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10-Q Filing

TIDEWATER INC CIK: 98222 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001437749-22-011525
Period End Date 20220331
Filing Date 20220509
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance tdw20220331_10q_htm.xml
Balance Sheet 69 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $149.04M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $136.23M USD Point-in-time
Restricted cash RestrictedCashCurrent $1.24M USD Point-in-time
Restricted cash RestrictedCashCurrent $4.96M USD Point-in-time
Allowance for credit losses AllowanceForDoubtfulAccountsReceivableCurrent $72.46M USD Point-in-time
Trade and other receivables, less allowance for credit losses of $1,987 and $1,948 at March 31, 2022 and December 31, 2021, respectively AccountsAndOtherReceivablesNetCurrent $86.50M USD Point-in-time
Trade and other receivables, less allowance for credit losses of $1,987 and $1,948 at March 31, 2022 and December 31, 2021, respectively AccountsAndOtherReceivablesNetCurrent $112.95M USD Point-in-time
Allowance for credit losses AllowanceForDoubtfulAccountsReceivableCurrent $12.81M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Due from affiliates, less allowance for credit losses of $12,812 and $72,456 at March 31, 2022 and December 31, 2021, respectively DueFromAffiliateCurrent $70.13M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Due from affiliates, less allowance for credit losses of $12,812 and $72,456 at March 31, 2022 and December 31, 2021, respectively DueFromAffiliateCurrent $21.19M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 125.00M shares Point-in-time
Marine operating supplies Supplies $13.25M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 125.00M shares Point-in-time
Marine operating supplies Supplies $12.61M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 41.31M shares Point-in-time
Assets held for sale AssetsHeldForSaleNotPartOfDisposalGroupCurrent $8.59M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 41.72M shares Point-in-time
Assets held for sale AssetsHeldForSaleNotPartOfDisposalGroupCurrent $14.42M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 41.31M shares Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $12.01M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $8.73M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 40.73M shares Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 41.72M shares Point-in-time
Total current assets AssetsCurrent $342.67M USD Point-in-time
Total current assets AssetsCurrent $309.19M USD Point-in-time
Net properties and equipment PropertyPlantAndEquipmentNet $677.58M USD Point-in-time
Net properties and equipment PropertyPlantAndEquipmentNet $688.04M USD Point-in-time
Deferred drydocking and survey costs DeferredCosts $40.73M USD Point-in-time
Deferred drydocking and survey costs DeferredCosts $44.36M USD Point-in-time
Other assets OtherAssetsNoncurrent $23.00M USD Point-in-time
Other assets OtherAssetsNoncurrent $24.33M USD Point-in-time
Total assets Assets $1.10B USD Point-in-time
Total assets Assets $1.05B USD Point-in-time
Accounts payable AccountsPayableCurrent $20.79M USD Point-in-time
Accounts payable AccountsPayableCurrent $23.70M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $51.73M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $55.14M USD Point-in-time
Due to affiliates DueToAffiliateCurrent $21.19M USD Point-in-time
Due to affiliates DueToAffiliateCurrent $61.55M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $23.86M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $25.47M USD Point-in-time
Total current liabilities LiabilitiesCurrent $125.50M USD Point-in-time
Total current liabilities LiabilitiesCurrent $157.94M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $168.00M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $167.88M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $70.89M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $68.18M USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Common stock of $0.001 par value, 125,000,000 shares authorized, 41,716,885 and 41,307,617 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively CommonStockValue $42.00K USD Point-in-time
Common stock of $0.001 par value, 125,000,000 shares authorized, 41,716,885 and 41,307,617 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively CommonStockValue $41.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.38B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.38B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-677.90M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-690.07M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $2.67M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $2.47M USD Point-in-time
Total stockholders equity StockholdersEquity $689.38M USD Point-in-time
Total stockholders equity StockholdersEquity $701.30M USD Point-in-time
Noncontrolling interests MinorityInterest $466.00K USD Point-in-time
Noncontrolling interests MinorityInterest $363.00K USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $788.71M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $823.27M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $701.77M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $689.74M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.05B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.10B USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $105.73M USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $83.50M USD 1 Quarter
