Tidewater Inc.(TDW) 首席执行官 John Rynd 在 2019年 第二季度业绩 - 收益电话会议记录

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Tidewater Inc. (NYSE:TDW) Q2 2019 Earnings Conference Call August 13, 2019 11:00 AM ET

Tidewater Inc.(纽约证券交易所代码:[TDW])2019年第二季度收益电话会议2019年8月13日美国东部时间上午11:00

公司参与者

Matt Mancheski - Vice President, Investor Relations and Corporate Development
John Rynd - President and Chief Executive Officer
Quintin Kneen - Chief Financial Officer

  • Matt Mancheski - 投资者关系和企业发展副总裁
  • John Rynd - 总裁兼首席执行官
  • Quintin Kneen - 首席财务官

电话会议参与者

Turner Holm - Clarksons Platou Securities AS
Patrick Fitzgerald - Robert W. Baird & Co.

  • 特纳霍尔姆 - Clarksons Platou Securities AS
  • Patrick Fitzgerald - Robert W. Baird&Co。

会议主持员

Welcome to the Earnings Conference Call Second Quarter 2019. My name is Adrianne and I’ll be your operator for today’s call. At this time, all participants are in a listen-only mode. Later, we’ll conduct a question-and-answer session. [Operator Instructions] Please note, this conference call is being recorded.
I’ll now turn the call over to Matt Mancheski. Matt Mancheski, you may begin.

欢迎参加2019年第二季度的收益电话会议。我的名字是Adrianne,我将成为您今天电话的运营商。 此时,所有参与者都处于只听模式。 之后,我们将进行问答环节。 [操作员说明]请注意,正在录制此电话会议。

我现在将电话转到Matt Mancheski。 Matt Mancheski,你可以开始吧。

马特曼切斯基

Thank you, Adrianne. Good morning, everyone, and welcome to Tidewater’s earnings conference call for the period ended June 30, 2019. I’m Matt Mancheski, Tidewater’s Vice President of Investor Relations and Corporate Development. I’d like to thank you for your time and interest in Tidewater.
With me this morning on the call are our President and CEO, John Rynd; Quintin Kneen, our Chief Financial Officer; Jeff Gorski, our Chief Operating Officer; and Bruce Lundstrom, our General Counsel.
For today’s call agenda, I’ll cover a few formalities and then turn the call over to John for his prepared remarks followed by Quintin’s review of our financial results for the period. Following John’s closing comments, we’ll then open up the call for questions.
During today’s conference call we may make certain comments that are forward-looking and not statements of historical fact. There are – there are risks and uncertainties and other factors that may cause the company’s actual future performance to be materially different from that stated or implied by any comment that we make during today’s conference call. Please refer to our most recent Form 10-Q for any additional details on the – these risk factors.
This document is available on our website or through the SEC at sec.gov. Information presented on this call speaks only as of today August 13, 2019, and therefore you’re advised that at any time-sensitive information may no longer be accurate at the time of any replay.
Also during the call, we will present both GAAP and non-GAAP financial measures. The reconciliation of GAAP to non-GAAP measures is included in last evening’s press release.
With that, I’ll turn the call over to John. John?

谢谢Adrianne。大家早上好,欢迎参加Tidewater在2019年6月30日结束的收益电话会议。我是Tidewater投资者关系和企业发展副总裁Matt Mancheski。我要感谢您在Tidewater的时间和兴趣。

今天早上我的电话会议是我们的总裁兼首席执行官John Rynd; Quintin Kneen,我们的首席财务官; Jeff Gorski,我们的首席运营官;和我们的总法律顾问Bruce Lundstrom。

对于今天的通话日程,我将提供一些手续,然后将电话转交给John准备好的评论,然后是Quintin对我们当期财务业绩的审查。在约翰的结束评论之后,我们将打开电话提问。

在今天的电话会议中,我们可能会做出一些前瞻性的评论,而不是历史事实的陈述。存在 - 存在风险和不确定性以及可能导致公司未来实际业绩与我们在今天的电话会议中发表的任何评论所暗示或暗示的实质性差异的其他因素。有关这些风险因素的任何其他详细信息,请参阅我们最新的10-Q表格。

该文件可在我们的网站上或通过SEC在sec.gov上获取。此次电话会议中提供的信息仅在2019年8月13日发布,因此您被告知,任何时间敏感信息在重播时可能不再准确。

同样在通话期间,我们将提供GAAP和非GAAP财务指标。 GAAP与非GAAP措施的对账包含在昨晚的新闻稿中。

有了这个,我会把电话转给约翰。约翰?

John Rynd

Good morning, everyone, and welcome to the Tidewater earnings call. The second quarter was a testament to the strategic rationale the GulfMark combination completed towards the end of last year as demonstrated by the margin growth of the combined company. The North Sea market and deepwater vessels more broadly, both segments that were enhanced through the acquisition, showed continued strengthening during the quarter.
In addition, the increased scale allowed for good cost control both on and offshore, resulting in margin expansion relative to both prior quarter in the same time last year. While the seasonal North Sea market strengthened earlier than anticipated and has since moderated to more normalized levels for this time of the year, we believe the continued trend of activity levels, which impacts rates and utilization, are moving in the right direction albeit at a pace that is slower than desired.
Revenue was up slightly over the prior quarter due to average day rate increase of $636 per day and active utilization following about 1.3 percentage points. This is the second consecutive quarter, where worldwide average day rates have increased after having consistently declined since the onset of the downturn in 2014.
The utilization decline is largely attributable to having 784 active days out of service due to drydocks and reactivations, an increases of 394 days over the first quarter. This difference of 394 days amounts to approximately 2.6 percentage points in active utilization drag relative to the first quarter, resulting in active utilization that is otherwise slightly ahead of the first quarter, but for the additional dockings.
We continue to highlight the significant drydock obligations for ourselves and the industry as a whole, where we estimate that approximately 450 currently active OSVs have or will come due in 2019 for special survey and another approximate 425 will be due in In 2020.
We are not immune to this impact and will continue to experience elevated drydocking costs and downtime as we position our fleet to meet our customers’ global demand. Excluding vessels that are currently stacked and anticipated to be reactivated, we anticipate 1,025 and 300 vessel days out of service due to drydocks in the third and fourth quarters, respectively. These estimates may move between quarters based on our customers’ needs that represents our current best estimate.
However, in spite of the elevated drydock schedule, we are committed to being disciplined with our capital and will only reactivate or maintain active vessels against contract coverage, whose projected margins provide a full payout with a reasonable return on our investment. Overall, this may result in near-term cash outlays as we invest in vessels dockings.
However, the overall cash on cash returns and long-term strategic positioning of these assets will be meaningful to our shareholders. As an example, we have recently authorized the reactivation of two deepwater PSVs against multi-year contracts and are currently in discussion with a separate customer to reactivate a third deepwater PSV, whereby they prefund a significant portion of the drydock, which will be earned out over the firm term in addition to an above-market average vessel operating margin. These are vessels that were previously projected to be stacked, but the returns warranted the investment.

