a hard to abate industry, and although the hydrocarbon fuels utilized by our working vessels are provided by our customers, our ability to contribute to a lower carbon future by working with our customers to reduce carbon emissions through operational efficiencies enabled by the utilization of the technology platform referenced previously, and by working with our customers on the adoption of currently available hybrid battery and other environmentally friendly technologies are two pathways to contributing immediately to the environment.

“While we remained focused on capital expenditure and working capital management, we continued our commitment to improving the operational and environmental efficiency of our fleet through investments this past quarter in communications, hybrid battery technologies and strategic vessel acquisitions. A key element of our strategy going forward is the reduction of emissions through technology and operational efficiency. Our vessels operating with hybrid technology throughout 2020 achieved baseline emissions reductions as high as 18%. In addition, approximately 10% of our vessels were engaged in renewable energy activities during the year.

“Our fleet development program includes the sale or recycling of vessels that are deemed uneconomic or that do not meet our future strategic goals, and the acquisition of high-specification tonnage that meets our carbon reduction and financial return objectives. In 2020, we completed the disposal of 56 vessels and other assets for total proceeds of $38.3 million, and we acquired 11 modern crew boats that are more fuel efficient than our current fleet for $5.3 million.

“During the year, we reduced outstanding debt by $96.2 million and decreased our net debt position by $23.8 million. We ended the year with $155.2 million of cash on hand.

“I want to extend my gratitude to the many dedicated women and men across Tidewater who are responsible for the company’s notable performance in such a challenging year. Through their commitment and talent I am confident that we will continue to transform Tidewater, and that we will leverage opportunities for growth as the renewable energy market evolves and the hydrocarbon energy market normalizes.”

In addition to the number of outstanding shares, as of December 31, 2020, the company also has the following in the money warrants.

Common shares outstanding			40,704,984
New Creditor Warrants (strike price $0.001 per common share)			657,203
GulfMark Creditor Warrants (strike price $0.01 per common share)			815,575
Total			42,177,762

Tidewater will hold a conference call to discuss results for the three and twelve-month periods ending December 31, 2020 on March 5, 2021, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1-888-771-4371 if calling from the U.S. or Canada (+1-847-585-4405 if calling from outside the U.S.) and asking for the “Tidewater” call just prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com

A replay of the conference call will be available beginning at 10:30 a.m. Central Time on March 5, 2021 and will continue until 11:59 p.m. Central Time on April 5, 2021. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involves numerous risks and uncertainties that may cause the company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with more than 60 years of experience supporting offshore energy exploration and production activities worldwide.

Note: All per-share amounts are stated on a diluted basis.

Financial information is displayed beginning on the next page.


TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)

	Three Months Ended						Twelve Months Ended
	December 31,			December 31,			December 31,			December 31,
	2020			2019			2020			2019
Revenues:
Vessel revenues	$	87,830			116,539			386,174			477,015
Other operating revenues		4,029			2,237			10,864			9,534
Total revenues		91,859			118,776			397,038			486,549
Costs and expenses:
Vessel operating costs		63,397			85,935			268,780			329,196
Costs of other operating revenues		342			916			3,405			2,800
General and administrative		16,992			22,406			73,447			103,716
Depreciation and amortization		30,681			28,226			116,709			101,931
Long-lived asset impairments and other		6,475			32,549			74,109			37,773
Affiliate credit loss impairment expense		(600	)		—			52,981			—
Affiliate guarantee obligation		—			—			2,000			—
Gain on asset dispositions, net		(80	)		(1,217	)		(7,591	)		(2,263	)
		117,207			168,815			583,840			573,153
Operating loss		(25,348	)		(50,039	)		(186,802	)		(86,604	)
Other income (expense):
Foreign exchange loss		(2,880	)		(945	)		(5,245	)		(1,269	)
Equity in net losses of unconsolidated companies		164			(2,717	)		164			(3,152	)
Dividend income from unconsolidated companies		—			—			17,150			—
Interest income and other, net		144			690			1,228			6,598
Interest and other debt costs, net		(5,984	)		(6,282	)		(24,156	)		(29,068	)
Total other expense		(8,556	)		(9,254	)		(10,859	)		(26,891	)
Loss before income taxes		(33,904	)		(59,293	)		(197,661	)		(113,495	)
Income tax (benefit) expense		(4,477	)		1,281			(965	)		27,724
Net loss	$	(29,427	)		(60,574	)		(196,696	)		(141,219	)
Less: Net income (loss) attributable to noncontrolling interests		(180	)		(721	)		(454	)		524
Net loss attributable to Tidewater Inc.	$	(29,247	)		(59,853	)		(196,242	)		(141,743	)
Basic loss per common share		(0.72	)		(1.52	)		(4.86	)		(3.71	)
Diluted loss per common share		(0.72	)		(1.52	)		(4.86	)		(3.71	)
Weighted average common shares outstanding		40,604			39,504			40,355			38,205
Dilutive effect of stock options and restricted stock		—			—			—			—
Adjusted weighted average common shares		40,604			39,504			40,355			38,205


TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and par value data)