Vessel operating costs DirectOperatingCosts $68.51M USD 1 Quarter
Vessel operating costs DirectOperatingCosts $61.02M USD 1 Quarter
Costs of other operating revenues OtherCostOfOperatingRevenue $361.00K USD 1 Quarter
Costs of other operating revenues OtherCostOfOperatingRevenue $1.07M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $16.04M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $18.22M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $26.66M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $29.73M USD 1 Quarter
Long-lived asset impairment credit AssetImpairmentCharges - USD 1 Quarter
Long-lived asset impairment credit AssetImpairmentCharges $-500.00K USD 1 Quarter
(Gain) loss on asset dispositions, net GainLossOnDispositionOfAssets1 $-1.95M USD 1 Quarter
(Gain) loss on asset dispositions, net GainLossOnDispositionOfAssets1 $207.00K USD 1 Quarter
Total costs and expenses CostsAndExpenses $109.81M USD 1 Quarter
Total costs and expenses CostsAndExpenses $113.04M USD 1 Quarter
Operating loss OperatingIncomeLoss $-26.30M USD 1 Quarter
Operating loss OperatingIncomeLoss $-7.31M USD 1 Quarter
Foreign exchange gain (loss) ForeignCurrencyTransactionGainLossBeforeTax $-850.00K USD 1 Quarter
Foreign exchange gain (loss) ForeignCurrencyTransactionGainLossBeforeTax $946.00K USD 1 Quarter
Equity in net losses of unconsolidated companies IncomeLossFromEquityMethodInvestments - USD 1 Quarter
Equity in net losses of unconsolidated companies IncomeLossFromEquityMethodInvestments $-1.85M USD 1 Quarter
Interest income and other, net InterestIncomeExpenseNonoperatingNet $3.49M USD 1 Quarter
Interest income and other, net InterestIncomeExpenseNonoperatingNet $23.00K USD 1 Quarter
Interest and other debt costs, net InterestAndOtherDebtCostsNet $4.54M USD 1 Quarter
Interest and other debt costs, net InterestAndOtherDebtCostsNet $4.17M USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $-7.22M USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $257.00K USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-33.52M USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-7.05M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $2.01M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $5.22M USD 1 Quarter
Net loss ProfitLoss $-12.27M USD 1 Quarter
Net loss ProfitLoss $-35.53M USD 1 Quarter
Net loss attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-103.00K USD 1 Quarter
Net loss attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-212.00K USD 1 Quarter
Net loss attributable to Tidewater Inc. NetIncomeLoss $-12.17M USD 1 Quarter
Net loss attributable to Tidewater Inc. NetIncomeLoss $-35.31M USD 1 Quarter
Basic loss per common share (in dollars per share) EarningsPerShareBasic $-0.87 USD 1 Quarter
Basic loss per common share (in dollars per share) EarningsPerShareBasic $-0.29 USD 1 Quarter
Diluted loss per common share (in dollars per share) EarningsPerShareDiluted $-0.87 USD 1 Quarter
Diluted loss per common share (in dollars per share) EarningsPerShareDiluted $-0.29 USD 1 Quarter
Weighted average common shares outstanding (in shares) WeightedAverageNumberOfSharesOutstandingBasic 41,412.00 shares 1 Quarter
Weighted average common shares outstanding (in shares) WeightedAverageNumberOfSharesOutstandingBasic 40,716.00 shares 1 Quarter
Adjusted weighted average common shares (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 41,412.00 shares 1 Quarter
Adjusted weighted average common shares (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 40,716.00 shares 1 Quarter
Cash Flow Statement 66 line items
Line Item Tag Value Unit Period
Net loss ProfitLoss $-12.27M USD 1 Quarter
Net loss ProfitLoss $-35.53M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $18.47M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $17.67M USD 1 Quarter
Amortization of deferred drydocking and survey costs AmortizationOfDryDockingAndSurveyCosts $11.26M USD 1 Quarter
Amortization of deferred drydocking and survey costs AmortizationOfDryDockingAndSurveyCosts $8.98M USD 1 Quarter
Amortization of debt premium and discounts AmortizationOfDebtDiscountPremium $375.00K USD 1 Quarter
Amortization of debt premium and discounts AmortizationOfDebtDiscountPremium $1.11M USD 1 Quarter
Provision for deferred income taxes DeferredIncomeTaxExpenseBenefit $30.00K USD 1 Quarter
Provision for deferred income taxes DeferredIncomeTaxExpenseBenefit $177.00K USD 1 Quarter
(Gain) loss on asset dispositions, net GainLossOnDispositionOfAssets $-1.95M USD 1 Quarter
(Gain) loss on asset dispositions, net GainLossOnDispositionOfAssets $207.00K USD 1 Quarter
Gain on bargain purchase BusinessCombinationBargainPurchaseGainRecognizedAmount $1.30M USD 1 Quarter
Gain on bargain purchase BusinessCombinationBargainPurchaseGainRecognizedAmount - USD 1 Quarter
Loss on debt extinguishment GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Loss on debt extinguishment GainsLossesOnExtinguishmentOfDebt $-59.00K USD 1 Quarter
Long-lived asset impairment credit AssetImpairmentCharges - USD 1 Quarter
Long-lived asset impairment credit AssetImpairmentCharges $-500.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $1.46M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $1.17M USD 1 Quarter
Trade and other receivables IncreaseDecreaseInAccountsAndOtherReceivables $-12.76M USD 1 Quarter
Trade and other receivables IncreaseDecreaseInAccountsAndOtherReceivables $15.57M USD 1 Quarter
