10-Q Filing

TIDEWATER INC CIK: 98222 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001564590-19-016020`
Period End Date	20190331
Filing Date	20190506
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	tdw-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 46 Cash Flow Statement 58 Stockholders Equity 15 Comprehensive Income 6

Balance Sheet 69 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	125.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	125.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	36.98M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	37.38M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$391.06M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$371.79M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	37.38M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$25.95M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	36.98M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.99M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$6.97M	USD	Point-in-time
Trade and other receivables, net	`ReceivablesNetCurrent`	$112.85M	USD	Point-in-time
Trade and other receivables, net	`ReceivablesNetCurrent`	$111.27M	USD	Point-in-time
Due from affiliates	`DueFromAffiliateCurrent`	$119.05M	USD	Point-in-time
Due from affiliates	`DueFromAffiliateCurrent`	$132.95M	USD	Point-in-time
Marine operating supplies	`Supplies`	$29.50M	USD	Point-in-time
Marine operating supplies	`Supplies`	$29.34M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$11.84M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$14.84M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$683.30M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$674.12M	USD	Point-in-time
Investments in, at equity, and advances to unconsolidated companies	`EquityMethodInvestments`	$1.04M	USD	Point-in-time
Investments in, at equity, and advances to unconsolidated companies	`EquityMethodInvestments`	$774.00K	USD	Point-in-time
Properties and equipment, net	`PropertyPlantAndEquipmentNet`	$1.09B	USD	Point-in-time
Properties and equipment, net	`PropertyPlantAndEquipmentNet`	$1.07B	USD	Point-in-time
Deferred drydocking and survey costs	`DeferredDrydockingAndSurveyCostsNoncurrent`	$22.21M	USD	Point-in-time
Deferred drydocking and survey costs	`DeferredDrydockingAndSurveyCostsNoncurrent`	$30.60M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$38.51M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$31.33M	USD	Point-in-time
Total assets	`Assets`	$1.81B	USD	Point-in-time
Total assets	`Assets`	$1.83B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$31.94M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$29.74M	USD	Point-in-time
Accrued costs and expenses	`AccruedLiabilitiesCurrent`	$61.78M	USD	Point-in-time
Accrued costs and expenses	`AccruedLiabilitiesCurrent`	$56.02M	USD	Point-in-time
Due to affiliates	`DueToAffiliateCurrent`	$40.24M	USD	Point-in-time
Due to affiliates	`DueToAffiliateCurrent`	$34.97M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$8.57M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$9.96M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$20.11M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$21.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$156.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$158.35M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$427.44M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$430.44M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$94.03M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$98.10M	USD	Point-in-time
Contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock of $0.001 par value, 125,000,000 shares authorized, 37,381,954 and 36,978,280 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$37.00K	USD	Point-in-time
Common stock of $0.001 par value, 125,000,000 shares authorized, 37,381,954 and 36,978,280 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$37.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.36B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.35B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-232.51M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-210.78M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.19M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.19M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.14B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.13B	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$1.53M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$1.09M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.13B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.14B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.02B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$985.48M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.81B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.83B	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$91.49M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$122.15M	USD	1 Quarter
Vessel operating costs	`DirectOperatingCosts`	$61.36M	USD	1 Quarter
Vessel operating costs	`DirectOperatingCosts`	$82.20M	USD	1 Quarter
Costs of other operating revenues	`OtherCostOfOperatingRevenue`	$764.00K	USD	1 Quarter
Costs of other operating revenues	`OtherCostOfOperatingRevenue`	$2.47M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$27.14M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$23.57M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$12.02M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$22.93M	USD	1 Quarter
Gain on asset dispositions, net	`GainLossOnDispositionOfAssets`	$1.27M	USD	1 Quarter
Gain on asset dispositions, net	`GainLossOnDispositionOfAssets`	$1.92M	USD	1 Quarter
Asset impairments	`AssetImpairmentCharges`	-	USD	1 Quarter
Asset impairments	`AssetImpairmentCharges`	$6.19M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$103.69M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$131.77M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-9.62M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-12.19M	USD	1 Quarter
Foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-348.00K	USD	1 Quarter
Foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-508.00K	USD	1 Quarter
Equity in net losses of unconsolidated companies	`IncomeLossFromEquityMethodInvestments`	$-62.00K	USD	1 Quarter
Equity in net losses of unconsolidated companies	`IncomeLossFromEquityMethodInvestments`	$-15.44M	USD	1 Quarter
Interest income and other, net	`InterestIncomeExpenseNonoperatingNet`	$-128.00K	USD	1 Quarter
Interest income and other, net	`InterestIncomeExpenseNonoperatingNet`	$2.47M	USD	1 Quarter
Interest and other debt costs, net	`InterestAndDebtExpense`	$7.60M	USD	1 Quarter
Interest and other debt costs, net	`InterestAndDebtExpense`	$7.74M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-23.51M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-5.84M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-35.71M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-15.46M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.32M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$5.83M	USD	1 Quarter
Net loss	`ProfitLoss`	$-39.03M	USD	1 Quarter
Net loss	`ProfitLoss`	$-21.29M	USD	1 Quarter