	December 31,			December 31,
ASSETS	2020			2019
Current assets:
Cash and cash equivalents	$	149,933			218,290
Restricted cash		2,079			5,755
Trade and other receivables, less allowance for credit losses of $1,516 as of December 31, 2020 and less allowance for doubtful accounts of $70 as of December 31, 2019		112,623			110,180
Due from affiliate, less allowance for credit losses of $71,800 as of December 31, 2020 and less due from affiliate allowance of $20,083 as of December 31, 2019		62,050			125,972
Marine operating supplies		15,876			21,856
Assets held for sale		34,396			39,287
Prepaid expenses and other current assets		11,692			15,956
Total current assets		388,649			537,296
Net properties and equipment		780,318			938,961
Deferred drydocking and survey costs		56,468			66,936
Other assets		25,742			36,335
Total assets	$	1,251,177			1,579,528

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	16,981			27,501
Accrued costs and expenses		52,422			74,000
Due to affiliates		53,194			50,186
Current portion of long-term debt		27,797			9,890
Other current liabilities		32,785			24,100
Total current liabilities		183,179			185,677
Long-term debt		164,934			279,044
Other liabilities and deferred credits		79,792			98,397

Commitments and contingencies

Equity:
Common stock		41			40
Additional paid-in-capital		1,371,809			1,367,521
Accumulated deficit		(548,931	)		(352,526	)
Accumulated other comprehensive loss		(804	)		(236	)
Total stockholder's equity		822,115			1,014,799
Noncontrolling interests		1,157			1,611
Total equity		823,272			1,016,410
Total liabilities and equity	$	1,251,177			1,579,528


TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands)

	Three Months Ended						Twelve Months Ended
	December 31,			December 31,			December 31,			December 31,
	2020			2019			2020			2019
Net loss	$	(29,427	)	$	(60,574	)	$	(196,696	)	$	(141,219	)
Other comprehensive income (loss):
Change in supplemental executive retirement plan pension liability, net of tax of $0, $0, $0 and $0, respectively		(2,011	)		(2,121	)		(2,309	)		(2,121	)
Change in pension plan minimum liability, net of tax of $0, $0, $0, and $0, respectively		101			(309	)		1,741			(309	)
Total comprehensive loss	$	(31,337	)	$	(63,004	)	$	(197,264	)	$	(143,649	)


TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

	Twelve Months			Twelve Months
	Ended			Ended
	December 31,			December 31,
	2020			2019
Operating activities:
Net loss	$	(196,696	)	$	(141,219	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		73,030			77,045
Amortization of deferred drydocking and survey costs		43,679			24,886
Amortization of debt premiums and discounts		3,961			(4,877	)
Provision for deferred income taxes		1,224			672
Gain on asset dispositions, net		(7,591	)		(2,263	)
Affiliate credit loss impairment expense		52,981			—
Affiliate guarantee obligation		2,000			—
Long-lived asset impairments and other		74,109			37,773
Changes in investments in unconsolidated companies		—			1,039
Stock-based compensation expense		5,117			19,603
Changes in operating assets and liabilities, net:
Trade and other receivables		(2,606	)		1,086
Changes in due to/from affiliate, net		11,949			22,193
Accounts payable		(10,520	)		(4,438	)
Accrued expenses		(17,551	)		8,189
Deferred drydocking and survey costs		(33,271	)		(70,437	)
Other, net		4,171			(675	)
Net cash provided by (used in) operating activities		3,986			(31,423	)
Cash flows from investing activities:
Proceeds from sales of assets		38,296			28,847
Additions to properties and equipment		(14,900	)		(17,998	)
Net cash provided by investing activities		23,396			10,849
Cash flows from financing activities:
Principal payments on long-term debt		(98,080	)		(133,693	)
Premium paid for redemption of secured notes		—			(11,402	)
Tax on share-based award		(828	)		(4,467	)
Other		(857	)		—
Net cash used in financing activities		(99,765	)		(149,562	)
Net change in cash, cash equivalents and restricted cash		(72,383	)		(170,136	)
Cash, cash equivalents and restricted cash at beginning of period		227,608			397,744
Cash, cash equivalents and restricted cash at end of period	$	155,225		$	227,608


Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	21,235	32,687
Income taxes		13,018	14,378

Note (A): Cash, cash equivalents and restricted cash at December 31, 2020 includes $3.2 million in long-term restricted cash.


TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In thousands)

									Accumulated
			Additional						other			Non
	Common		paid-in			Accumulated			comprehensive			controlling
	stock		capital			(deficit)			loss			interest			Total
Balance at December 31, 2018	$	37		1,352,388			(210,783	)		2,194			1,087			1,144,923
Total comprehensive income (loss)		—		—			(141,743	)		(2,430	)		524			(143,649	)
Issuance of common stock from exercise of warrants		3		(3	)		—			—			—			—
Amortization/cancellation of restricted stock units		—		15,136			—			—			—			15,136
Balance at December 31, 2019	$	40		1,367,521			(352,526	)		(236	)		1,611			1,016,410
Total comprehensive income (loss)		—		—			(196,242	)		(568	)		(454	)		(197,264	)
Adoption of credit loss accounting standard		—		—			(163	)		—			—			(163	)
Issuance of common stock from exercise of warrants		1		(1	)		—			—			—			—
Amortization of restricted stock units		—		4,289			—			—			—			4,289
Balance at December 31, 2020	$	41		1,371,809			(548,931	)		(804	)		1,157			823,272


The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:

	Three Months Ended										Twelve Months Ended
	December 31,					December 31,					December 31,					December 31,
	2020					2019					2020					2019
(In thousands)			%					%					%					%
Vessel revenues:
Americas	$	32,068		37	%	$	33,333		29	%	$	126,676		33	%	$	136,958		29	%
Middle East/Asia Pacific		25,042		29	%		26,651		23	%		97,133		25	%		90,321		19	%
Europe/Mediterranean		15,775		18	%		29,180		25	%		83,602		22	%		123,711		26	%
West Africa		14,945		17	%		27,375		23	%		78,763		20	%		126,025		26	%
Total vessel revenues	$	87,830		100	%	$	116,539		100	%	$	386,174		100	%	$	477,015		100	%
Vessel operating costs:
Crew costs	$	36,760		42	%	$	46,071		40	%	$	156,624		41	%	$	187,599		39	%
Repair and maintenance		8,027		9	%		15,181		13	%		31,213		8	%		47,761		10	%
Insurance		1,447		2	%		1,174		1	%		7,195		2	%		6,129		1	%
Fuel, lube and supplies		6,221		7	%		9,782		8	%		29,113		7	%		36,359		8	%
Other		10,942		12	%		13,726		12	%		44,635		12	%		51,348		11	%
Total vessel operating costs		63,397		72	%		85,935		74	%		268,780		70	%		329,196		69	%
Vessel operating margin (A)	$	24,433		28	%	$	30,604		26	%	$	117,394		30	%	$	147,819		31	%

Note (A): Vessel operating margin equals revenues less vessel operating costs and excludes general and administrative expenses and depreciation and amortization.


The company’s operating loss and other components of loss before income taxes and its related percentage of total revenues, were as follows:

	Three Months Ended												Twelve Months Ended
	December 31,						December 31,						December 31,						December 31,
	2020						2019						2020						2019
(In thousands)				%						%						%						%
Vessel operating profit (loss):
Americas	$	1,496			2	%	$	(2,507	)		(2	)%	$	4,944			1	%	$	(805	)		(0	)%
Middle East/Asia Pacific		(3,456	)		(4	)%		(1,946	)		(2	)%		(5,935	)		(1	)%		(6,044	)		(1	)%
Europe/Mediterranean		(4,543	)		(5	)%		(521	)		(0	)%		(8,629	)		(2	)%		(1,289	)		(0	)%
West Africa		(8,493	)		(9	)%		(3,593	)		(3	)%		(27,508	)		(7	)%		8,298			2	%
Other operating profit		3,686			4	%		1,353			1	%		7,458			2	%		6,734			1	%
		(11,310	)		(12	)%		(7,214	)		(6	)%		(29,670	)		(7	)%		6,894			1	%

Corporate expenses (A)		(8,243	)		(9	)%		(11,493	)		(10	)%		(35,633	)		(9	)%		(57,988	)		(12	)%
Gain on asset dispositions, net		80			0	%		1,217			1	%		7,591			2	%		2,263			0	%
Affiliate credit loss impairment expense		600			0	%		—			0	%		(52,981	)		(13	)%		—			0	%
Affiliate guarantee obligation		—			0	%		—			0	%		(2,000	)		(1	)%		—			0	%
Long-lived asset impairments and other		(6,475	)		(7	)%		(32,549	)		(27	)%		(74,109	)		(19	)%		(37,773	)		(8	)%
Operating loss	$	(25,348	)		(28	)%	$	(50,039	)		(42	)%	$	(186,802	)		(47	)%	$	(86,604	)		(18	)%

Note (A): General and administrative expenses for the three and twelve months ended December 31, 2020 include stock-based compensation of $1.2 million and $5.1 million, respectively. General and administrative expenses for the three and twelve months ended December 31, 2019 includes stock-based compensation of $3.0 million and $19.6 million, respectively. In addition, general and administrative costs for the three and twelve months ended December 31, 2020 include $0.3 million and $1.5 million, respectively, of severance and similar costs related to integrating Tidewater and GulfMark operations. General and administrative expenses for the three and twelve months ended December 31, 2019 include $2.1 million and $12.6 million, respectively, of severance and other costs related to integrating Tidewater and GulfMark operations.


TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA (Unaudited) (In thousands, except per share data)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2020			2020			2020			2020			2019
Revenues:
Vessel revenues	$	87,830			85,395			100,975			111,974			116,539
Other operating revenues		4,029			1,072			1,369			4,394			2,237
Total revenues		91,859			86,467			102,344			116,368			118,776
Costs and expenses:
Vessel operating costs		63,397			61,784			64,774			78,825			85,935
Costs of other operating revenue		342			219			171			2,673			916
General and administrative (A)		16,992			17,438			17,597			21,420			22,406
Depreciation and amortization		30,681			30,777			28,144			27,107			28,226
Long-lived asset impairments and other		6,475			1,945			55,482			10,207			32,549
Affiliate credit loss impairment expense		(600	)		—			53,581			—			—
Affiliate guarantee obligation		—			—			2,000			—			—
Gain on asset dispositions, net		(80	)		(520	)		(1,660	)		(5,331	)		(1,217	)
Total operating costs and expenses		117,207			111,643			220,089			134,901			168,815
Operating loss		(25,348	)		(25,176	)		(117,745	)		(18,533	)		(50,039	)
Other income (expense):
Foreign exchange gain (loss)		(2,880	)		(1,153	)		(2,076	)		864			(945	)
Equity in net (losses) earnings of unconsolidated companies		164			—			—			—			(2,717	)
Dividend income from unconsolidated company		—			—			17,150			—			—
Interest income and other, net		144			272			696			116			690
Interest and other debt costs, net		(5,984	)		(6,071	)		(5,959	)		(6,142	)		(6,282	)
Total other expense		(8,556	)		(6,952	)		9,811			(5,162	)		(9,254	)
Loss before income taxes		(33,904	)		(32,128	)		(107,934	)		(23,695	)		(59,293	)
Income tax (benefit) expense		(4,477	)		5,953			2,730			(5,171	)		1,281
Net loss		(29,427	)		(38,081	)		(110,664	)		(18,524	)		(60,574	)
Net income (loss) attributable to noncontrolling interests		(180	)		(154	)		(41	)		(79	)		(721	)
Net loss attributable to Tidewater Inc.	$	(29,247	)		(37,927	)		(110,623	)		(18,445	)		(59,853	)
Basic loss per common share		(0.72	)		(0.94	)		(2.74	)		(0.46	)		(1.52	)
Diluted loss per common share		(0.72	)		(0.94	)		(2.74	)		(0.46	)		(1.52	)
Weighted average common shares outstanding		40,604			40,405			40,306			40,101			39,504
Dilutive effect of stock options and restricted stock		—			—			—			—			—
Adjusted weighted average common shares		40,604			40,405			40,306			40,101			39,504
Vessel operating margin	$	24,433		$	23,611		$	36,201		$	33,149		$	30,604