大家早上好,欢迎来到Tidewater的电话会议。第二季度证明了GulfMark组合在去年年底完成的战略理由,合并后公司的利润率增长证明了这一点。更广泛地说,北海市场和深水船只通过收购得到了加强,在本季度持续增强。

此外,增加的规模允许在海上和海上进行良好的成本控制,导致相对于去年同期的两个季度的利润率扩张。虽然季节性北海市场比预期更早增强,并且已经在今年的这个时候缓和到更加正常化的水平,但我们认为影响利率和利用率的活动水平的持续趋势正朝着正确的方向发展,尽管速度正在加快这比想要的慢。

收入比上一季度略有上升,原因是每天平均加价636美元,活跃利用率约为1.3个百分点。这是连续第二个季度,自2014年经济衰退开始以来,全球平均日均费率一直在下降。

利用率下降的主要原因是由于干船坞和重新启动而使784个工作日停止服务,比第一季度增加了394天。相对于第一季度,394天的差异相当于活跃利用率下降约2.6个百分点,导致活跃利用率略高于第一季度,但是对于额外的对接。

我们继续强调我们自己和整个行业的重大干船坞义务,我们估计目前大约有450个OSV已经或将要在2019年到期进行特别调查,另外约有425个将在2020年到期。

我们不能免受这种影响,并且随着我们定位我们的车队以满足客户的全球需求,我们将继续经历更高的干船坞成本和停机时间。不包括目前堆放并预计将重新启动的船舶,我们预计分别在第三和第四季度因干船坞而停运1,025和300艘船舶。这些估计可能会根据客户的需求在几个季度之间移动,这代表了我们当前的最佳估计。

然而,尽管干船坞时间表有所增加,但我们仍承诺对我们的资本实行纪律处分,并且只会重新启动或维持有效船只以防止合约覆盖,其预计利润率可提供全额支付,并获得合理的投资回报。总体而言,由于我们投资于船舶码头,这可能导致近期现金支出。

然而,这些资产的整体现金回报和长期战略定位对我们的股东意义重大。例如,我们最近授权重新激活两个深水PSV以对抗多年期合同,目前正在与一个单独的客户讨论重新启动第三个深水PSV,从而预先筹集了大部分干船坞,这将用于实现除了高于平均水平的船舶营运利润率之外,在整个公司期限内。这些船只之前预计将被堆放,但回报需要投资。

To further illustrate, as part of our disciplined approach to investing in vessels that will best serve our customers and ultimately our shareholders, in excess of 85% of these vessels that we are projected for drydock this year have a term contract, and for the remaining 15%, we may elect to have those vessels stacked until adequate, visible contract coverage is realized.
Our continued focus on high-grading the fleet and maximize overall cash generation as opposed to operating a large fleet as a prime objective will result in us aggressively moving vessels from active service and responsibly disposing of vessels that no longer meet our return objectives.
As a result, it is likely that our active vessel count will continue to trend down throughout the remainder of the year, as lower specification vessel contract coverage winds down or as we reposition vessels to more strategically important markets.
Further, it is worth noting that our disciplined fleet management is best evidenced by the fact that we are approaching almost 80 vessels sold since the start of 2018. This disposable lower specification vessels as we simultaneously acquired higher specification vessels like many of the GulfMark vessels and the two vessels we acquired in the fourth quarter 2018 will continue to yield excellent outcomes for our stakeholders.
We firmly believe that a smaller active fleet with the most commercial options in our primary markets, where we can benefit from scale is more valuable than either a larger active vessel count with lower margin or the absolute number of countries in which we operate.
To briefly highlight our operating segments, the Americas region had margin expansion in both dollar and percentage terms, resulting from improved day rates, offset by active utilization declines that is largely attributable to drydockings and good operating cost control. Cost reductions partially resulted from a one-time favorable adjustment to insurance reserves and reductions associated with disposal of stack vessels that resulted in lower stack costs.
For the Middle East and Asia Pac region, revenue was flat with the prior quarter, with operating costs slightly higher, though about equivalent with the first quarter when accounting for the active day available in the quarter. Slightly elevated drydock off-hire was offset by small improvements in average day rates, which were more reflective of vessel mix than material change in rate progression.
As previously noted, the results for the European Mediterranean Sea region saw significant benefits from the seasonally strong North Sea market. The $6.5 million, or 23% increase in revenue from the first quarter yielded an improvement in vessel operating profit of $6.1 million from the prior quarter. The 95% vessel operating profit conversion rate is a testament to the operating leverage and economies of scale embedded in Tidewater’s business.
Lastly, the West Africa region was the weakest relative to the first quarter, with vessel operating margin declining almost 10 percentage points as revenue decreased and operating costs increased. This is attributable to higher maintenance costs and associated downtime, as we ensure vessels are operationally fit for our customers, as well as stacking of four vessels during the quarter that came off contract or came due for a special survey without immediately visible opportunities to justify the investment in this special survey.

