Company: TDDWW
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001437749-25-014565
Chunk: 45

Company: TIDEWATER INC
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 generated from our domestic businesses and the repayment of intercompany liabilities from foreign subsidiaries are currently sufficient to fund the cash needs of our U.S. operations.

A key component of our growth strategy is expanding our business and fleets through acquisitions, joint ventures and other strategic transactions. We would expect to use net proceeds from any sale of our securities for general corporate purposes, including capital expenditures, investments, acquisitions, repayment or refinancing of indebtedness, and other business opportunities.

Our objective in financing our business is to maintain and preserve adequate financial resources and sufficient levels of liquidity. In addition to our cash on hand, we also have a $25.0 million revolving credit facility (RCF) that matures in 2026. No amounts have been drawn on this facility. As of March 31, 2025, we had $636.0 million of debt on our consolidated balance sheet, $80.0 million of which is due in the next twelve months. Working capital, which includes cash on hand, was $360.7 million at March 31, 2025. During the three months ended March 31, 2025, we generated $42.3 million in net income and $86.0 million in cash flow from operating activities, which includes our interest payments and drydock costs.

Our primary customer in Mexico has an aggregate outstanding receivable balance of $35.1 million, of which $25.5 million is over 90 days past due, and which represents approximately 11.2% of our total trade and other receivables balance at March 31, 2025. The amounts are not in dispute but we have not had a payment from this customer since May 2024. We have not historically had, and we do not expect to have any material write-offs due to the collectability of these receivables. However, additional or continued delays in customer payments in the future could differ from historical practice and our current expectations; and delays or failures to pay or defaults, if any, could negatively impact our future results. We will continue to monitor these receivables.

The Senior Secured Term Loan due in installments through July 2026, the 10.375% Senior Unsecured Notes due July 2028, the 8.5% Senior Secured Notes due November 2026 and the revolving credit facility contain a combination of the following three financial covenants: (i) a minimum