Note (A): One-time integration related costs related to the business combination with GulfMark	$	291			641			446			129			2,123


TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands)

	December 31,			September 30,			June 30,			March 31,			December 31,
ASSETS	2020			2020			2020			2020			2019

Current assets:
Cash and cash equivalents	$	149,933			192,243			203,119			187,802			218,290
Restricted cash		2,079			26,401			19,880			12,461			5,755
Trade and other receivables, net		112,623			100,583			115,008			119,455			110,180
Due from affiliate, less allowances		62,050			65,692			65,766			128,204			125,972
Marine operating supplies		15,876			17,808			20,580			21,944			21,856
Assets held for sale		34,396			19,163			29,064			26,142			39,287
Prepaid expenses and other current assets		11,692			18,925			20,350			22,185			15,956
Total current assets		388,649			440,815			473,767			518,193			537,296
Net properties and equipment		780,318			820,876			839,912			922,979			938,961
Deferred drydocking and survey costs		56,468			63,975			74,585			81,981			66,936
Other assets		25,742			25,108			27,411			29,971			36,335
Total assets	$	1,251,177			1,350,774		$	1,415,675		$	1,553,124		$	1,579,528

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	16,981			12,953			17,111			30,711			27,501
Accrued costs and expenses		52,422			55,811			60,993			72,854			74,000
Due to affiliates		53,194			53,355			48,803			50,013			50,186
Current portion of long-term debt		27,797			9,576			9,437			9,104			9,890
Other current liabilities		32,785			31,599			25,815			26,953			24,100
Total current liabilities		183,179			163,294			162,159			189,635			185,677
Long-term debt		164,934			246,179			273,215			273,015			279,044
Other liabilities and deferred credits		79,792			87,724			90,301			91,578			98,397


Equity:
Common stock		41			40			40			40			40
Additional paid-in-capital		1,371,809			1,370,778			1,369,645			1,368,325			1,367,521
Accumulated deficit		(548,931	)		(519,684	)		(481,757	)		(371,134	)		(352,526	)
Accumulated other comprehensive income (loss)		(804	)		1,106			581			133			(236	)
Total stockholder's equity		822,115			852,240			888,509			997,364			1,014,799
Noncontrolling interests		1,157			1,337			1,491			1,532			1,611
Total equity		823,272			853,577			890,000			998,896			1,016,410
Total liabilities and equity	$	1,251,177			1,350,774			1,415,675			1,553,124			1,579,528

Supplemental information
Due from related parties, net of due to related parties:
Sonatide (Angola)	$	8,856			12,337			16,963			64,184			57,771
DTDW (Nigeria)		—			—			—			14,007			18,015
Total	$	8,856			12,337			16,963			78,191			75,786


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)

	Three Months Ended
	December 31,		September 30,			June 30,		March 31,		December 31,
	2020		2020			2020		2020		2019
VESSEL REVENUE BY VESSEL CLASS

Americas fleet:
Deepwater	$	25,706		22,836			27,858		22,882		22,883
Towing-supply		4,603		4,119			4,455		7,243		8,639
Other		1,759		1,750			1,731		1,734		1,811
Total		32,068		28,705			34,044		31,859		33,333
Middle East/Asia Pacific fleet:
Deepwater	$	16,822		13,819			14,195		14,326		16,015
Towing-supply		8,220		9,461			9,788		10,502		10,636
Total		25,042		23,280			23,983		24,828		26,651
Europe/Mediterranean fleet:
Deepwater	$	15,621		17,578			20,476		29,163		28,652
Towing-supply		—		(13	)		—		179		528
Other		154		151			144		149		—
Total		15,775		17,716			20,620		29,491		29,180
West Africa fleet:
Deepwater	$	6,237		4,905			8,748		12,102		14,066
Towing-supply		5,202		7,711			11,029		10,521		9,981
Other		3,506		3,078			2,552		3,173		3,328
Total	$	14,945		15,694			22,329		25,796		27,375
Worldwide fleet:
Deepwater	$	64,386		59,137			71,277		78,473		81,616
Towing-supply		18,025		21,278			25,271		28,445		29,784
Other		5,419		4,980			4,427		5,056		5,139
Total	$	87,830		85,395			100,975		111,974		116,539


