Tidewater(US:TDW)2025-08-04 20:36Financial Performance - Revenue for Q2 2025 was $341.4 million, a 0.6% increase compared to Q2 2024's $339.2 million[3]. - Net income for Q2 2025 was $72.9 million ($1.46 per share), up from $50.4 million ($0.94 per share) in Q2 2024, representing a 44.5% increase[3][8]. - Operating income for Q2 2025 was $80.9 million, compared to $78.1 million in Q2 2024[21]. - Net income for the three months ended June 30, 2025, was $72,702,000, an increase of 45.7% compared to $49,917,000 for the same period in 2024[23]. - Total comprehensive income for the six months ended June 30, 2025, was $116,235,000, up from $96,458,000 in the prior year, reflecting a growth of 20.5%[23]. - Net income for the quarter ended June 30, 2025, was $72,702,000, an increase from $42,320,000 in the previous quarter[30]. - Adjusted EBITDA for the quarter was $162,980,000, compared to $154,179,000 in the previous quarter, indicating a 6% increase[45]. Cash Flow and Liquidity - Free cash flow for Q2 2025 was $97.5 million, demonstrating strong cash generation capabilities[4][8]. - Cash flows from operating activities for the six months ended June 30, 2025, amounted to $171,406,000, compared to $133,410,000 for the same period in 2024, representing a 28.5% increase[24]. - Cash, cash equivalents, and restricted cash at the end of the period were $372,307,000, an increase from $321,501,000 at the end of June 30, 2024[24]. - Net cash provided by operating activities for Q2 2025 was $85,433,000, a decrease from $91,303,000 in Q4 2024[51]. - Free cash flow for Q2 2025 was $97,541,000, compared to $107,025,000 in Q4 2024, indicating a decline[51]. Shareholder Returns - The company has authorized a new share repurchase program of $500 million to enhance shareholder returns[7][8]. - The company repurchased and retired common stock worth $90,089,000 during the six months ended June 30, 2025[24]. Revenue Guidance - 2025 revenue guidance is reiterated at $1.32 billion to $1.38 billion, with 93% of this guidance covered by contracted future revenue[9]. Asset and Liability Management - Total current assets increased to $724,507,000 as of June 30, 2025, from $698,662,000 at December 31, 2024, marking a growth of 3.7%[22]. - Total liabilities decreased to $938,145,000 as of June 30, 2025, down from $962,719,000 at December 31, 2024, indicating a reduction of 2.5%[22]. - The accumulated deficit improved to $(524,235,000) as of June 30, 2025, from $(548,831,000) at December 31, 2024, reflecting a reduction of 4.5%[25]. - Long-term debt stood at $531,874,000 as of June 30, 2025, down from $555,994,000 in the previous quarter[29]. Vessel Performance - Average day rate for vessels reached a record $23,166, an increase of $2,036 per day, or 9.6%, compared to Q2 2024[4][8]. - Total vessel revenues for Q2 2025 were $336,858,000, a slight decrease from $337,003,000 in Q2 2024[26]. - Vessel operating costs for Q2 2025 were $167,354,000, representing 50% of total vessel revenues, compared to 52% in Q2 2024[26]. - The vessel operating margin for Q2 2025 was $169,504,000, which is 50% of total vessel revenues, compared to 48% in Q2 2024[28]. - Crew costs accounted for 30% of total vessel operating costs in Q2 2025, down from 31% in Q2 2024[26]. Regional Performance - The Americas region contributed $68,758,000 in vessel revenues for Q2 2025, representing 20% of total vessel revenues[26]. - Europe/Mediterranean region saw vessel revenues of $99,280,000 in Q2 2025, an increase from $83,266,000 in Q2 2024[26]. - West Africa's vessel revenues were $82,909,000 in Q2 2025, slightly down from $88,838,000 in Q2 2024[26]. - The Asia Pacific fleet's revenue decreased to $45.696 million from $48.228 million, a decline of 3.5%[31]. - In the Middle East, vessel revenues were $40,215,000 in Q2 2025, a decrease from $43,302,000 in Q1 2025, representing a decline of 4.9%[41]. Fleet Utilization - Total fleet utilization for the Americas increased to 75.8% in June 2025 from 64.4% in March 2025[36]. - Worldwide fleet utilization stood at 76.4% in June 2025, compared to 78.4% in March 2025[37]. - The utilization rate for PSV vessels greater than 900 in the Americas improved to 87.0% in June 2025, compared to 78.3% in March 2025[37]. - The Asia Pacific fleet's total utilization decreased to 67.9% in June 2025 from 73.1% in March 2025[37]. - The West Africa fleet's total utilization was 61.6% in June 2025, a decrease from 75.0% in March 2025[37].