为了进一步说明,作为我们对船舶投资的纪律方法的一部分,这将最好地服务于我们的客户和最终我们的股东,超过85%的这些船舶,我们预计今年的干船坞有一个定期合同,其余的15%,我们可以选择将这些船只堆放到足够的,可见的合同覆盖范围。

我们继续专注于对船队进行高级评级并最大限度地提高现金流量,而不是将大型船队作为主要目标,这将导致我们积极地将船舶从现役服务中转移出来并负责任地处理不再符合我们回报目标的船舶。

因此,由于较低规格的船舶合同覆盖范围减少或我们将船舶重新定位到更具战略重要性的市场,我们的活跃船舶数量可能会在今年剩余时间内继续呈下降趋势。

此外,值得注意的是,我们的纪律车队管理最好的证明是,我们正在接近自2018年开始以来销售的近80艘船。这种一次性较低规格的船只,因为我们同时收购了更多规格的船只,如许多GulfMark船只和我们在2018年第四季度收购的两艘船将继续为我们的利益相关者带来卓越的成果。

我们坚信,在我们的主要市场中拥有最多商业选择的较小的现役船队,我们可以从规模中受益,比具有较低利润率的较大活跃船舶数量或我们经营所在国家的绝对数量更有价值。

为了简要介绍我们的经营分部,美洲地区的美元和百分比均有利润率增长,原因是日利率提高,主要是由于干船坞和良好的运营成本控制导致的主动利用率下降所抵消。降低成本的部分原因是对保险储备的一次性有利调整以及与堆放船舶处置相关的减少导致堆垛成本降低。

对于中东和亚太地区而言,收入与上一季度持平,运营成本略高,但与第一季度相当,与本季度的活跃日相当。稍微提高的干船坞租金被平均日费率的微小改善所抵消,这反映了船舶组合而非物价变化。

如前所述,欧洲地中海地区的结果从季节性强劲的北海市场中获益匪浅。第一季度的650万美元或23%的收入增长使船舶营业利润比上一季度增加了610万美元。 95%的船舶营业利润转换率证明了Tidewater业务中的经营杠杆和规模经济。

最后,西非地区相对于第一季度最弱,随着收入减少和运营成本增加,船舶运营利润率下降近10个百分点。这可归咎于更高的维护成本和相关的停机时间,因为我们确保船舶在运营上适合我们的客户,以及在合同下达的季度堆放四艘船舶或到达特殊调查时没有立即可见的机会证明投资这项特别调查。

As we project the second-half of 2019, we anticipate the average active vessel count to drop by 11 vessels in the third quarter and another six vessels in the fourth quarter, as we seek to improve active utilization, which we anticipate to be up by 2 percentage points in the third quarter and another 2 two percentage points in the fourth quarter, in spite of the high drydock schedule.
Further, we project the average day rates to decline just over 1% in the third quarter, as the North Sea seasonality tapers off and we realize the effects of legacy contracts to reprice downwards in Mexico and the North Sea. Overall, we expect vessel level margin to drop to the low-34% range in the third quarter before rebounding in the fourth quarter to the 37% range.
As mentioned in our press release, our objective of being the most cost-efficient operator in the industry is clearly in focus and remain on track to meet our general and administrative run rate objective. The operational integration is complete, and we’re in the final stages of system implementation that will begin to drive additional synergies throughout our shore-based infrastructure.
Our 2019 exit run rate objective for general and administrative expense is $87 million. The rest assured that we do not envision that is the best we can achieve. We will continue to find ways of gaining efficiency and cost savings in our business, and we look forward to updating you on our progress.
With that, I’ll hand the call over to Quintin. Quintin?

由于我们预计2019年下半年,我们预计第三季度平均活跃船舶数量将减少11艘船舶,第四季度将增加6艘船舶,因为我们寻求提高积极利用率,我们预计将增加尽管干船坞时间表很高,但第三季度仍有2个百分点,第四季度又增加了2个百分点。

此外,我们预计第三季度平均日费率将下降1%以上,因为北海季节性逐渐减少,我们意识到传统合同的影响在墨西哥和北海向下重新定价。总体而言,我们预计第三季度船舶水平利润率将降至34%的低位,然后在第四季度反弹至37%的范围。

正如我们在新闻稿中所提到的,我们成为行业中最具成本效益的运营商的目标显然是关注焦点,并且仍然有望实现我们的总体和行政运行率目标。运营整合已经完成,我们正处于系统实施的最后阶段,将开始在我们的岸基础设施中推动额外的协同效应。

我们2019年的一般和行政费用退出率目标是8700万美元。我们保证,我们并不认为这是我们能够取得的最好成绩。我们将继续寻找提高效率和节省成本的方法,我们期待着为您提供最新进展。

有了这个,我会把电话交给Quintin。昆廷?

Quintin Kneen

Thank you, John, and greetings, everyone. I thought I would open by reinforcing from the financial perspective some of John’s comments and reiterating what makes us different.
First of all, we have a rock-solid balance sheet. We closed the quarter with $383 million of cash. We do have $435 million of debt, the bulk of which matures three years from now in August 2022, but we’re easily able to service the debt and can easily refinance the debt in connection – in conjunction with our cash on hand.
We have no plans to alter our loan debt position until the recovery is much further along. We do have covenants and those covenants get tighter over the next six quarters, but we are performing well above the required levels today, and we’re performing today above the tightest those covenants get over the tender of the debt.
We have no required CapEx. We have no vessels under construction. Every investment we make is our decision based on today’s economics, and we have no concern about shrinking the fleet in order to grow return on capital.
We have been free cash flow positive year-to-date, and we anticipate being free cash flow positive on an annual basis. In addition to all that, we are pleased with the continued quarterly improvement of the core business. We’re not satisfied, but we’re pleased.
Revenue was up again quarter-over-quarter and average day rate was up substantially. Operating expenses were down overall. Operating expense per active day was down. G&A expenses were down and remain below the Tidewater standalone pre-merger levels. These metrics are all going in the right direction, but we are still not satisfied and we are continuing to work to improve all of these metrics each and every quarter as we go forward.
Working capital investment was up, which is the wrong direction, but we will be addressing that as we go through the remainder of the year. My objective today, as always, is to give you a quick summary of Tidewater’s quarterly results and to give you an update on our progress on the integration of our G&A target run rate of $87 million per year, and an update on the integration of the two companies’ ERP systems.
Overall, a nice improvement in operations over the first quarter. Revenue was up, operating expenses were down. Overall, incremental operating margins were 144%, a portion of the operating expense improvement was the reversal of the insurance accrual John mentioned in the Americas of $1.1 million. But even after removing the benefit of that item, consolidated incremental margins were 116%.
Quarter-over-quarter, average day rates were up 8% in the Americas, 1% in the Middle East, 19% in Europe and down 2% in the West Africa. Overall, average day rates were up just over 6%, which is a significant overall movement in average day rates for one quarter.
And as John mentioned, is our second quarterly increase in average day rates, the start of what we believe to be a long-term trend as the industry begins to benefit from an improvement in the supply and demand imbalance, principally from the attrition of vessels.