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2020			2020			2020			2020			2019
AVERAGE NUMBER OF VESSELS:

Americas fleet:
Deepwater		32			32			32			32			31
Towing-supply		10			12			15			17			17
Other		3			3			3			3			4
Total		45			47			50			52			52
Stacked vessels		(15	)		(17	)		(17	)		(17	)		(15	)
Active vessels		30			30			33			35			37
Middle East/Asia Pacific fleet:
Deepwater		21			22			26			27			27
Towing-supply		22			23			26			28			28
Total		43			45			52			55			55
Stacked vessels		(3	)		(4	)		(9	)		(10	)		(10	)
Active vessels		40			41			43			45			45
Europe/Mediterranean fleet:
Deepwater		31			32			36			39			42
Towing-supply		-			-			1			2			3
Total		31			32			37			41			45
Stacked vessels		(16	)		(17	)		(17	)		(11	)		(15	)
Active vessels		15			15			20			30			30
West Africa fleet:
Deepwater		20			25			26			26			27
Towing-supply		13			17			18			19			19
Other		23			16			19			20			21
Total		56			58			63			65			67
Stacked vessels		(16	)		(31	)		(21	)		(21	)		(22	)
Active vessels		40			27			42			44			45
Worldwide fleet:
Deepwater		104			111			120			124			126
Towing-supply		45			52			60			66			68
Other		26			19			22			23			25
Total		175			182			202			213			219
Stacked vessels		(50	)		(69	)		(64	)		(60	)		(62	)
Active vessels		125			113			138			153			157

Total active		125			113			138			153			157
Total stacked		50			69			64			60			62
Total joint venture and other vessels		3			3			3			3			4
Total		178			185			205			216			223


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2020		2020		2020		2020		2019
AVAILABLE DAYS - TOTAL FLEET:

Americas fleet:
Deepwater		2,944		2,996		2,940		2,873		2,852
Towing-supply		898		1,098		1,329		1,547		1,580
Other		276		276		273		285		368
Total		4,118		4,370		4,542		4,705		4,800
Middle East/Asia Pacific fleet:
Deepwater		1,932		2,025		2,411		2,496		2,453
Towing-supply		2,032		2,118		2,342		2,512		2,576
Total		3,964		4,143		4,753		5,008		5,029
Europe/Mediterranean fleet:
Deepwater		2,852		2,916		3,256		3,581		3,848
Towing-supply		—		24		91		122		276
Total		2,852		2,940		3,347		3,703		4,124
West Africa fleet:
Deepwater		1,840		2,269		2,366		2,366		2,439
Towing-supply		1,196		1,588		1,654		1,729		1,779
Other		2,095		1,469		1,698		1,820		1,932
Total		5,131		5,326		5,718		5,915		6,150
Worldwide fleet:
Deepwater		9,568		10,206		10,973		11,316		11,592
Towing-supply		4,126		4,828		5,416		5,910		6,211
Other		2,371		1,745		1,971		2,105		2,300
Total		16,065		16,779		18,360		19,331		20,103


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2020		2020		2020		2020		2019
OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:
Deepwater		1,105		1,134		863		873		656
Towing-supply		189		362		601		593		568
Other		92		92		91		103		184
Total		1,386		1,588		1,555		1,569		1,408
Middle East/Asia Pacific fleet:
Deepwater		92		185		500		546		552
Towing-supply		177		186		310		396		399
Total		269		371		810		942		951
Europe/Mediterranean fleet:
Deepwater		1,448		1,522		1,422		1,004		1,196
Towing-supply		—		24		91		0		153
Total		1,448		1,546		1,513		1,004		1,349
West Africa fleet:
Deepwater		1,288		1,809		919		819		766
Towing-supply		644		882		563		469		583
Other		417		181		446		637		643
Total		2,349		2,872		1,928		1,925		1,992
Worldwide fleet:
Deepwater		3,933		4,650		3,704		3,242		3,170
Towing-supply		1,010		1,454		1,565		1,458		1,703
Other		509		273		537		740		827
Total		5,452		6,377		5,806		5,440		5,700


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2020		2020		2020		2020		2019
AVAILABLE DAYS - ACTIVE FLEET:

Americas fleet:
Deepwater		1,839		1,862		2,077		2,000		2,196
Towing-supply		709		736		728		954		1,012
Other		184		184		182		182		184
Total		2,732		2,782		2,987		3,136		3,392
Middle East/Asia Pacific fleet:
Deepwater		1,840		1,840		1,911		1,950		1,901
Towing-supply		1,855		1,932		2,032		2,116		2,177
Total		3,695		3,772		3,943		4,066		4,078
Europe/Mediterranean fleet:
Deepwater		1,404		1,394		1,834		2,577		2,652
Towing-supply		—		—		—		122		123
Total		1,404		1,394		1,834		2,699		2,775
West Africa fleet:
Deepwater		552		460		1,447		1,547		1,673
Towing-supply		552		706		1,091		1,260		1,196
Other		1,678		1,288		1,252		1,183		1,289
Total		2,782		2,454		3,790		3,990		4,158
Worldwide fleet:
Deepwater		5,635		5,556		7,269		8,074		8,422
Towing-supply		3,116		3,374		3,851		4,452		4,508
Other		1,862		1,472		1,434		1,365		1,473
Total		10,613		10,402		12,554		13,891		14,403


