Tidewater Inc. (NYSE:TDW) Q2 2024 Results Conference Call August 7, 2024 9:00 AM ET

Company Participants

West Gotcher - VP, Finance & IR
Quintin Kneen - President & CEO
Piers Middleton - Chief Commercial Officer
Samuel Rubio - CFO

Conference Call Participants

Magnus Anderson - Fearnley Securities
Don Crist - Johnson Rice
Josh Jayne - Daniel Energy Partners
David Smith - Pickering Energy Partners
Fredrik Stene - Clarksons Securities
Greg Lewis - BTIG
Jim Rollyson - Raymond James

Operator

Thank you for standing by. My name is Mandeep, and I'll be your operator today. At this time, I'd like to welcome everyone to the Tidewater Q2 2024 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to West Gotcher, Senior Vice President of Strategy, Corporate Development and Investor Relations. You may begin.

West Gotcher

Thank you, Mandeep. Good morning, everyone, and welcome to Tidewater's Second Quarter 2024 Earnings Conference Call. I'm joined on the call this morning by our President and CEO, Quintin Kneen; our Chief Financial Officer, Sam Rubio; and our Chief Commercial Officer, Piers Middleton. During today's call, we'll make certain statements that are forward-looking and referring to our plans and expectations. There are risks and uncertainties and other factors that may cause the company's actual performance to be materially different from that stated or implied by any comment that we are making during today's conference call.

Please refer to our most recent Form 10-K and Form 10-Q for additional details on these factors. These documents are available on our website at tdw.com or through the SEC at sec.gov. Information presented on this call speaks only as of today, August 7, 2024. Therefore, you're advised that any time-sensitive information may no longer be accurate at the time of any replay. Also, during the call, we'll present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures can be found in our earnings release located on our website at tdw.com.

And now with that, I'll turn the call over to Quintin.

Quintin Kneen

Thank you, West. Good morning, everyone, and welcome to the Second Quarter 2024 Tidewater Earnings Conference Call. Second quarter revenue nicely exceeded our expectations, driven by stronger-than-anticipated day rates with printed day rates exceeding our forecast by nearly $800 per day. The second quarter marked the highest ever printed day rate for Tidewater and the highest gross margin percentage in 15 years. This is a notable milestone that highlights our efforts to high-grade the fleet through the disposition of older, smaller vessels and through the acquisition of younger, higher-specification vessels over the last few years.