大家,谢谢你,约翰和问候。我认为我会通过从财务角度强化约翰的一些评论并重申使我们与众不同的东西。

首先,我们拥有坚如磐石的资产负债表。我们以3.83亿美元的现金结束了本季度。我们确实有4.35亿美元的债务,其中大部分债务从现在起到2022年8月到期三年,但我们很容易偿还债务,并且可以轻松地为债务再融资 - 与我们手头的现金一起。

我们没有计划改变我们的贷款债务状况,直到经济复苏进一步发展。我们确实有契约,而且这些契约在接下来的六个季度中变得更加紧张,但我们今天的表现远远超过了所要求的水平,而今天我们的表现超过了这些契约克服债务的最紧张。

我们没有要求的资本支出。我们没有正在建造的船只。我们所做的每项投资都是基于当今经济学的决策,我们不关心缩小船队以增加资本回报。

我们今年迄今为止的自由现金流为正,我们预计每年的自由现金流为正。除此之外,我们对核心业务的持续季度改进感到高兴。我们不满意,但我们很高兴。

收入季度环比再次上升,平均日费率大幅上升。营业费用整体下降。每个活动日的运营费用下降。 G&A费用下降并且仍低于Tidewater独立的合并前水平。这些指标都朝着正确的方向发展,但我们仍然不满意,并且我们将继续努力在每个季度改进所有这些指标。

营运资金投入增加,这是错误的方向,但我们将在今年剩下的时间里解决这个问题。我今天的目标一如既往地向您简要介绍一下Tidewater的季度业绩,并向您介绍我们在每年8700万美元的G&A目标运行率整合方面取得的进展,以及有关整合的最新信息。两家公司的ERP系统。

总的来说,第一季度的运营情况有了很大改善。收入增加,营业费用下降。总体而言,增量经营利润率为144%,经营费用改善的一部分是约翰在美洲提到的110万美元保险应计费用的逆转。但即使在取消该项目的利益后,合并增量利润率仍为116%。

美洲地区的平均日费率为8%,中东为1%,欧洲为19%,西非为2%。总体而言,平均日费率仅略高于6%,这是一季度平均日费率的显着整体变动。

正如约翰所提到的那样,我们是平均日利率的第二季度增长,我们认为这是一个长期趋势的开始,因为行业开始受益于供需失衡的改善,主要来自船舶的减员。

At 100% incremental operating margins, which is our objective and an active fleet of 162 vessels with 79% active utilization, as we experienced in the second quarter, a 6% increase in average day rate equates to $30 million of additional vessel operating margin on an annual basis.
As we look to the third quarter, we had five significant contract rollovers in the second quarter. These contracts were on pre downturn rates, as many of them were five-year contracts cut in the summer of 2014. Their roll off will stall the average day rate progression, and as a result, we’re expecting a decrease albeit slight in the average day rate in the third quarter. These contracts were the last on pre downturn rates and we do not proceed further downward pricing pressure on existing contracts, as we see all current contracts at or about market rates.
I would also add that we see the market getting stronger globally, and we do not see any area getting worse. Active utilization dropped slightly in the second quarter down 1 percentage point to 79%, and heavy drydock schedule for 2019 is waiting on this metric and we will continue to look for ways to improve this metric by continuing to optimize drydock performance, as well as over the long-term, employing the use of technologies and techniques to reduce downtime due to repairs.
G&A for the quarter had $460,000 of severance-related items, which results in an ongoing quarterly run rate for the second quarter of $23.2 million, which is down slightly from the comparable figure in the first quarter of $23.4 million. Our objective is to get to a quarterly run rate of $31.8 million by the end of the fourth quarter. Getting to the lower G&A level will result from lowering headcount and professional service fees, and we are actively executing on a plan design to get us to our run rate objective, but the plan’s results were weighted towards the end of the fourth quarter.
Although not a metric we are focused on, it’s noteworthy to point out that we are already at a quarterly G&A expense level below what the company was experiencing prior to the merger.
Consolidated revenue for the quarter was $125.9 million, up approximately $3.7 million from the prior quarter. Driving the increase in revenue was the aforementioned increase in day rates and the additional day in the calendar quarter, offset by 1% lower active utilization and an average of higher fewer vessels working in the quarter.
Fewer vessels working in the quarter reflects the capital discipline we are enforcing on the business as vessels in the fleet reach their mandatory drydocking investment, a portion of these vessels will not meet our return on investment objective. These are generally the older vessels with lower overall technical specifications. These vessels become candidates for sale outside the industry or recycling.
Meanwhile, we do have higher specification vessels in layup and these vessels are being reactivated when economically justified. Overall, as John indicated, we anticipate the active fleet shrinking further as we go through the remainder of 2019, but increasing slightly as we get into the first-half of 2020, when we anticipate economic conditions will be right for the reactivation of some of the higher specification vessels we have in layup. But overall, we are not averse to shrinking the fleet in order to improving long-term returns on capital.

如我们在第二季度所经历的那样,我们的目标和活跃的162艘船舶(活跃利用率为79%)的增量运营利润率为100%,平均日费率增加6%相当于增加船舶运营利润3000万美元。每年一次。

在我们展望第三季度时,我们在第二季度进行了五次重大合同翻转。这些合约处于经济衰退前的水平,因为其中许多合约是在2014年夏季减少的五年期合约。它们的下跌将拖延平均日内利率的进展,因此,我们预计会有所下降,尽管第三季度的平均日费率。这些合约是经济衰退前的最后一次合约,我们不会对现有合约施加进一步的价格下行压力,因为我们认为所有当前合约均为市场利率或市场利率。

我还要补充一点,我们认为全球市场越来越强劲,我们看不到任何地区变得更糟。积极利用率在第二季度略微下降1个百分点至79%,2019年的重型干船坞计划正在等待该指标,我们将继续寻求通过继续优化干船坞性能以及结束来改进该指标的方法从长远来看,采用技术和技术来减少因维修造成的停机时间。