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2020			2020			2020			2020			2019
UTILIZATION - TOTAL FLEET:

Americas fleet:
Deepwater		53.2	%		51.7	%		64.3	%		57.7	%		61.7	%
Towing-supply		67.7			50.0			43.5			54.9			58.6
Other		66.7			66.7			65.2			63.1			50.0
Total		57.2	%		52.2	%		58.3	%		57.1	%		59.8	%
Middle East/Asia Pacific fleet:
Deepwater		78.2	%		67.4	%		57.9	%		56.8	%		66.7	%
Towing-supply		62.5			72.3			68.2			69.2			70.0
Total		70.2	%		69.9	%		63.0	%		63.0	%		68.4	%
Europe/Mediterranean fleet:
Deepwater		44.7	%		45.5	%		49.9	%		64.2	%		60.0	%
Towing-supply		—			—			—			46.7			31.6
Total		44.7	%		45.1	%		48.6	%		63.6	%		58.1	%
West Africa fleet:
Deepwater		27.2	%		17.5	%		31.1	%		41.5	%		46.9	%
Towing-supply		30.8			28.4			41.3			45.5			43.8
Other		42.3			53.1			39.2			51.5			56.6
Total		34.2	%		30.6	%		36.5	%		45.7	%		49.1	%
Worldwide fleet:
Deepwater		50.7	%		45.4	%		51.5	%		56.2	%		59.1	%
Towing-supply		54.4			52.4			52.8			58.0			57.9
Other		45.2			55.3			42.8			53.1			55.6
Total		50.9	%		48.5	%		50.9	%		56.4	%		58.3	%


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2020			2020			2020			2020			2019
UTILIZATION - ACTIVE FLEET:

Americas fleet:
Deepwater		85.1	%		83.2	%		91.0	%		72.8	%		80.1	%
Towing-supply		85.7			74.6			79.4			89.0			91.4
Other		100.0			100.0			97.8			98.8			100.0
Total		86.3	%		82.0	%		88.6	%		85.7	%		84.6	%
Middle East/Asia Pacific fleet:
Deepwater		82.1	%		74.2	%		73.1	%		72.8	%		86.1	%
Towing-supply		68.5			79.2			78.6			82.2			82.9
Total		75.3	%		76.8	%		75.9	%		77.7	%		84.4	%
Europe/Mediterranean fleet:
Deepwater		90.9	%		95.1	%		88.6	%		89.2	%		87.1	%
Towing-supply		—			—			—			46.7			70.9
Total		90.9	%		95.1	%		88.6	%		87.3	%		86.4	%
West Africa fleet:
Deepwater		90.8	%		86.2	%		50.9	%		63.4	%		68.3	%
Towing-supply		66.7			63.8			62.6			62.4			65.1
Other		52.9			60.6			53.2			79.2			84.9
Total		63.1	%		66.3	%		55.0	%		67.8	%		72.5	%
Worldwide fleet:
Deepwater		86.1	%		83.4	%		77.7	%		78.8	%		81.3	%
Towing-supply		72.1			75.0			74.2			77.0			79.8
Other		57.5			65.5			58.9			81.9			86.8
Total		77.0	%		78.2	%		74.5	%		78.5	%		81.4	%


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
	2020		2020		2020		2020		2019
AVERAGE VESSEL DAY RATES: (A)

Americas fleet:
Deepwater	$	16,416		14,743		14,738		13,793		13,001
Towing-supply		7,576		7,506		7,707		8,532		9,337
Other		9,559		9,514		9,723		9,638		9,838
Total	$	13,602		12,581		12,865		11,854		11,617
Middle East/Asia Pacific fleet:
Deepwater	$	11,129		10,127		10,161		10,097		9,784
Towing-supply		6,471		6,180		6,128		6,041		5,897
Total	$	9,002		8,040		8,009		7,863		7,746
Europe/Mediterranean fleet:
Deepwater	$	12,368		13,257		12,600		12,682		12,336
Towing-supply		—		—		—		3,138		6,055
Total	$	12,368		13,361		12,689		12,514		12,171
West Africa fleet:
Deepwater	$	12,449		12,365		11,891		12,337		12,304
Towing-supply		14,136		17,122		16,158		13,389		12,810
Other		3,952		3,944		3,829		3,384		3,041
Total	$	8,510		9,643		10,711		9,539		9,075
Worldwide fleet:
Deepwater	$	13,265		12,756		12,620		12,342		11,892
Towing-supply		8,026		8,411		8,843		8,292		8,284
Other		5,059		5,163		5,243		4,524		4,137
Total	$	10,749		10,503		10,799		10,267		9,940

Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2020			2020			2020			2020			2019

Americas
Vessel revenues	$	32,068			28,705			34,044			31,859			33,333

Vessel operating costs:
Crew costs	$	12,795			11,711			13,138			14,186			15,307
Repair and maintenance		2,065			1,259			1,703			2,171			3,067
Insurance		402			426			427			417			299
Fuel, lube and supplies		1,822			1,754			1,373			2,615			1,853
Other		2,306			2,486			1,956			2,673			4,082
Total vessel operating costs	$	19,390			17,636			18,597			22,062			24,608

Vessel operating margin ($)	$	12,678			11,069			15,447			9,797			8,726
Vessel operating margin (%)		39.5	%		38.6	%		45.4	%		30.8	%		26.2	%

