Company Quick10K Filing
Tidewater
Price15.79 EPS-4
Shares39 P/E-4
MCap618 P/FCF-17
Net Debt61 EBIT-145
TEV679 TEV/EBIT-5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
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S-1 2018-10-29 Public Filing
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8-K 2020-05-11
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8-K 2018-02-12
8-K 2018-02-05
8-K 2018-01-29

TDW 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-10.9 tdw-ex109_873.htm
EX-31.1 tdw-ex311_8.htm
EX-32.1 tdw-ex321_7.htm

Tidewater Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.50.30.1-0.0-0.2-0.42012201420172020
Rev, G Profit, Net Income
0.60.40.20.1-0.1-0.32012201420172020
Ops, Inv, Fin

tdw-10q_20200331.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             .

Commission file number: 1-6311

Tidewater Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

72-0487776

(State of incorporation)

 

(I.R.S. Employer Identification No.)

6002 Rogerdale Road, Suite 600

Houston, Texas 77072

(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code:     (713) 470-5300

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.001 par value per share

TDW

New York Stock Exchange

Series A Warrants to purchase shares of common stock

TDW.WS.A

New York Stock Exchange

Series B Warrants to purchase shares of common stock

TDW.WS.B

New York Stock Exchange

Warrants to purchase shares of common stock

TDW.WS

NYSE American

Preferred stock purchase rights

N/A

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No   

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,  a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer  

 

 

Accelerated filer  

Non-accelerated filer  

Emerging Growth Company

 

 

Smaller reporting company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.    Yes      No  

40,282,892 shares of Tidewater Inc. common stock $0.001 par value per share were outstanding on April 30, 2020. 

 

 


 

PART I.  FINANCIAL INFORMATION

ITEM 1.       FINANCIAL STATEMENTS

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and par value data)

 

 

 

March 31,

 

 

December 31,

 

ASSETS

 

2020

 

 

2019

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

 

187,802

 

$

 

218,290

 

Restricted cash

 

 

12,461

 

 

 

5,755

 

Trade and other receivables, less allowance for credit losses of $579 as of March 31, 2020 and less allowance for doubtful accounts of $70 as of  December 31, 2019.

 

 

119,455

 

 

 

110,180

 

Due from affiliate

 

 

128,204

 

 

 

125,972

 

Marine operating supplies

 

 

21,944

 

 

 

21,856

 

Assets held for sale

 

 

26,142

 

 

 

39,287

 

Prepaid expenses and other current assets

 

 

22,185

 

 

 

15,956

 

Total current assets

 

 

518,193

 

 

 

537,296

 

Net properties and equipment

 

 

922,979

 

 

 

938,961

 

Net deferred drydocking and survey costs

 

 

81,981

 

 

 

66,936

 

Other assets

 

 

29,971

 

 

 

36,335

 

Total assets

$

 

1,553,124

 

$

 

1,579,528

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

$

 

30,711

 

$

 

27,501

 

Accrued costs and expenses

 

 

72,854

 

 

 

74,000

 

Due to affiliates

 

 

50,013

 

 

 

50,186

 

Current portion of long-term debt

 

 

9,104

 

 

 

9,890

 

Other current liabilities

 

 

26,953

 

 

 

24,100

 

Total current liabilities

 

 

189,635

 

 

 

185,677

 

Long-term debt

 

 

273,015

 

 

 

279,044

 

Other liabilities

 

 

91,578

 

 

 

98,397

 

 

 

 

 

 

 

 

 

 

Contingencies (Note 10)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock of $0.001 par value, 125,000,000 shares authorized,

40,259,917 and 39,941,327 shares issued and outstanding

at March 31, 2020 and December 31, 2019, respectively

 

 

40

 

 

 

40

 

Additional paid-in capital

 

 

1,368,325

 

 

 

1,367,521

 

Accumulated deficit

 

 

(371,134

)

 

 

(352,526

)

Accumulated other comprehensive income (loss)