Changes in due to/from affiliates, net IncreaseDecreaseInDueToAffiliates $-20.00K USD 1 Quarter
Changes in due to/from affiliates, net IncreaseDecreaseInDueToAffiliates $2.74M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $-2.36M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $2.83M USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $3.21M USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-4.27M USD 1 Quarter
Deferred drydocking and survey costs IncreaseDecreaseInCashPaidForDeferredDrydockingAndSurveyCosts $2.72M USD 1 Quarter
Deferred drydocking and survey costs IncreaseDecreaseInCashPaidForDeferredDrydockingAndSurveyCosts $12.61M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $3.84M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $-1.05M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $5.72M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-11.62M USD 1 Quarter
Proceeds from asset dispositions ProceedsFromSaleOfProductiveAssets $4.63M USD 1 Quarter
Proceeds from asset dispositions ProceedsFromSaleOfProductiveAssets $10.98M USD 1 Quarter
Acquisition of joint venture, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $1.04M USD 1 Quarter
Acquisition of joint venture, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Additions to properties and equipment PaymentsToAcquirePropertyPlantAndEquipment $1.20M USD 1 Quarter
Additions to properties and equipment PaymentsToAcquirePropertyPlantAndEquipment $1.23M USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $9.79M USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $2.36M USD 1 Quarter
Principal payments on long-term debt RepaymentsOfSecuredDebt - USD 1 Quarter
Principal payments on long-term debt RepaymentsOfSecuredDebt $26.41M USD 1 Quarter
Debt issuance and modification costs PaymentsOfDebtRestructuringCosts $263.00K USD 1 Quarter
Debt issuance and modification costs PaymentsOfDebtRestructuringCosts $725.00K USD 1 Quarter
Debt extinguishment premium PaymentsOfDebtExtinguishmentCosts - USD 1 Quarter
Debt extinguishment premium PaymentsOfDebtExtinguishmentCosts $59.00K USD 1 Quarter
Tax on share-based awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $135.00K USD 1 Quarter
Tax on share-based awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $1.02M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-1.28M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-27.33M USD 1 Quarter
Net change in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-11.83M USD 1 Quarter
Net change in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-10.54M USD 1 Quarter
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $143.40M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $155.22M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $143.73M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $154.28M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $143.40M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $155.22M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $143.73M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $154.28M USD Point-in-time
Interest, net of amounts capitalized InterestPaidNet - USD 1 Quarter
Interest, net of amounts capitalized InterestPaidNet $3.75M USD 1 Quarter
Income taxes IncomeTaxesPaid $3.20M USD 1 Quarter
Income taxes IncomeTaxesPaid $2.54M USD 1 Quarter
Stockholders Equity 13 line items
Line Item Tag Value Unit Period
Balance at December 31, 2021 and 2020 StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $788.71M USD Point-in-time
Balance at December 31, 2021 and 2020 StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $823.27M USD Point-in-time
Balance at December 31, 2021 and 2020 StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $701.77M USD Point-in-time
Balance at December 31, 2021 and 2020 StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $689.74M USD Point-in-time
Total comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-12.47M USD 1 Quarter
Total comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-35.60M USD 1 Quarter
Issuance of common stock StockIssuedDuringPeriodValueWarrantExercises - USD 1 Quarter
Amortization of share-based awards StockIssuedDuringPeriodValueAmortizationOrCancellationOfRestrictedStock $1.04M USD 1 Quarter
Amortization of share-based awards StockIssuedDuringPeriodValueAmortizationOrCancellationOfRestrictedStock $441.00K USD 1 Quarter
Balance at March 31, 2022 and 2021 StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $788.71M USD Point-in-time
Balance at March 31, 2022 and 2021 StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $823.27M USD Point-in-time
Balance at March 31, 2022 and 2021 StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $701.77M USD Point-in-time
Balance at March 31, 2022 and 2021 StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $689.74M USD Point-in-time
Comprehensive Income 6 line items
Line Item Tag Value Unit Period
Net loss ProfitLoss $-12.27M USD 1 Quarter
Net loss ProfitLoss $-35.53M USD 1 Quarter
Change in liability of pension plans OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $71.00K USD 1 Quarter
Change in liability of pension plans OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $197.00K USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTax $-12.47M USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTax $-35.60M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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