Less: Net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$445.00K	USD	1 Quarter
Less: Net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$143.00K	USD	1 Quarter
Net loss attributable to Tidewater Inc.	`NetIncomeLoss`	$-21.73M	USD	1 Quarter
Net loss attributable to Tidewater Inc.	`NetIncomeLoss`	$-39.17M	USD	1 Quarter
Basic loss per common share	`EarningsPerShareBasic`	$-0.58	USD	1 Quarter
Basic loss per common share	`EarningsPerShareBasic`	$-1.67	USD	1 Quarter
Diluted loss per common share	`EarningsPerShareDiluted`	$-1.67	USD	1 Quarter
Diluted loss per common share	`EarningsPerShareDiluted`	$-0.58	USD	1 Quarter
Weighted average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	23.43M	shares	1 Quarter
Weighted average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	37.18M	shares	1 Quarter
Adjusted weighted average common shares	`WeightedAverageNumberOfDilutedSharesOutstanding`	23.43M	shares	1 Quarter
Adjusted weighted average common shares	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.18M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-39.03M	USD	1 Quarter
Net loss	`ProfitLoss`	$-21.29M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.38M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$19.03M	USD	1 Quarter
Amortization of deferred drydocking and survey costs	`AmortizationOfDeferredDrydockingAndSurveyCosts`	$3.90M	USD	1 Quarter
Amortization of deferred drydocking and survey costs	`AmortizationOfDeferredDrydockingAndSurveyCosts`	$638.00K	USD	1 Quarter
Amortization of debt premium and discounts	`AmortizationOfDebtDiscountPremium`	$-443.00K	USD	1 Quarter
Amortization of debt premium and discounts	`AmortizationOfDebtDiscountPremium`	$-505.00K	USD	1 Quarter
Provision for deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$169.00K	USD	1 Quarter
Gain on asset dispositions, net	`GainLossOnDispositionOfAssets`	$1.27M	USD	1 Quarter
Gain on asset dispositions, net	`GainLossOnDispositionOfAssets`	$1.92M	USD	1 Quarter
Asset impairments	`AssetImpairmentCharges`	-	USD	1 Quarter
Asset impairments	`AssetImpairmentCharges`	$6.19M	USD	1 Quarter
Changes in investments in, at equity, and advances to unconsolidated companies	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$-15.71M	USD	1 Quarter
Changes in investments in, at equity, and advances to unconsolidated companies	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$-265.00K	USD	1 Quarter
Compensation expense - stock-based	`ShareBasedCompensation`	$5.63M	USD	1 Quarter
Compensation expense - stock-based	`ShareBasedCompensation`	$2.96M	USD	1 Quarter
Trade and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$1.66M	USD	1 Quarter
Trade and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$2.20M	USD	1 Quarter
Changes in due to/from affiliate, net	`IncreaseDecreaseInDueToAffiliates`	$1.08M	USD	1 Quarter
Changes in due to/from affiliate, net	`IncreaseDecreaseInDueToAffiliates`	$19.18M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$7.28M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-2.20M	USD	1 Quarter
Accrued costs and expenses	`IncreaseDecreaseInAccruedLiabilities`	$-5.63M	USD	1 Quarter
Accrued costs and expenses	`IncreaseDecreaseInAccruedLiabilities`	$845.00K	USD	1 Quarter
Cash paid for deferred drydocking and survey costs	`IncreaseDecreaseInCashPaidForDeferredDrydockingAndSurveyCosts`	$8.86M	USD	1 Quarter
Cash paid for deferred drydocking and survey costs	`IncreaseDecreaseInCashPaidForDeferredDrydockingAndSurveyCosts`	$12.29M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$156.00K	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$5.95M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.98M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.16M	USD	1 Quarter
Proceeds from sales of assets	`ProceedsFromSaleOfProductiveAssets`	$9.49M	USD	1 Quarter
Proceeds from sales of assets	`ProceedsFromSaleOfProductiveAssets`	$9.65M	USD	1 Quarter
Additions to properties and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.68M	USD	1 Quarter
Additions to properties and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.12M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$6.54M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$7.82M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$1.51M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$1.47M	USD	1 Quarter
Payments to General Unsecured Creditors	`RepaymentsOfUnsecuredDebt`	$8.38M	USD	1 Quarter
Taxes on share based awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.58M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$1.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.09M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-9.85M	USD	1 Quarter
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-8.02M	USD	1 Quarter
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$291.00K	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$445.32M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$398.04M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$453.33M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$397.74M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$445.32M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$398.04M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$453.33M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$397.74M	USD	Point-in-time
Interest, net of amounts capitalized	`InterestPaidNet`	$8.32M	USD	1 Quarter
Interest, net of amounts capitalized	`InterestPaidNet`	$8.15M	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$6.43M	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$4.42M	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.13B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.14B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.02B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$985.48M	USD	Point-in-time
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-21.29M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-39.33M	USD	1 Quarter
Stock option expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$-98.00K	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$2.00K	USD	1 Quarter
Amortization of restricted stock units	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$2.96M	USD	1 Quarter
Issuance of common stock from exercise of warrants	`StockIssuedDuringPeriodValueCommonStockWarrantsExercised`	$1.00K	USD	1 Quarter
Amortization/cancellation of restricted stock units	`StockIssuedDuringPeriodValueAmortizationCancellationOfRestrictedStock`	$-4.05M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.13B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.14B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.02B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$985.48M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-39.03M	USD	1 Quarter
Net loss	`ProfitLoss`	$-21.29M	USD	1 Quarter
Unrealized losses on available-for-sale securities, tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$61.00K	USD	1 Quarter
Unrealized losses on available for sale securities, net of tax of $61	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-299.00K	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-21.29M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-39.33M	USD	1 Quarter

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