 

 

133

 

 

 

(236

)

Total stockholders’ equity

 

 

997,364

 

 

 

1,014,799

 

Noncontrolling interests

 

 

1,532

 

 

 

1,611

 

Total equity

 

 

998,896

 

 

 

1,016,410

 

Total liabilities and equity

$

 

1,553,124

 

$

 

1,579,528

 

 

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

2


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

 

 

 

Three Months

 

 

Three Months

 

 

 

Ended

 

 

Ended

 

 

 

March 31, 2020

 

 

March 31, 2019

 

Revenues:

 

 

 

 

 

 

 

 

Vessel revenues

 

$

111,974

 

 

$

119,662

 

Other operating revenues

 

 

4,394

 

 

 

2,487

 

 

 

 

116,368

 

 

 

122,149

 

Costs and expenses:

 

 

 

 

 

 

 

 

Vessel operating costs

 

 

78,825

 

 

 

82,203

 

Costs of other operating revenues

 

 

2,673

 

 

 

764

 

General and administrative

 

 

21,420

 

 

 

27,140

 

Depreciation and amortization

 

 

27,107

 

 

 

22,932

 

Long-lived asset impairments

 

 

10,207

 

 

 

 

Gain on asset dispositions, net

 

 

(5,331

)

 

 

(1,270

)

 

 

 

134,901

 

 

 

131,769

 

Operating loss

 

 

(18,533

)

 

 

(9,620

)

Other income (expense):

 

 

 

 

 

 

 

 

Foreign exchange gain (loss)

 

 

864

 

 

 

(508

)

Equity in net losses of unconsolidated companies

 

 

 

 

 

(62

)

Interest income and other, net

 

 

116

 

 

 

2,470

 

Interest and other debt costs, net

 

 

(6,142

)

 

 

(7,736

)

 

 

 

(5,162

)

 

 

(5,836

)

Loss before income taxes

 

 

(23,695

)

 

 

(15,456

)

Income tax (benefit) expense

 

 

(5,171

)

 

 

5,830

 

Net loss

 

$

(18,524

)

 

$

(21,286

)

Net income (loss) attributable to noncontrolling interests

 

 

(79

)

 

 

445

 

Net loss attributable to Tidewater Inc.

 

$

(18,445

)

 

$

(21,731

)

Basic loss per common share

 

$

(0.46

)

 

$

(0.58

)

Diluted loss per common share

 

$

(0.46

)

 

$

(0.58

)

Weighted average common shares outstanding

 

 

40,101

 

 

 

37,179

 

Adjusted weighted average common shares

 

 

40,101

 

 

 

37,179

 

 

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

3


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(In thousands)

 

 

 

Three Months

 

 

Three Months

 

 

 

Ended

 

 

Ended

 

 

 

March 31, 2020

 

 

March 31, 2019

 

Net loss

 

$

(18,524

)

 

$

(21,286

)

Other comprehensive income:

 

 

 

 

 

 

 

 

Change in pension plan and supplemental pension plan liability, net of tax of $0 and $0, respectively

 

 

369

 

 

 

 

Total comprehensive loss

 

$

(18,155

)

 

$

(21,286

)

 

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

4


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

 

Three Months

 

 

Three Months

 

 

 

Ended

 

 

Ended

 

 

 

March 31, 2020

 

 

March 31, 2019

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

$

 

(18,524

)

 

$

(21,286

)

Adjustments to reconcile net loss to net cash used in operating

   activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

17,285

 

 

 

19,034

 

Amortization of deferred drydocking and survey costs

 

 

9,822

 

 

 

3,898

 

Amortization of debt premium and discounts

 

 

675

 

 

 

(505

)

Provision for deferred income taxes

 

 

 

 

 

169

 

Gain on asset dispositions, net

 

 

(5,331

)

 

 

(1,270

)

Long-lived asset impairments

 

 

10,207

 

 

 

 

Changes in investments in, at equity, and advances

   to unconsolidated companies

 