本季度的G&A有460,000美元的遣散费相关项目,导致第二季度的持续季度运营利润为2320万美元,与第一季度的2340万美元的可比数字略有下降。我们的目标是到第四季度末达到3180万美元的季度运行率。降低人员和专业服务费用可以降低G&A水平,我们正在积极执行计划设计,以实现我们的运行率目标,但计划的结果在第四季度结束时加权。

虽然不是我们关注的指标,但值得注意的是,我们已经处于季度G&A费用水平,低于公司合并前的经验。

本季度的综合收入为1.259亿美元,比上一季度增加约370万美元。推动收入增长的是上述日费率的增加和日历季度的额外日,抵消了活跃利用率下降1%以及本季度平均减少的船舶数量。

本季度工作的船只较少反映了我们对业务执行的资本纪律,因为船队中的船只达到强制性干船坞投资,这些船舶的一部分将无法满足我们的投资回报目标。这些通常是整体技术规格较低的旧船。这些船舶成为行业外销售或回收的候选人。

与此同时,我们确实有更高规格的船只进行上篮,这些船只在经济合理时正在重新启动。总的来说,正如约翰所指出的那样,我们预计随着我们经历2019年的剩余时间,活跃的船队会进一步缩小,但随着我们进入2020年上半年,当我们预计经济状况适合重新启动某些我们在上篮时有更高规格的船只。但总的来说,我们并不反对缩小船队以提高资本的长期回报。

Active vessel operating costs for the quarter was down $1.8 million, with $1.1 million of that decrease due to the reversal of insurance approval mentioned previously and the remainder is the result of having on average five-year vessels active during the quarter.
The quarterly active vessel operating cost per day was $5,423, a decrease of $13 per active day from the first quarter and a decrease of $9 per active day from the fourth quarter of 2018. The cost per active day remains in line with our expectations for the fleet, and where we anticipate vessel operating costs to be for the remainder of 2019.
We are migrating legacy Tidewater areas onto the SAP platform. The ERP system integration activities have been in process since the day of the merger, but we hit a key milestone in June. The Tidewater Norwegian operations came online in June, which was a test case for the migration of the other regions. The remaining region will be brought online beginning in October. User acceptance, testing, training and final preparation for the migration are ongoing, and we see new no impediments to achieving that objective.
The ERP system consolidation is the last major piece of the merger integration, but it won’t be the last improvement in efficiency and scalability. The new system will enable further improvements to shore-based efficiency and scalability as we go through 2020 and beyond.
We will have additional merger-related cost around the second-half of 2019, partially related to severance, but mostly related to professional service costs as we go through the remainder of the year. We will continue to make you aware of these costs as we have in the past three quarters. These amounts will pick up in the third and fourth quarter as professional fees related to the integration increase as we approach the go-live date.
The cash balance at the end of the year was $383 million, down $15 million from the prior quarter. We mentioned on last quarter’s call that we anticipated the second quarter to be a use of cash due to the timing of drydock payments and other working capital matters. The use was a bit higher than we anticipated, and we saw sharper build in accounts receivable than we were expecting from a few clients. I’m not concerned about the collectibility of any of these amounts, and I anticipate that these will be cleared up in the third and fourth quarters of 2019.
For the first-half of 2019, the company was free cash flow positive in the amount of $2 million, and we anticipate being free cash flow positive for the full-year. For the second quarter of 2019, the company was free cash flow negative in the amounts of $6.7 million, driven by the builds and receivables.
We do include proceeds from vessel disposals in our determination of free cash flow. We see these vessels as excess inventory and we are liquidating this position over time. For the first-half of 2019, we have proceeds of $20.6 million from the disposal of obsolete vessels. The 60 vessels remaining in layup have a combined book value of $126 million, and that amount is included in the property and equipment line on the balance sheet.

本季度活跃的船舶运营成本下降了180万美元,其中110万美元的减少是由于之前提到的保险批准的逆转,其余部分是由于本季度平均五年期船舶活跃。

每日活跃船舶运营成本为5,423美元,比第一季度每活动日减少13美元,比2018年第四季度每活动日减少9美元。每个活动日的成本仍符合我们对船队,我们预计船舶运营成本将在2019年剩余时间内完成。

我们正在将传统的Tidewater区域迁移到SAP平台上。自合并之日起,ERP系统集成活动一直在进行中,但我们在6月份达到了一个重要的里程碑。 Tidewater挪威的业务于6月上线,这是其他地区移民的一个测试案例。其余地区将于10月开始上线。用户对迁移的接受,测试,培训和最终准备工作正在进行中,我们认为实现该目标没有新的障碍。

ERP系统整合是合并整合的最后一个主要部分,但它不会是效率和可扩展性的最后一个改进。随着2020年及以后的发展,新系统将进一步提高岸基效率和可扩展性。

我们将在2019年下半年左右增加与合并相关的成本,部分与遣散费有关,但主要与我们在今年剩余时间内的专业服务成本有关。我们将继续让您了解过去三个季度的这些成本。这些金额将在第三和第四季度回升,因为随着我们接近上线日期,与整合相关的专业费用会增加。

年末的现金余额为3.83亿美元,比上一季度减少了1500万美元。我们在上一季度的电话会议上提到,由于干船坞付款和其他营运资金问题的时间安排,我们预计第二季度将使用现金。使用率比我们预期的要高一些,而且我们看到应收账款的建立比我们预期的少数客户更为敏锐。我并不担心任何这些金额的可收集性,我预计这些金额将在2019年第三和第四季度清理完毕。

对于2019年上半年,该公司的自由现金流为200万美元,我们预计全年的自由现金流为正。在2019年第二季度,由于建筑和应收账款的推动,该公司的自由现金流为负670万美元。

在确定自由现金流量时,我们确实将船舶处置收益包括在内。我们认为这些船只是库存过剩,我们正在逐步清算这个仓位。在2019年上半年,我们从处置过时的船只中获得了2060万美元的收益。上篮的60艘船的总账面价值为1.26亿美元,该金额包含在资产负债表的财产和设备线上。

Since quarter-end, we have sold three additional vessels for total proceeds of $4.4 million.
And with that, I will turn the call back over to John for his final comments.

