Revenue and Financial Performance - Revenue for Q3 2024 was 340.4million,a1.1 million increase from the prior quarter[1] - Total revenues for Q3 2024 increased to 340.36million,upfrom299.26 million in Q3 2023, representing a 13.7% growth[17] - Vessel revenues for the nine months ended September 30, 2024, reached 994.17million,up42.3698.48 million in the same period last year[17] - Total vessel revenues for the three months ended September 30, 2024, were 338.485million,a14296.975 million in the same period in 2023[24] - Total revenues for Q3 2024 were 340.356million,aslightincreasefrom339.230 million in Q2 2024[27] - Vessel revenues for Q3 2024 were 338.485million,upfrom337.003 million in Q2 2024[27] - Worldwide fleet total revenue for Q3 2024 was 338.485million,showingaslightincreasefrom337.003 million in Q2 2024 and a significant rise from 296.975millioninQ32023[31]−Worldwidevesselrevenuesincreasedto338.5 million in September 2024, up from 337.0millioninJune2024and318.7 million in March 2024[47] Net Income and Profitability - Net income for Q3 2024 was 46.4million,comparedto26.2 million in Q3 2023[1] - Net income attributable to Tidewater Inc. for Q3 2024 rose to 46.37million,comparedto26.20 million in Q3 2023, a 77.0% increase[17] - Net income attributable to Tidewater Inc. for Q3 2024 was 46.371million,comparedto50.354 million in Q2 2024[27] - Net income for Q3 2024 was 45.99million,adecreasefrom49.92 million in Q2 2024[29] - Net income for September 2024 was 46.0million,slightlydownfrom49.9 million in June 2024 but up from 37.3millioninDecember2023[49]CashFlowandLiquidity−Cashflowfromoperationsforthefirstninemonthsof2024was182.5 million, the best performance in 8 years[3] - Cash and cash equivalents as of September 30, 2024, stood at 280.84million,slightlyupfrom274.44 million at the end of 2023[18] - Net cash provided by operating activities for the nine months ended September 30, 2024, was 182.55million,asignificantincreasefrom57.47 million in the same period last year[21] - Net cash provided by operating activities in Q3 2024 was 49.14million,downfrom78.65 million in Q2 2024[29] - Free cash flow for Q3 2024 was 66,990thousand,comparedto87,569 thousand in Q2 2024 and 69,373thousandinQ12024[56]−CashinterestexpenseforQ32024was23,535 thousand, up from 14,925thousandinQ22024and15,621 thousand in Q1 2024[56] Share Repurchases and Capital Allocation - The company repurchased 189,738 shares for 15.0millionatanaveragepriceof79.06 per share[1] - The company anticipates share repurchase capacity to increase by close to 100millioninQ12025[3]−Thecompanyrepurchasedandretired14.172 million worth of common stock during the three months ended September 30, 2024[22] Guidance and Outlook - Updated 2024 revenue guidance to 1.33to1.35 billion and gross margin guidance of 48%[1] - The company expects quarterly free cash flow generation to increase in the next two quarters[3] - The outlook on the timing of growth in offshore vessel activity has become uncertain due to concerns around slower acceleration in oil demand[6] Operating Income and Expenses - Operating income for the nine months ended September 30, 2024, was 229.97million,a93.0119.12 million in the same period last year[17] - Operating income for the three months ended September 30, 2024, was 69.946million,a2655.674 million in the same period in 2023[25] - Operating income for Q3 2024 was 69.946million,adecreasefrom78.127 million in Q2 2024[27] - Total operating costs and expenses for Q3 2024 were 270.410million,upfrom261.103 million in Q2 2024[27] - Total vessel operating costs worldwide increased to 178.7millioninSeptember2024,upfrom176.5 million in June 2024 and 158.6millioninDecember2023[47]RegionalPerformance−WestAfricaregioncontributedthehighestvesselrevenuesat95.324 million (28% of total) for the three months ended September 30, 2024, up from 73.650million(2556.283 million for the three months ended September 