Tidewater(US:TDW)2025-05-05 20:45Financial Performance - Revenue for Q1 2025 was $333.4 million, a 3.8% increase compared to $321.2 million in Q1 2024[3]. - Net income for Q1 2025 was $42.7 million ($0.83 per share), down from $47.0 million ($0.89 per share) in Q1 2024[3][7]. - Operating income for Q1 2025 was $75.0 million, compared to $81.9 million in Q1 2024[19]. - Net income for the three months ended March 31, 2025, was $42,320 thousand, down 9.3% from $46,745 thousand for the same period in 2024[21]. - Total comprehensive income for the three months ended March 31, 2025, was $42,867 thousand, compared to $46,688 thousand in the same period of 2024, a decrease of 8.0%[21]. - Net income attributable to Tidewater Inc. for Q1 2025 was $42,653,000, an increase of 15.0% from $36,905,000 in Q4 2024[26]. - EBITDA for the same period was $149,854,000, compared to $133,286,000 in the prior quarter, reflecting a 12.5% increase[43]. - Adjusted EBITDA for Q1 2025 was $154,179,000, up from $138,392,000 in Q4 2024, indicating a 11.4% growth[49]. Cash Flow and Liquidity - Free cash flow for Q1 2025 was $94.7 million, demonstrating strong cash generation despite significant drydock spending[4]. - Cash flows from operating activities increased to $85,973 thousand for the three months ended March 31, 2025, compared to $54,765 thousand in the same period of 2024, marking a significant increase of 56.9%[22]. - Net cash provided by operating activities was $85,973,000, down from $91,303,000 in the previous quarter, a decline of 5.8%[49]. - Cash, cash equivalents, and restricted cash at the end of the period increased to $349,914 thousand, up from $289,653 thousand at the end of March 31, 2024, representing a growth of 20.9%[22]. - Cash interest expense for Q1 2025 was $17,505,000, an increase from $12,816,000 in the previous quarter[49]. Revenue and Vessel Performance - Total vessel revenues increased to $330,699 thousand for the three months ended March 31, 2025, compared to $318,686 thousand in the prior year, reflecting a growth of 3.5%[24]. - Vessel revenues for Q1 2025 were $330,699,000, a decrease of 3.5% from $343,463,000 in Q4 2024[26]. - Total revenue for the worldwide fleet was $330,699,000, a decrease from $343,463,000 in the previous quarter, reflecting a decline of about 3.5%[29]. - Vessel operating margin improved to $165,720 thousand, representing 50% of total vessel revenues, compared to $151,130 thousand or 47% in the same period last year[24]. - Total vessel operating costs for the same period were $164,979,000, down from $170,384,000, reflecting a reduction of 3.4%[42]. Guidance and Future Outlook - 2025 revenue guidance is reiterated at $1.32 billion to $1.38 billion, with gross margin guidance of 48% to 50%[6][7]. - Tidewater remains well-positioned to benefit from long-term growth in offshore energy demand despite macroeconomic uncertainties[8]. Shareholder Returns - Year-to-date share repurchases totaled 2.3 million shares for $90.0 million at an average price of $39.31 per share[5][7]. - The company repurchased and retired common stock amounting to $39,712 thousand during the three months ended March 31, 2025[23]. Asset and Liability Management - Total assets decreased to $2,066,166 thousand as of March 31, 2025, from $2,074,904 thousand at December 31, 2024, representing a decline of approximately 0.4%[20]. - Total current liabilities rose slightly to $337,544 thousand as of March 31, 2025, from $331,613 thousand at December 31, 2024, an increase of approximately 1.1%[20]. - Long-term debt decreased to $555,994,000 in Q1 2025 from $571,710,000 in Q4 2024, a reduction of 2.7%[27]. - Total stockholders' equity was $1,113,624,000 in Q1 2025, marginally down from $1,114,111,000 in Q4 2024[27]. Fleet Utilization and Performance - The total fleet utilization rate for March 2025 was 76.0%, down from 81.5% in March 2024, representing a decrease of 5.5 percentage points[34]. - The total number of active vessels in the worldwide fleet decreased to 210 in March 2025 from 217 in March 2024, representing a decline of approximately 3.2%[30]. - The total available days for the worldwide fleet decreased to 18,885 in March 2025 from 19,730 in March 2024, a decline of approximately 4.3%[33]. - The average vessel day rate for the worldwide fleet was $22,303 for the three months ended March 31, 2025, an increase from $19,563 in the same period last year[36]. Regional Performance - Vessel revenues in the Americas for Q1 2025 were $54,852,000, a decrease of 9.1% from $60,240,000 in Q4 2024[37]. - Vessel revenues in the Asia Pacific for Q1 2025 were $48,228,000, a decrease of 5.3% from $51,043,000 in Q4 2024[38]. - Vessel revenues in the Middle East for Q1 2025 were $43,302,000, an increase of 3.9% from $40,772,000 in Q4 2024[39]. - In the Europe/Mediterranean region, vessel revenues were $78,205,000, down from $84,109,000, a decline of 3.4%[40]. - In West Africa, vessel revenues were $106,112,000, a slight decrease from $107,299,000, reflecting a 1.1% decline[41].