自季度末以来,我们已售出三艘额外船只,总收益为440万美元。

有了这个,我将把这个电话转回约翰的最后评论。

John Rynd

Thank you, Quintin. We’re optimistic that we’re investing in the right people, processes and vessels to thrive through this protracted downturn and beyond. This includes responsibly reducing costs, while ensuring that operational performance remain the industry leading.
Additionally, we will maintain active supply on the basis of its economic viability and will not chase market share at the expense of profitability. This discipline by us and other market participants will continue to facilitate the needed recovery in day rates that has begun evidencing itself the past two quarters.
While we cannot predict the pace of the recovery, we see reasons for optimism in each of our markets and believe – we believe that we are in the best position to capitalize on the fundamental improvements.
Adrianne, please open the call for Q&A.

昆汀,谢谢你。 我们乐观地认为,我们正在投资于合适的人员,流程和船只,以便在这种持续的经济衰退期间茁壮成长。 这包括负责任地降低成本,同时确保运营绩效仍然是行业领先者。

此外,我们将根据其经济可行性保持活跃供应,不会以牺牲盈利为代价追逐市场份额。 我们和其他市场参与者的这一纪律将继续促进过去两个季度开始显示的日费率的必要恢复。

虽然我们无法预测经济复苏的步伐,但我们看到每个市场都乐观的理由并相信 - 我们相信我们处于利用基本面改善的最佳位置。

Adrianne,请打开问答电话。

问答环节

Thank you. We will now begin the question-and-answer session. [Operator Instructions] And our first question comes from Turner Holm from Clarksons Capital. Your line is open.

谢谢。 我们现在开始问答环节。 [操作员说明]我们的第一个问题来自Clarksons Capital的Turner Holm。 你的线是开放的。

特纳霍尔姆

Hey, there, guys. Good morning. This is Turner Holm from Clarksons Platou.

伙计们,伙计们。 早上好。 这是来自Clarksons Platou的Turner Holm。

John Rynd

Good morning.

早上好。

特纳霍尔姆

Hey, John, I just wanted to drill into your last comment of your prepared remarks that you see reason for optimism in some of the – basically all the markets that you mentioned. And what we’re hearing is maybe some flattening of leading-edge day rates and in particular markets, perhaps seasonal in the North Sea. But the guidance is for maybe flat to slightly down day rates for the third quarter. Can you kind of just flush that out a little bit how you’re thinking about that? Is it activity-related, or is it sort of leading-edge day rates that you’re seeing?

嘿,约翰,我只是想深入研究你准备好的评论的最后评论,你会看到一些乐观的理由 - 基本上你提到的所有市场。 而我们所听到的可能是前沿日费率以及特别是市场的一些趋势,可能是北海的季节性因素。 但该指引是针对第三季度可能持平或略微下调的日内利率。 你可以稍微了解一下你是怎么想的吗? 它与活动有关,还是你看到的那种前沿日费率?

John Rynd

I think it’s a combination of things, Turner, I think, one, every market we participate in is on solid footing right now. And really the driver of our slight reduction in average day rate in the third quarter is more as a result of coming off those legacy term contracts in higher data rates, not a reflective of where leading-edge day rates are.
And as you know, we guided the fourth quarter day rate back up slightly since we see improvement in every major market. Again, some of the seasonality, like you said the North Sea, we’ll watch, the North Sea as we progress into the winter months, West Africa appears to be some – gaining some strength around the world, Brazil is gaining strength, Mexico is gaining strength. The Med is holding solid.
So again, the Gulf of Mexico really driven by supply migrating outside of the U.S. Gulf of Mexico has been holding up nicely. So again, as we look around the world, there’s reasons for optimism in all of our key markets.

我认为这是事情的组合,特纳,我认为,其中一个,我们参与的每个市场现在都处于稳固的基础上。 实际上,第三季度我们的平均日费率略有下降的驱动因素更多是因为在更高的数据速率下取消了这些传统的期限合约,而不是反映前沿日费率的位置。

如您所知,由于我们看到每个主要市场均有所改善,因此我们引导第四季度利率小幅回升。 再一次,一些季节性,就像你说的北海,我们会看到北海,因为我们进入冬季,西非似乎有些 - 在世界各地获得一些力量,巴西正在获得力量,墨西哥 正在增强力量。 Med保持坚实。

因此,墨西哥湾真正受到美国墨西哥湾以外的供应迁移的推动,一直保持良好状态。 因此,当我们环顾世界时,我们所有主要市场都有乐观的理由。

特纳霍尔姆

Sure. Thanks for that. I understand you all took some contracts down in Guyana recently or have some vessels in the way down there, relatively encouraging discovery earlier this week by Tullow. I’m wondering if you all see that as being sort of attractive market and maybe a place to just add some maxi vessels in the next four quarters?

当然。 感谢那。 我知道你们最近在圭亚那签了一些合同,或者在那里有一些船只,本周早些时候由Tullow发现相对令人鼓舞的事。 我想知道你们是否都认为这是一个有吸引力的市场,也许是在接下来的四个季度中增加一些超大型船只的地方?

John Rynd

Yes., I think you have to be paying attention to the Guyana area. Actually, our vessels are moving to Suriname for Apache, and then in October, we have a vessel moving into Exxon Guyana for a five-year contract. So that’s a market we’re staying very close to and also obviously, as you mentioned, great news on the Tullow discovery. So I think, obviously an area that’s going to get a lot of tension from us and others.

是的,我认为你必须关注圭亚那地区。 实际上,我们的船只正在向苏里南迁移到阿帕奇,然后在10月份,我们有一艘船进入埃克森美孚,开始了为期五年的合同。 所以这是一个我们非常接近的市场,而且很明显,正如你所提到的,关于Tullow发现的好消息。 所以我认为,显然这个领域会让我们和其他人产生很大的紧张感。

特纳霍尔姆

Thanks, John. And Quintin just one for you. There was some talk earlier in the year about possibly extracting some value from the due from affiliate receivable balance. I know it was quite flat this quarter. Is there anything to report there with regards to possibly monetizing that balance? And yes or no, is that baked into the free cash flow positive outlook for the year?

谢谢,约翰。 而Quintin只适合你。 今年早些时候有一些关于可能从应收联营公司余额中提取一些价值的谈话。 我知道这个季度相当平坦。 有没有什么可以报告可能货币化的平衡? 是或否,是否融入了今年的自由现金流积极前景?