Americas - Select operating statistics
Average vessels - Total fleet		45			47			50			52			52
Utilization - Total fleet		57.2	%		52.2	%		58.3	%		57.1	%		59.8	%

Average vessels - Active fleet		30			30			33			35			37
Utilization - Active fleet		86.3	%		82.0	%		88.6	%		85.7	%		84.6	%

Average day rates	$	13,602			12,581			12,865			11,854			11,617

Vessels commencing drydocks		1			—			5			5			1


Deferred drydocking and survey costs - beginning balance	$	17,774			20,024			21,599			18,561			15,678
Cash paid for deferred drydocking and survey costs		1,015			1,086			1,819			5,912			5,381
Amortization of deferred drydocking and survey costs		(3,349	)		(3,336	)		(3,394	)		(2,874	)		(2,498	)
Disposals, intersegment transfers and other		—			—			—			—			—
Deferred drydocking and survey costs - ending balance	$	15,440			17,774			20,024			21,599			18,561


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2020			2020			2020			2020			2019

Middle East/Asia Pacific
Vessel revenues	$	25,042			23,280			23,983			24,828			26,651

Vessel operating costs:
Crew costs	$	9,982			10,468			8,726			10,085			10,308
Repair and maintenance		2,899			2,385			2,196			2,586			3,838
Insurance		452			562			739			591			790
Fuel, lube and supplies		1,924			1,783			1,405			2,665			1,937
Other		3,532			2,057			2,412			1,696			2,864
Total vessel operating costs	$	18,789			17,255			15,478			17,623			19,737

Vessel operating margin ($)	$	6,253			6,025			8,505			7,205			6,913
Vessel operating margin (%)		25.0	%		25.9	%		35.5	%		29.0	%		25.9	%

Middle East/Asia Pacific - Select operating statistics
Average vessels - Total fleet		43			45			52			55			55
Utilization - Total fleet		70.2	%		69.9	%		63.0	%		63.0	%		68.4	%

Average vessels - Active fleet		40			41			43			45			44
Utilization - Active fleet		75.3	%		76.8	%		75.9	%		77.7	%		84.4	%

Average day rates	$	9,002			8,040			8,009			7,863			7,746

Vessels commencing drydocks		3			—			—			5			3


Deferred drydocking and survey costs - beginning balance	$	18,666			21,116			23,139			16,513			12,572
Cash paid for deferred drydocking and survey costs		1,447			386			850			8,897			6,072
Amortization of deferred drydocking and survey costs		(3,082	)		(3,036	)		(2,589	)		(2,271	)		(2,131	)
Disposals, intersegment transfers and other		—			200			(284	)		—			—
Deferred drydocking and survey costs - ending balance		17,031			18,666			21,116			23,139			16,513


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2020			2020			2020			2020			2019

Europe/Mediterranean
Vessel revenues	$	15,775			17,716			20,620			29,491			29,180

Vessel operating costs:
Crew costs	$	8,179			7,952			9,707			11,696			11,984
Repair and maintenance		1,133			869			1,278			3,141			3,617
Insurance		297			448			420			431			367
Fuel, lube and supplies		710			592			924			1,098			1,808
Other		1,214			1,274			1,547			2,522			2,098
Total vessel operating costs	$	11,533			11,135			13,876			18,888			19,874

Vessel operating margin ($)	$	4,243			6,581			6,744			10,603			9,306
Vessel operating margin (%)		26.9	%		37.1	%		32.7	%		36.0	%		31.9	%

Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet		31			32			37			41			45
Utilization - Total fleet		44.7	%		45.1	%		48.6	%		63.6	%		58.1	%

Average vessels - Active fleet		15			15			20			30			30
Utilization - Active fleet		90.9	%		95.1	%		88.6	%		87.3	%		86.4	%

Average day rates	$	12,368			13,361			12,689			12,514			12,171

Vessels commencing drydocks		4			—			—			2			3


Deferred drydocking and survey costs - beginning balance	$	7,147			9,143			10,387			9,406			7,379
Cash paid for deferred drydocking and survey costs		1,710			(361	)		517			2,591			3,378
Amortization of deferred drydocking and survey costs		(1,540	)		(1,635	)		(1,710	)		(1,610	)		(1,335	)
Disposals, intersegment transfers and other		—			—			(51	)		—			(16	)
Deferred drydocking and survey costs - ending balance	$	7,317			7,147			9,143			10,387			9,406


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2020			2020			2020			2020			2019

West Africa
Vessel revenues	$	14,945			15,694			22,328			25,796			27,375

Vessel operating costs:
Crew costs	$	5,804			6,555			7,120			8,520			8,472
Repair and maintenance		1,930			1,419			1,479			2,700			4,659
Insurance		296			517			424			346			(282	)
Fuel, lube and supplies		1,765			2,628			2,681			3,374			4,184
Other		3,890			4,639			5,119			5,312			4,682
Total vessel operating costs	$	13,685			15,758			16,823			20,252			21,715

Vessel operating margin ($)	$	1,260			(64	)		5,505			5,544			5,660
Vessel operating margin (%)		8.4	%		(0.4	)%		24.7	%		21.5	%		20.7	%

West Africa - Select operating statistics
Average vessels - Total fleet		56			58			63			65			67
Utilization - Total fleet		34.2	%		30.6	%		36.5	%		45.7	%		49.1	%

Average vessels - Active fleet		40			27			42			44			45
Utilization - Active fleet		63.1	%		66.3	%		55.0	%		67.8	%		72.5	%

