Tidewater (TDW) Q1 2025 Earnings Call May 06, 2025 09:00 AM ET Speaker0 Thank you for standing by. My name is Janice, and I will be your conference operator today. At this time, I would like to welcome everyone to the Tidewater Q1 twenty twenty five Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer Thank you. I would now like to turn the call over to Wes Goacher, Senior Vice President of Strategy Corporate Deve ...

May 2025 Investor Presentation tdw.com Forward-looking Statements This presentation contains "forward-looking statements" within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as "expect," "believe," "think," "anticipate," "predict," "plan," "assume," "estimate," "forecast," "target," "projections," "intend," "should," "will," "shall" and other similar words. Forward-looking statements address matters that are ...

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, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.) Delaware 72-0487776 842 West Sam Houston Parkway North, Suite 400 Houston, Texas 77024 (Address of principal executive ...

Tidewater Inc. 842 West Sam Houston Parkway North, Suite 400 Houston, TX 77024, USA +1.713.470.5300 Tidewater Reports Results for the Three Months Ended March 31, 2025 First Quarter 2025 Highlights Share Count Reduction and 2025 Guidance HOUSTON, May 5, 2025 - Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ended March 31, 2025 of $333.4 million, compared with $321.2 million for the three months ended March 31, 2024. Tidewater's net income for the three months ended March 31, 2025, wa ...

Group 1 - The focus has shifted from primarily tech stocks to include offshore drilling, supply industry, and shipping sectors such as tankers, containers, and dry bulk [1] - There is an emerging interest in the fuel cell industry, which is still in its nascent stage [1] Group 2 - The individual has extensive experience in auditing with PricewaterhouseCoopers before transitioning to day trading nearly 20 years ago [2] - The individual successfully navigated significant market events including the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2]

Core Insights - TDW+Co is collaborating with Alaska Airlines and Hawaiian Airlines to create an immersive experience at the South by Southwest festival in Austin, TX, aimed at engaging a tech-savvy audience and showcasing innovations in travel [1][2][3] Group 1: Event Details - The event will take place on March 9, 2025, at Inn Cahoots in Austin, transforming the venue into an interactive hub for attendees to explore advancements in the airline industry [2][4] - The activation will feature live tech demonstrations, curated panels, and hands-on activities, providing guests with a first-hand look at innovations from both airlines [2][3] Group 2: Innovations Highlighted - Innovations showcased will include Alaska Airlines' electronic bag tag powered by BAGTAG and BagsID's AI-powered baggage recognition technology, emphasizing a future of streamlined travel [3][4] - Attendees will have the opportunity to personalize their experience through a "Vibe Quiz" to discover their ideal travel style and destination, while the "Future Gate Vision" will highlight the commitment to seamless airport experiences [3][4] Group 3: Company Background - TDW+Co is a community-based, purpose-driven agency that focuses on authentic brand engagement and is a certified minority-owned company with a diverse workforce [5] - Alaska Airlines and Hawaiian Airlines are subsidiaries of Alaska Air Group, operating hubs in major cities and serving over 140 destinations across North America, Latin America, Asia, and the Pacific [6]

Financial Data and Key Metrics Changes - Revenue for 2024 increased by 33% year-over-year, reaching $1.35 billion compared to $1 billion in 2023 [52][56] - Average day rates improved by nearly $4,500 per day, with gross margin rising to 48.2% from 44.2% in 2023 [53][54] - Net income nearly doubled to $180.7 million from $97.2 million in 2023, and adjusted EBITDA grew by nearly 50% to $559.6 million [56][57] - Free cash flow tripled to $331 million in 2024, with $131 million generated in Q4 alone [8][66] Business Line Data and Key Metrics Changes - Active utilization decreased by approximately two percentage points to 79.2% due to higher dry dock and idle days [54] - In Q4, average day rates were flat compared to Q3, but active utilization increased from 76.2% to 77.7% [58][69] - Gross margin in Q4 reached $174 million, up from $160.8 million in Q3, marking the highest gross margin since 2009 [70] Market Data and Key Metrics Changes - Significant improvements were noted in West Africa and the Middle East, with revenues increasing by 13% and 10% respectively, while revenues declined in other regions [69] - The company anticipates fewer offshore rigs working in 2025 compared to 2024, impacting demand for offshore vessels [17][18] - Subsea demand remains strong, with expectations for increased activity in 2026 and 2027, particularly in the subsea sector [20][21] Company Strategy and Development Direction - The company is focused on value-accretive acquisitions and has a disciplined approach to capital allocation, emphasizing free cash flow generation [12][14] - A share repurchase program was initiated, with $91 million spent on repurchases in 2024, reflecting a commitment to returning capital to shareholders [10][27] - The company aims to maintain a long-term unsecured debt capital structure while evaluating refinancing opportunities as market conditions improve [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business despite a muted growth outlook for offshore drilling activity in 2025 [17][18] - The company remains optimistic about the demand for hydrocarbons and expects a tightening vessel market to support future rate increases [80][81] - Management highlighted the importance of executing daily operations effectively to capitalize on market opportunities [9][10] Other Important Information - The company plans to incur approximately $37 million in capital expenditures for 2025, focusing on vessel upgrades and IT infrastructure [65] - The firm backlog and options represent $973 million of revenue for the remainder of 2025, with 68% of available days captured in firm backlog [36] Q&A Session Summary Question: Long-term market outlook and rate increases - Management indicated that the long-term demand for hydrocarbons remains strong, and the limited number of vessels will decrease over the next few years, supporting confidence in the business [80][81] Question: Confidence in 2025 guidance - Management expressed confidence in the 2025 guidance, noting that 81% of revenue is covered by backlog, with ongoing discussions for additional contracts [86] Question: Utilization and backlog coverage - Management clarified that 81% of revenue is covered by backlog, with more coverage expected in the near term compared to later in the year, and highlighted regional differences in coverage [95] Question: Increase in receivables - The increase in receivables was primarily driven by delays in payments from PEMEX, with expectations for resolution soon [98] Question: Dry dock schedule and impact on utilization - Management acknowledged some carryovers from 2024 to 2025 in dry dock days, impacting utilization, but noted a decrease in expected dry dock days for 2025 [106] Question: Average duration of new contracts - The average duration of new term contracts in Q4 was about twelve months, with a mix of short and longer-term contracts being pursued [109][111] Question: Confidence in 2026 and 2027 demand - Management is starting to see discussions for contracts extending into 2026 and 2027, indicating confidence in future demand growth [120][121]

Tidewater (TDW) came out with quarterly earnings of $0.70 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.94 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this offshore energy services provider would post earnings of $0.79 per share when it actually produced earnings of $0.87, delivering a surprise of 10.13%.Over the last four quarters, the company has surpassed consensus EPS estimates three times.Tidewater, ...

Exhibit 99.1 Tidewater Inc. 842 West Sam Houston Parkway North, Suite 400 Houston, TX 77024, USA +1.713.470.5300 Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2024 Full-year 2024 Highlights Fourth Quarter 2024 Highlights Share Repurchase Authorization and 2025 Guidance HOUSTON, February 27, 2025 - Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2024 of $345.1 million and $1,345.8 million, respectively, compared with $302.7 m ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ☐ 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 (Exact name of registrant as specified in its charter) Delaware 72-0487776 (State of incorporation) (I.R.S. Employer Ide ...