Quintin Kneen

Yes. We’re still looking and working with our partner and with the long-term holds for that joint venture. I don’t expect that we’ll be extracting significant amount of value out of that particular receivable as we go through the remainder of 2019, but we are working with them on a systematic collection of that receivable.
So – but I hope that what we’ll be able to do is formalize that receivable more of a long-term as we go forward and have more of a systematic payment and liquidation of that. But it won’t be some of the significant gains that we have last year from that particular receivable balance.

是。 我们仍在寻找和合作我们的合作伙伴以及该合资企业的长期持有。 在我们经历2019年的剩余时间时,我不认为我们会从特定的应收款中提取大量的价值,但我们正在与他们合作,系统地收集该应收款。

所以 - 但我希望我们能够做的就是在我们前进的过程中更长期地将应收款正式化,并对此进行更系统的支付和清算。 但这不会是我们去年从特定应收账款余额中获得的一些重大收益。

特纳霍尔姆

Okay. I appreciate you guys for taking my question.

好的。 我很感谢你们提出我的问题。

会议主持员

[Operator Instructions] The next question is from Patrick Fitzgerald from Baird. Your line is open.

[操作员说明]下一个问题来自Baird的Patrick Fitzgerald。 你的线是开放的。

Patrick Fitzgerald

Hi, guys. What’s the – maybe said it, but what’s the average age of your fleet now after all the divestitures?

嗨,大家好。 什么 - 也许是这么说,但是现在所有剥离后你的船队的平均年龄是多少?

John Rynd

The average – excuse me, the average age of the active fleet is about 9.8 years. And the total fleet inclusive of the stack fleet is right at 10 years.

平均值 - 对不起,现役船队的平均年龄约为9。8年。 包括堆垛机队在内的总机队数量正好是10年。

Patrick Fitzgerald

Okay. Is there an average, like deadweight tons that you guys could provide?

好的。 你们可以提供平均值,例如载重量吗?

John Rynd

We’d have to do that offline.

我们必须离线这样做。

Patrick Fitzgerald

Okay.

好的。

John Rynd

Yes, we’ll follow-up with you. But we can – we don’t have that at tip of our fingers.

是的,我们会跟进你的。 但是我们可以 - 我们的手指没有那个。

Patrick Fitzgerald

Okay. So what’s the deferred drydocking expected? You said, it’s going to be remain elevated for 2019 and 2020. What do you expect it to be for the remainder of the year and then what does it look like in 2020?

好的。 那么期待的延迟干船坞是什么? 你说,它将在2019年和2020年保持高位。你对今年剩余时间的期望是什么,然后在2020年会是什么样子?

John Rynd

We expect the total balance for the year approximately be $62 million, and we expect a similar number in 2020 as well. There, obviously, all of those investments will go through a review before they’re made. But based on the age of the fleet and based on the requirements for special surveys, we’re definitely seeing a lumpiness in 2019 and 2020. My expectation is as we go into 2021 that will decrease maybe 20% to 30%, but that will be on a five-year cycle.

我们预计今年的总余额约为6200万美元,我们预计2020年也将达到类似数字。 显然,所有这些投资都将在制作之前进行审核。 但根据车队的年龄和特殊调查的要求,我们肯定会在2019年和2020年看到一个笨拙。我的期望是,我们进入2021年将减少20%至30%,但这将是 处于五年周期。

Patrick Fitzgerald

Okay. So if there’s a way, I know it’s kind of theoretical, but is there a way to think about, like maintenance CapEx? For your fleet, what it will be at the end of this year in terms of both vessel drydocking and other maintenance CapEx kind of on an annualized basis just to kind of put it – that in a framework?

好的。 所以如果有办法,我知道这是一种理论,但有没有办法考虑,比如维护资本支出? 对于你的车队来说,今年年底的船舶干船坞和其他维修资产将在年度化的基础上实现,只是为了表达它 - 在框架中?

Quintin Kneen

So the way I would encourage you to think about it is right now, the five-year special surveys are running about average $1.2 million per vessel. And so it depends on the age of the vessel when they hit that survey. But overall, we expect 20% of the vessels every year to hit that $1.2 million, then you’re going to run into a number that – it depends on the active fleet, but it’s going to be in the $36 million to $40 million range. That’s straight line over every period noting that like, for example, in the current year, we’re going to be just about $60 million and maybe the same level in 2020 as well.

因此,我鼓励你考虑它的方式是现在,五年特别调查每艘船的平均运行量约为120万美元。 因此,它取决于船只在进行调查时的年龄。 但总体而言,我们预计每年有20%的船只达到120万美元,那么你将会遇到一个数字 - 这取决于现有的机队,但它将在3600万美元到4000万美元之间。。 这是每个时期的直线,并指出,例如,在今年,我们将只有大约6000万美元,也可能是2020年的同一水平。

Patrick Fitzgerald

Okay. All right. And so, given your guys’s balance sheet, you obviously are in a much better position to handle that, which is pretty, pretty large number per vessel. What – have you seen that impacting some of your competitors assuming they have kind of the same lumpy schedule, maybe – which maybe isn’t true?

好的。 行。 因此,鉴于你们这些人的资产负债表,你显然处于更好的位置来处理这个问题,这对于每艘船而言非常漂亮。 什么 - 你有没有看到影响你的一些竞争对手,假设他们有一些相同的时间表,也许 - 这可能不是真的?

Quintin Kneen

Well, I think it is true. And John mentioned in his prepared remarks, I’m actually surprised that we haven’t seen more companies hitting the wall. I’m not sure where they’re getting the money for these drydocks. But it is a highly fragmented industry, and people will do whatever they can to survive in this market. So, obviously, they’re leaning on financial institutions and to some extent, cash flow operations, although a lot of these are still operating just above cash flow break-even. So our anticipation as we go through the remainder of 2019 and 2020, is we’re going to see acceleration and vessel attrition because of their investment required.