 

 

 

 

265

 

Compensation expense - stock-based

 

 

1,335

 

 

 

5,627

 

Changes in assets and liabilities, net:

 

 

 

 

 

 

 

 

Trade and other receivables

 

 

(9,438

)

 

 

(2,204

)

Changes in due to/from affiliate, net

 

 

(2,405

)

 

 

19,175

 

Accounts payable

 

 

3,210

 

 

 

(2,200

)

Accrued costs and expenses

 

 

(1,146

)

 

 

(5,626

)

Cash paid for deferred drydocking and survey costs

 

 

(24,867

)

 

 

(12,285

)

Other, net

 

 

(8,348

)

 

 

(5,949

)

Net cash used in operating activities

 

 

(27,525

)

 

 

(3,157

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales of assets

 

 

9,452

 

 

 

9,651

 

Additions to properties and equipment

 

 

(2,449

)

 

 

(3,116

)

Net cash provided by investing activities

 

 

7,003

 

 

 

6,535

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Principal payments on long-term debt

 

 

(2,600

)

 

 

(1,509

)

Taxes on share based awards

 

 

(531

)

 

 

(1,578

)

Net cash used in financing activities

 

 

(3,131

)

 

 

(3,087

)

Net change in cash, cash equivalents and restricted cash

 

 

(23,653

)

 

 

291

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

227,608

 

 

 

397,744

 

Cash, cash equivalents and restricted cash at end of period (A)

$

 

203,955

 

 

$

398,035

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

Interest, net of amounts capitalized

$

 

5,442

 

 

 

8,319

 

Income taxes

$

 

2,550

 

 

 

4,415

 

 

(A)

Cash, cash equivalents and restricted cash at March 31, 2020 includes $3.6 million in long-term restricted cash.

 

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

5


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

other

 

 

 

 

Non

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

 

 

paid-in

 

 

 

 

Accumulated

 

 

 

 

comprehensive

 

 

 

 

controlling

 

 

 

 

 

 

 

 

 

 

 

stock

 

 

 

 

capital

 

 

 

 

deficit

 

 

 

 

income (loss)

 

 

 

 

interest

 

 

 

 

Total

 

Balance at December 31, 2019

 

 

 

$

40

 

 

 

 

 

1,367,521

 

 

 

 

 

(352,526

)

 

 

 

 

(236

)

 

 

 

 

1,611

 

 

 

 

 

1,016,410

 

Total comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,445

)

 

 

 

 

369

 

 

 

 

 

(79

)

 

 

 

 

(18,155

)

Adoption of credit loss accounting standard

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(163

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(163

)

Amortization of restricted stock units

 

 

 

 

 

 

 

 

 

804

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

804

 

Balance at March 31, 2020

 

 

 

$

40

 

 

 

 

 

1,368,325

 

 

 

 

 

(371,134

)

 

 

 

 

133

 

 

 

 

 

1,532

 

 

 

 

 

998,896

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

 

 

$

37

 

 

 

 

 

1,352,388

 

 

 

 

 

(210,783

)

 

 

 

 

2,194

 

 

 

 

 

1,087

 

 

 

 

 

1,144,923

 

Total comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,731

)

 

 

 

 

 

 

 

 

 

445

 

 

 

 

 

(21,286

)

Issuance of common stock from exercise of warrants

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Amortization/cancellation of restricted stock units

 

 

 

 

 

 

 

 

 

4,047

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,047

 

Balance at March 31, 2019

 

 

 

$

37

 

 

 

 

 

1,356,436

 

 

 

 

 

(232,514

)

 

 

 

 

2,194

 

 

 

 

 

1,532

 

 

 

 

 

1,127,685

 

 

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

6


 

(1)

INTERIM FINANCIAL STATEMENTS

The unaudited condensed consolidated financial statements for the interim periods presented herein have been prepared in conformity with United States generally accepted accounting principles and, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the unaudited condensed consolidated financial statements at the dates and for the periods indicated as required by Rule 10-01 of Regulation S‑X of the Securities and Exchange Commission (SEC). Results of operations for interim periods are not necessarily indicative of results of operations for the respective full years. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 2, 2020.

