Company: TDDWW
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001104659-25-038699
Chunk: 6

Company: TIDEWATER INC
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 6
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uable to the Board’s ability to effectively oversee, anticipate, identify, and support management’s mitigation of the most significant risks facing the Company                                                              | ​ | ​ |   | ​ |

Additional information regarding the Nominating & Corporate Governance Committee’s role in nominating directors and the ability of shareholders to recommend candidates for director may be found under “Proposal 1: Election of Directors—Process for Identifying, Nominating and Adding Directors” and “Proposal 1: Election of Directors—Consideration of Candidates Recommended by Shareholders,” respectively.

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TABLE OF CONTENTS

Tidewater’s 2024 Performance Highlights (1) For a reconciliation to the most comparable GAAP financial measure of Adjusted EBITDA and Free Cash Flow, see Appendix A. (2) TRCF, or Total Recordable Case Frequency, is a metric used to measure the number of recordable injuries per million working hours and viewed as a key indicator of a company’s safety performance, helping track trends and identify areas for improvement. (3) LTIF, or Lost Time Injury Frequency Rate, is a key safety metric used to measure the frequency of lost time injuries (LTIs) in a workplace, specifically, the number of LTIs per 1 million hours worked. A lower LTIFR indicates a safer workplace.

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 Achieved Significant Financial Improvements.Our year-over-year financial performance for fiscal 2024 resulted in: a 33.3% increase in revenue, an 85.9% increase in net income, a 44.7% increase in Adjusted EBITDA, a 161.5% increase in net cash provided by operating activities, a 197.1% increase in free cash flow, and a 26.6% increase in average day rates. We believe our financial success realized during 2024 can be attributed to our multi-year efforts to high-grade the fleet through the disposal of older, smaller vessels and through a disciplined acquisition strategy to bring into the fleet younger, higher-specification vessels, combined with our commercial contracting strategy that allowed us to realize the day rate benefits of vessel scarcity in a healthy demand environment. 
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 Completed $90.7 Million of Share Repurchases.During 2024, we continued our commitment to directing free cash flow to enhance shareholder value, marking the first full year that the Company actively