好吧,我认为这是真的。 约翰在他准备好的讲话中提到,我真的很惊讶我们没有看到更多的公司碰壁。 我不知道他们在哪里可以获得这些干船坞的钱。 但它是一个高度分散的行业,人们将尽其所能在这个市场中生存。 所以,显然,他们依靠金融机构,在某种程度上依赖于现金流量操作,尽管其中很多仍然只是在现金流收支平衡之上运作。 因此,当我们经历2019年和2020年的剩余时间时,我们的预期是,由于需要投资,我们将看到加速和船舶减员。

Patrick Fitzgerald

Okay. And are you baking that into your day rate projections? Are you just assuming they’re going to come up with the money to continue to operate their vessels? So there could be upside to your – kind of your day rate expectations?

好的。 您是否正在将其纳入您的日费率预测? 你只是假设他们想拿钱继续操作他们的船吗? 那么你的日常利率预期会有多大好处?

Quintin Kneen

Well, in all of our comments, we’re anticipating a bit of vessel attrition because of that factor. And sometimes, it comes in the form of just increase utilization and sometimes it comes in the form of day rate. But overall, it should be positive to the revenue line on a per boat basis.

好吧,在我们的所有评论中,由于这个因素,我们预计会有一些船舶磨损。 有时,它只是增加利用率的形式,有时它以日费率的形式出现。 但总的来说,每艘船的收入线应该是积极的。

Patrick Fitzgerald

Okay. And then I wanted to ask about West Africa. You said you’re seeing some bright spots, I guess, in your comments and – but that was in terms of floaters. The only revenue declined sequentially in the quarter was, I believe, in West African deepwater. So are you seeing kind of more contracts that will be announced on the floater side there, or what gives you optimism there?

好的。 然后我想问一下西非。 你说你在评论中看到了一些亮点 - 但这就是漂浮物。 我认为,本季度唯一的收入下降依次是西非深水。 所以你看到那些将在浮动方面公布的更多合同,或者是什么让你乐观?

John Rynd

I think it’s two parts really. It’s two areas. It’s is Angola and Nigeria. Angola is looking to poise the growth in the back-half of this year and through 2020, and that’ll be more floater-driven. And then if you go to Nigeria, that’ll be more jack-up-driven. That’s where we see the two strongest areas right now is Angola, Nigeria, again, Angola being floater-driven, Nigeria more jack-up-driven.

我认为这真的是两个部分。 这是两个方面。 这是安哥拉和尼日利亚。 安哥拉正在寻求在今年下半年和2020年之前实现增长,并且这将更多地受到浮动驱动。 然后,如果你去尼日利亚,那将是更加自拔的。 这就是我们现在看到的两个最强大的地区是安哥拉,尼日利亚,安哥拉再次由浮动驱动,尼日利亚更加自拔。

Patrick Fitzgerald

Okay. Thanks. And then just one more question. Covering the industry on the drilling side hear a lot about improvement in the jack-up space and kind of slower recovery in the floater space. Yet, it seems like your results this quarter, you had more encouraging results on the deepwater side. And, I guess, towing supply vessels were down sequentially. Is that just where you’ve chosen to kind of sell vessels related to kind of smaller older vessels, or what’s the read through there that we should be taking away from this?

好的。 谢谢。 然后再问一个问题。 在钻井方面覆盖行业,可以听到很多关于自升式空间的改进以及浮动空间中恢复较慢的情况。 然而,这似乎是你本季度的结果,你在深水方面取得了更令人鼓舞的成果。 而且,我猜,牵引供应船依次下降。 那就是你选择出售那些与较小型旧船相关的船只的地方,或者我们应该从那里读取什么?

John Rynd

Yes. I think one thing when you take a look at just this depict the deepwater vessels, not all of our deepwater vessels are supporting floaters. If we have an opportunity to put it to work with – on a jack-up contract or a pipeline contract or a construction contract, we’ll do that. That’s just an internal nomenclature how we track those vessels.
The towing supply was down quarter-over-quarter. Some of that was just in and out of in both West Africa and the Middle East. But if you look at the Jack-up rig counted growth is right now, it’s been in the Middle East and it’s coming to West Africa, specifically to Nigeria.

是。 我认为有一点,当你看一下这个描绘深水船,而不是我们所有的深水船都支持漂浮物。 如果我们有机会将其用于升级合同或管道合同或建筑合同,我们就会这样做。 这只是我们如何追踪这些船只的内部命名法。

牵引供应量环比下降。 其中一些只是在西非和中东进出。 但是,如果你看看Jack-up钻机现在计算的增长,它一直在中东,它来到西非,特别是尼日利亚。

Patrick Fitzgerald

Okay. And is there anyway to frame it down?

好的。 无论如何要将其框架下来?

John Rynd

And the North Sea is a deepwater PSV market, and that’s where we had our strongest market.

而北海是一个深水的PSV市场,而这正是我们拥有最强大市场的地方。

Patrick Fitzgerald

Yes, sorry. So just – is there anyway to break down, like how much revenue you get from floaters versus jack-ups, just even a ballpark would be helpful?

对,抱歉。 所以只是 - 无论如何要分解,比如你从飞行器和自升式飞机获得多少收入,即使是一个棒球场也会有所帮助?

Quintin Kneen

Patrick, we don’t track it offhand. It’s pretty well diversified in terms of Tidewater revenue stream between construction activities, production support and then the drilling activities split between jack-ups and floaters.

帕特里克,我们不会随便跟踪它。 在建筑活动,生产支持以及自升式钻井平台和浮子之间的钻井活动之间的Tidewater收入流方面,它非常多样化。

Patrick Fitzgerald

Okay. All right, fair enough. Thank you very much.

好的。 好吧,公平。 非常感谢你。

John Rynd

Thank you, Patrick.

帕特里克,谢谢你。

会议主持员

And this concludes the question-and-answer session. I’ll turn the call back over to Matt Mancheski for final remarks.

这就是问答环节。 我将把这个电话转回Matt Mancheski进行最后的评论。

马特曼切斯基

Okay. Thank you, Adrianne, and thank you for everyone that participated in the call. We look forward to your continued participation in Tidewater stock, and thank you for your interest in the company.

好的。 感谢Adrianne,感谢参与此次电话会议的所有人。 我们期待您继续参与Tidewater库存,并感谢您对该公司的关注。

会议主持员

Thank you, ladies and gentlemen. This concludes today’s conference. Thank you for participating. You may now disconnect.

女士们,先生们,谢谢你们。 今天的会议结束了。 感谢您的参与。 您现在可以断开连接。

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