Average day rates	$	8,510			9,643			10,711			9,539			9,075

Vessels commencing drydocks		—			—			—			3			1


Deferred drydocking and survey costs - beginning balance	$	20,388			24,301			26,856			22,456			13,397
Cash paid for deferred drydocking and survey costs		(400	)		(576	)		911			7,467			11,905
Amortization of deferred drydocking and survey costs		(3,294	)		(3,426	)		(3,466	)		(3,067	)		(2,846	)
Disposals, intersegment transfers and other		(14	)		89			—			—			—
Deferred drydocking and survey costs - ending balance	$	16,680			20,388			24,301			26,856			22,456


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2020			2020			2020			2020			2019

Worldwide
Vessel revenues	$	87,830			85,395			100,975			111,974			116,539

Vessel operating costs:
Crew costs	$	36,760			36,686			38,691			44,487			46,071
Repair and maintenance		8,027			5,932			6,656			10,598			15,181
Insurance		1,447			1,953			2,010			1,785			1,174
Fuel, lube and supplies		6,221			6,757			6,383			9,752			9,782
Other		10,942			10,456			11,034			12,203			13,726
Total vessel operating costs	$	63,397			61,784			64,774			78,825			85,934

Vessel operating margin ($)	$	24,434			23,611			36,201			33,149			30,604
Vessel operating margin (%)		27.8	%		27.6	%		35.9	%		29.6	%		26.3	%

Worldwide - Select operating statistics
Average vessels - Total fleet		175			182			202			213			219
Utilization - Total fleet		50.9	%		48.5	%		50.9	%		56.4	%		58.3	%

Average vessels - Active fleet		125			113			138			153			157
Utilization - Active fleet		77.0	%		78.2	%		74.5	%		78.5	%		81.4	%

Average day rates	$	10,749			10,503			10,799			10,267			9,940

Vessels commencing drydocks		8			—			5			15			8


Deferred drydocking and survey costs - beginning balance	$	63,975			74,584			81,981			66,936			49,026
Cash paid for deferred drydocking and survey costs		3,772			535			4,097			24,867			26,736
Amortization of deferred drydocking and survey costs		(11,265	)		(11,433	)		(11,159	)		(9,822	)		(8,810	)
Disposals, intersegment transfers and other		(14	)		289			(335	)		—			(16	)
Deferred drydocking and survey costs - ending balance	$	56,468			63,975			74,584			81,981			66,936


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2020			2020			2020			2020			2019
Net loss	$	(29,427	)		(38,081	)		(110,664	)		(18,524	)		(60,574	)

Interest and other debt costs		5,984			6,071			5,959			6,142			6,282
Income tax (benefit) expense		(4,477	)		5,953			2,730			(5,171	)		1,281
Depreciation		19,416			19,343			16,986			17,285			19,416
Amortization of deferred drydock and survey costs		11,265			11,434			11,158			9,822			8,810
EBITDA (A), (B), (C)	$	2,761			4,720			(73,831	)		9,554			(24,785	)

Long-lived asset impairments and other		6,475			1,945			55,482			10,207			32,549
Affiliate credit loss impairment expense		(600	)		—			53,581
Affiliate guarantee obligation		—			—			2,000			—			—
One-time integration related costs		291			641			446			129			2,123
Adjusted EBITDA (A), (B), (C)	$	8,927			7,306			37,678			19,890			9,887

Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, and merger and integration related costs.

Note (B): EBITDA and Adjusted EBITDA for the three months ended December 31, 2020, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,158, $1,223, $1,401, $1,335, and $2,972, respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended December 31, 2020, and for each of the prior four quarters includes foreign exchange gains (losses) of $(2,880), $(1,153), $(2,076), $864, and $(945), respectively.

Non-GAAP Financial Measures

We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges and merger and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.

Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.

EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.

EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.


TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In thousands)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2020			2020			2020			2020			2019
Net cash provided by (used in) operating activities (A)	$	2,180			14,629			14,702			(27,525	)		5,281

Cash interest expense		5,066			5,435			5,292			5,442			8,205
Interest income and other		(144	)		(272	)		(696	)		(116	)		(690	)
Additions to property and equipment		(10,218	)		(607	)		(1,626	)		(2,449	)		(4,067	)
Expansion capital		5,300			—			—			—			—
Free cash flow before proceeds from asset sales		2,184			19,185			17,672			(24,648	)		8,729

Proceeds from asset sales		6,798			10,592			11,454			9,452			3,755

Free cash flow	$	8,982			29,777			29,126			(15,196	)		12,484

Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by (used in) operating activities adjusted for capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.


Note (A): Net cash provided by (used in) operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2020			2020			2020			2020			2019
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments	$	(4,915	)		18,858			(10,373	)		(18,127	)		32,826
Cash paid for deferred drydock and survey costs		(3,772	)		(535	)		(4,097	)		(24,867	)		(26,736	)
Total sources (uses) of cash for changes in assets and liabilities	$	(8,687	)		18,323			(14,470	)		(42,994	)		6,090

View source version on businesswire.com: https://www.businesswire.com/news/home/20210304006132/en/

Tidewater Inc.
Jason Stanley
Vice President,
ESG and Investor Relations
+1.713.470.5300

Source: Tidewater Inc.

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Tidewater Reports Results for the Three and Twelve Months Ending December 31, 2020

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