TDW
Tidewater Inc.52.79
-3.69-6.53%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
M&A hints pause buybacks
Q&A surfaced Tidewater pausing share repurchases amid material nonpublic info on M&A pursuits, favoring South American large PSVs and mid/large anchor handlers over other assets. Management sees pricing power returning sooner than 2024 rig peaks, aided by FPSO/EPCI demand soaking up capacity and vessel attrition. Africa and Asia face higher H2 2026 exposure, with 7-month contracts strategically bridging to drilling uptick. A potential $80M Venezuela receivable offers cash upside, timing uncertain. Buybacks paused for M&A dry powder. Overall, answers reinforced the base-case 2026 guidance while clarifying regional risks; investors track M&A and H2 tenders.
Key Stats
Market Cap
2.62BP/E (TTM)
17.77Basic EPS (TTM)
2.97Dividend Yield
0%Recent Filings
8-K
Q3 revenue edges up, loss from debt
Tidewater posted Q3 revenue of $341.1M, up 0.2% from last year, with day rates rising 2.3% to $22,798 but swung to a $0.8M net loss from debt extinguishment. Adjusted EBITDA held firm at $137.9M amid better vessel uptime; free cash flow hit $82.7M. Cash pile swelled to $428M. Guidance narrowed: 2025 revenue $1.33-1.35B at 49-50% margins; 2026 $1.32-1.37B at 48-50%. $500M buyback remains.
10-Q
Q3 FY2025 results
Tidewater posted Q3 revenue of $341.1M, flat y/y but down 0% q/q (derived), with operating income sliding to $62.7M from $70.0M y/y and $80.9M q/q amid higher G&A and D&A. Vessel costs dipped 1.4% y/y to $176.1M on lower fuel and repairs, yet net swung to a $1.0M loss from $46.0M profit, driven by $27.1M debt extinguishment and taxes exceeding pretax income. YTD revenue climbed 1.5% to $1.0B, operating income off 5% to $218.6M, and net income $114.0M; operating cash flow hit $226.1M while free cash flow reached $205.5M (derived). Cash swelled to $428.2M, bolstered by $650M 9.125% notes due 2030 refinancing old debt; repurchased $90M shares. Mexico receivable at 17% of total trails 90+ days. Debt covenants pose execution risk.
8-K
Q2 beats, $500M buyback
Tidewater posted Q2 revenue of $341.4M, up 0.6% year-over-year, with record day rates at $23,166 and net income of $72.9M boosted by $11.7M FX gain. Board approved $500M share repurchase program on August 4, 2025, after Q2 buybacks cut shares 1.4M. Reiterates 2025 revenue guidance of $1.32-1.38B. Strong cash flow fuels returns.
10-Q
Q2 FY2025 results
Tidewater posted steady Q2 revenue of $341.4M, up 0.7% y/y but flat q/q (derived), with operating income climbing 3.6% y/y to $80.9M on lower vessel costs—while Europe/Mediterranean surged 27% on seasonal strength, West Africa dipped 22% from drydocks. Diluted EPS hit $1.46, up 55% y/y, confirmed against 50M shares. Cash swelled to $369M; YTD OCF $171M minus $15M capex yielded $156M FCF (derived), fueling $90M buybacks—debt trimmed to $636M before July 2025's full refinancing into $650M 9.125% 2030 Notes and $250M revolver. Solid liquidity endures. Debt covenants bind distributions.
8-K
Tidewater closes $650M notes
Tidewater issued $650M 9.125% senior notes due 2030 on July 7, 2025, and entered a $250M secured revolver replacing its prior $25M facility. Proceeds repaid a term loan and redeemed 2026/2028 bonds. Piers Middleton became COO effective July 1. Refinancing extends maturities while covenants cap leverage at 3.0x.
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