30, 2024, compared to 38.994millioninthesameperiodin2023[24]−Americasfleetrevenuedecreasedto64.606 million in Q3 2024 from 73.142millioninQ22024,withPSV>900vesselscontributing27.192 million[31] - Asia Pacific fleet revenue increased to 56.283millioninQ32024from55.221 million in Q2 2024, driven by PSV > 900 vessels generating 19.535million[31]−MiddleEastfleetrevenueremainedstableat36.947 million in Q3 2024 compared to 36.536millioninQ22024,withPSV<900vesselscontributing19.909 million[31] - Europe/Mediterranean fleet revenue rose to 85.325millioninQ32024from83.266 million in Q2 2024, with PSV > 900 vessels generating 66.808million[31]−WestAfricafleetrevenueincreasedto95.324 million in Q3 2024 from 88.838millioninQ22024,withPSV<900vesselscontributing41.367 million[31] Fleet Utilization and Day Rates - Average day rate increased to 22,275perday,up1,145 from the prior quarter[1] - The average day rate in large PSV and anchor handler fleets showed sequential quarterly improvement[2] - Vessel operating margin for the three months ended September 30, 2024, was 47%, up from 45% in the same period in 2023[24] - Vessel operating margin for Q3 2024 was 159.831million,slightlydownfrom160.490 million in Q2 2024[27] - Worldwide fleet total average vessel day rates increased to 22,275inSeptember2024from17,865 in September 2023, a growth of 24.7%[40] - PSV > 900 worldwide average vessel day rates increased to 25,883inSeptember2024from22,804 in September 2023, up by 13.5%[40] - AHTS > 16K worldwide average vessel day rates rose to 41,721inSeptember2024from26,293 in September 2023, marking a 58.7% increase[40] - AHTS 8 - 16K worldwide average vessel day rates grew to 18,087inSeptember2024from15,533 in September 2023, an increase of 16.4%[40] - AHTS 4 - 8K worldwide average vessel day rates increased to 11,990inSeptember2024from9,368 in September 2023, up by 28.0%[40] Debt and Liabilities - Long-term debt decreased to 597.35millionasofSeptember30,2024,from631.36 million at the end of 2023[18] - Long-term debt decreased to 597.35millioninSeptember2024from607.99 million in June 2024[28] - Principal payments on long-term debt in Q3 2024 were 62.50million,significantlyhigherthan14.01 million in Q2 2024[29] Stockholders' Equity and Assets - Total stockholders' equity increased to 1.12billioninSeptember2024from1.08 billion in June 2024[28] - Accumulated deficit improved to (541.19million)inSeptember2024from(573.39 million) in June 2024[28] - Total assets decreased to 2.05billioninSeptember2024from2.09 billion in June 2024[28] - Total equity increased to 1.11billioninSeptember2024from1.08 billion in June 2024[28] Depreciation and Amortization - Depreciation and amortization expenses for the nine months ended September 30, 2024, totaled 178.15million,comparedto121.16 million in the same period last year[17] - Depreciation expenses for Q3 2024 were 39.24million,slightlylowerthan39.38 million in Q2 2024[29] - Amortization of deferred drydocking and survey costs increased to 23.20millioninQ32024from20.07 million in Q2 2024[29] Foreign Exchange and Other Items - Foreign exchange gain for Q3 2024 was 5.522million,comparedtoalossof2.376 million in Q2 2024[27] - Foreign exchange gains (losses) for Q3 2024 were 5,522,comparedto(2,376) in Q2 2024, (4,085)inQ12024,2,250 in Q4 2023, and (2,149)inQ32023[50]Miscellaneous−CorporateexpensesforthethreemonthsendedSeptember30,2024,were14.655 million, a 47% increase from 9.961millioninthesameperiodin2023[25]−GeneralandadministrativeexpensesforthethreemonthsendedSeptember30,2024,included3.7 million in stock-based compensation, up from 2.4millioninthesameperiodin2023[25]−Stock−basedcompensationexpenseinQ32024was3.57 million, slightly higher than 3.46millioninQ22024[29]−EBITDAforQ32024includesnon−cashstock−basedcompensationexpenseof3,569, compared to 3,460inQ22024,2,766 in Q1 2024, 3,508inQ42023,and2,496 in Q3 2023[50]
Tidewater(TDW)2024-11-07 21:51