Company: TDDWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001437749-25-034124
Chunk: 58

Company: TIDEWATER INC
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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ated Financial Statements included in this Form 10-Q. We believe cash and cash equivalents, coupled with our revolving credit capacity, supplemented with future net cash provided by operating activities, will provide us with sufficient liquidity to fund our obligations and meet our liquidity requirements.

Our cash and cash equivalents include restricted cash and amounts held by foreign subsidiaries, the majority of which is available to us without adverse tax consequences. Included in foreign subsidiary cash are balances held in U.S. dollars and foreign currencies that await repatriation due to various currency conversion and stringent repatriation constraints, partner and tax related matters. We currently expect earnings by our foreign subsidiaries will be indefinitely reinvested in foreign jurisdictions to fund strategic initiatives (such as investment, expansion and acquisitions), fund working capital requirements and repay intercompany liabilities of our foreign subsidiaries in the normal course of business. Moreover, we do not currently intend to repatriate earnings of our foreign subsidiaries to the U.S. because cash 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.

Working capital, which includes cash on hand, was $523.9 million at September 30, 2025, and includes $5.8 million of current maturities on long term debt. During the nine months ended September 30, 2025, we generated $114.0 million in net income and $226.1 million in cash flow from operating activities, which includes our interest payments and drydock costs.

As of September 30, 2025, our primary customer in Mexico had an aggregate outstanding receivable balance of $56.4 million, with $45.4 million over 90 days past due, which represented approximately 17.0% of our total trade and other receivables balance. The amounts are not in dispute. In October 2025, we received a $7.4 million payment, which was the first payment from this customer since June 2024. The customer has promised additional payments prior to the end of the year. We have not historically had, and we do not