Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 227

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 227
---
 31, 2024 

      December 31, 2023 

      Net income 
      
     $
     179,272

     $
     95,621

      Depreciation and amortization 

     156,166

     128,777

      Amortization of deferred drydocking and survey costs 

     86,604

     51,554

      Amortization of debt premiums and discounts 

     6,741

     4,619

      Amortization of below market contracts 

     (5,000
     )

     (3,800
     )

      Deferred income taxes provision (benefit) 

     (2,807
     )

     92

      Gain on asset dispositions, net 

     (15,762
     )

     (8,701
     )

      Gain on pension settlement 

     —

     (2,313
     )

      Stock based compensation expense 

     13,681

     10,755

      Deferred drydocking and survey costs 

     (133,258
     )

     (97,378
     )

      Changes in operating assets and liabilities, net of effects of business acquisition 

     (11,788
     )

     (74,521
     )

      Net cash provided by operating activities 
      
     $
     273,849

     $
     104,705

      61

Net cash provided by operating activities for the year ended December 31, 2024, of $273.8 million reflects net income of $179.3 million, non-cash depreciation and amortization of $242.8 million and stock-based compensation expense of $13.7 million. Changes in operating assets and liabilities used $11.8 million in cash, reflecting additional investments in working capital due to an increase in business activity relating to the Solstad Acquisition. We paid $133.3 million for regulatory drydocks in 2024.

Net cash provided by operating activities for the year ended December 31, 2023, of $104.7 million reflects net income of $95.6 million, non-cash depreciation and amortization of $180.3 million and stock-based compensation expense of $10.8 million. Changes in operating assets and liabilities used $74.5 million in cash, reflecting additional investments in working capital as a result of the increase