The unaudited condensed consolidated financial statements include the accounts of Tidewater Inc. and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. We use the equity method to account for equity investments over which we exercise significant influence but do not exercise control and are not the primary beneficiary. Unless otherwise specified, all per share information included in this document is on a diluted earnings per share basis.

 

(2)

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

 

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.

 

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.

 

(3)

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

 

On August 28, 2018, the FASB issued ASU 2018-13, Fair Value Measurement: - Changes to The Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. Entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. We adopted this standard on January 1, 2020 and it did not have any impact on our financial position, net earnings or cash flow.  However, we have incorporated the modified disclosure requirements of ASU 2018-13 into note 15 of our financial statements.

 

On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses, which introduced a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. This model applies to: (i) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (ii) loan commitments and certain other off-balance sheet credit exposures, (iii) debt securities and other financial assets measured at fair value through other comprehensive income and (iv) beneficial interests in securitized financial assets.

 

Expected credit losses are recognized on the initial recognition of our trade accounts receivable and contract assets.  In each subsequent reporting period, even if a loss has not yet been incurred, credit losses are recognized based on the history of credit losses and current conditions, as well as reasonable and supportable forecasts affecting collectability.  We developed an expected credit loss model applicable to our trade accounts receivable and contract assets that considers our historical performance and the economic environment, as well as the credit risk and its expected development for each group of customers that share similar risk characteristics.  We segmented our trade accounts receivable and contract assets by type of client, except for individual account balances that have deteriorated in credit quality, which are evaluated individually.  We then determined, for each of these client asset groups, the average expected credit loss utilizing our actual credit loss experience over the last five years, which was adjusted as discussed above, and was applied to the balance attributable to each segment in our trade accounts receivable and contract asset balances.  This standard was adopted through a cumulative-effect adjustment to the accumulated deficit as of January 1,

7


 

2020, which is the beginning of the first period in which this guidance is effective.  Periods prior to the adoption date that are presented for comparative purposes are not adjusted.  Adopting this standard on January 1, 2020 increased the allowance for expected credit losses by approximately $0.2 million.

 

Activity in the allowance for credit losses for the first quarter of 2020 is as follows:

 

 

 

 

 

 

(In thousands)

 

 

 

 

Balance at December 31, 2019

 

$

70

 

Cumulative effect adjustment upon adoption of standard

 

163

 

Current period provision for expected credit losses

 

346

 

Balance at March 31, 2020

 

$

579

 

 

 

(4)

REVENUE RECOGNITION

 

Refer to Note (13) for the amount of revenue by segment and in total for the worldwide fleet.

 

Contract Balances

 

At March 31, 2020, we had $6.1 million and $0.7 million of deferred mobilization costs included within other current assets and other assets, respectively, and we had $0.6 million of deferred mobilization revenue included within other current liabilities.

 

 

The table below summarizes the revenue expected to be recognized in future quarters related to unsatisfied performance obligations as of March 31, 2020:

 

 

 

Three months ended

 

(In thousands)

 

June 30,

2020

 

 

September 30,

2020

 

 

December 31,

2020

 

Total

 

Deferred mobilization revenue

$

 

267

 

 

 

175

 

 

 

175

 

 

617

 

 

 

(5)

STOCKHOLDERS' EQUITY AND DILUTIVE EQUITY INSTRUMENTS

Accumulated Other Comprehensive Income (Loss) (OCI)

 

The changes in accumulated other comprehensive income (loss) by component, net of tax, for the quarters ended March 31, 2020 and 2019 are as follows:

 

 

 

Three months ended March 31, 2020

 

 

Three months ended March 31, 2019

 

 

 

Balance

 

 

Gains/(losses)

 

 

 

 

Remaining