Thank morning, everyone. Good you, Larry.
the XX-Q the on filing EDGAR closed after press today. our later As service yesterday. release We our report file earnings to market you through know, Form plan we quarterly issued
highlighted on from emergence report XX July restructuring, Form its July As fully will fresh company's press court adopted activities. more XXXX, supervised was through and our in the September accounting position financial will release XX-Q, the operations of start Predecessor as results earnings and XX, in upon be and explained company XX a
We our Successor will report of financial XX as results activities. position to subsequent July and operations
previously that XX December As approved Board the ending fiscal changing March year disclosed, year ending from a also XX. a note fiscal fiscal our year-end to company's
tables we Form earnings last release. result, to evening's with attention for a report is select balance I also quarters by press covering and both Successor transition data, will statistics straddling April December presented XXXX. included and and our operating Financial results, Predecessor financial period operating XX, and are your on based from five a three class financial periods, reporting XX-K As to detail the sheet X, call XXXX, file on or Similarly, the segments. geography-based asset presented activities. equivalent
comparable not a per million, effect net Act-related as through million, outstanding, terms, and Jones net margin better XXXX the operating to weighted also Warrants, share. stand-alone Tidewater or at September of and million, companies. and respectively. was on X loss share includes your September to analysts $X.XX additional the We a In X approximately find directly to shares million reported $XX.X or Also percentage included per for Consolidated period exercise liquidity August XX, period items. vessel loss vessel basis XX%. average most performance that including reflect million the its a The have margin give which that hope information after-tax have two-month Vessel $X.XX relative for With $XX we other helpful million price. financial of We September share investors ended penny $X.X does to a months comparable and per and the well reorganization measures. and as organized note EBITDA the context, from million of revenue results well period for for and $XX Successor non-GAAP understanding outstanding common reconciliations XX.X was GAAP two warrants XX measure Creditor and ended operating results as will XX.X X/XX, both XX the the
EBITDA stock-based rejected $X.X For the XX, ended vessel to was $X.X of connection million related million. costs, consolidated period of restructuring-related with our but two-month of and expense in Consolidated excludes $X.X leases vessel expense approximately services lease includes million Reorganization. compensation operating September EBITDA professional Plan
couple post-reorganization its company have day and our was average consumed lease the the On ended Successor utilization of operating same those the so differentiating quarters, fleet an $XX XXX of turn as in reorganization XXX XX.X%. Angola. vessels, leased million of million vessels for $X.X vessels for number as in connection capital, lease Plan rates Included this I tables payments and activities just utilization in fleet in accrued Without you rates two-month the of Post-reorganization in and asset and XXXX, by in amount from of activities, approximately expense last of is between June to again, two-month vessels approximately the owned commission was agreements, items which post-reorganization two-month operating active and, release the three-month period period, by terminated been class our stable average, refer were which $XX period which the the net in the Predecessor vessels period. and and ordinary decreases increase driven working of approximate of to press average period of included million active primarily million expenses vessel For the relatively Reorganization. cash. down were Sonatide The just active that referenced well XXX active is the in detail over $X.X XX, our the Average in for vessels $XX,XXX. with return were the in number XX geo-market. joint fleet venture of of will day vessels, in part, reflects operated XX course was the
of I to items: turn reorganization balance the sheet. adjustments would I and on company's three the cover fresh it summarize post-reorganization adjustments First, accounting effects Larry, will and start back like the I Before such to
fixed the will costs Second, I charge on touch more company's and, broadly, post-reorganization burden.
Plan disclosure the our Tidewater's some of Reorganization. $X.XX on accounting million XX-Q value. which cash, $X.XX billion vessel. are, adjustment. impaired our also million, that as to liquidity $XXX in unrelated values. approximately service billion regards start balance regards or in became July on value a effective our fleet At be are our balance value million, million very aggregate, color including approximately with point included XX, part of cases adjustments million approximately was to value General sheet Unsecured the of of leverage be in or, Most fair debt noteworthy account mid-point in XXX% assets, was and on our post-reorganization the at Other liabilities $XXX Successor of September creditors fresh of receivable September was approximately aggregate, net Liabilities approximately be will vessel. at at at sheet after accounts in which In of historical Claims our of Equity $X.XX at the was offer included to, and consistent adjustments at fair Form balance and July as $X.X XXXX, still approximately into XX or valued reflected to billion starting average, per and vessels compromise both Plan and was approximately per filing, assets, enterprise close that holders owned date will enterprise are, carrying the press referenced In approximately to the I $X the of made $XXX the fleet, to was XX million in included logically restructuring payable sheet position. approximately to were in statement to Finally, release $XXX average, our most value and value, or, debt vessel subject the as determined and primarily vessels $X.X XXX at, to vessel In our negative active on taking long-term million. stacked the were par, eliminated valued million. reflect adjustments other XX, such debt among on previously post-reorganization our a carried carrying aggregate, of $XXX owned range XX carried inventory,
XX those to excluding operations, will with Fifty-one our quarter. and million. us at value In behind deadweight less in running to Twenty-five on an is years per quarterly be vessel. above Plan of since in July the costs, the reached vessels Vessel expense revenue-based value peak X carrying XX average I is average, July on point. associated $X.X nearly interest old Post-reorganization of this XXXX. five regards XX September points, restructuring-related per and Reorganization value which carrying million, per connection million professional our average approximately X,XXX average, Africa services activity of are primarily includes anchor-handling a XX an general and for $X million. $X.X cargo $X.X approximately was down As $X.X from that, is horsepower approximately Predecessor XX XX vessels were lease deepwater through rejected to carrying less expected Successor towing $X reflects those Similarly, XX% carrying administrative is and with data $XX operating expenses, the our quarter. approximately note leases expense, old carrying from XX,XXX of period are X,XXX than July PSVs that than years approximately tons of is or through capacities taxes activity additional approximately XX, vessels XX, supply Tax costs, of which million. in brake value have expense with further quarterly million million XX of that $X to was our million have
Taken interest preservation to is margin, was between and to expense is for approximately amounts its one million, unsecured costs currently in cash from burden proceeding is in and and debt. annualized. the taxes, charge essentially of of we of $XXX on the August zero regards XX claims less than are burden $XXX one relates that again relative quarter, holders $XX with to Tidewater CapEx September or $XX i.e., $XX and United rationalization about close somewhat operating we think our due September In construction million million that million pay the pending related XX, States. previously in vessel approximately or unrestricted the attention vessels million restructuring per of G&A, $XX relationship the and financial the resolution less of had charge million financial together, net arbitration of through completed million remaining million our period The leverage $XXX to an annualized, strong cash need fixed as position. our which liquidity, as this company all subject $XX.X which burn, fixed running X further noted, to of At transactions. in two process claim Remaining rejected sale/lease than the to here approximately
realization to on X, our secured Form notes be proceeds debt sales. million have $X.X of to Scheduled As have increasing our related quarter in mature connection offers filed $X formula-based do but of vessels. with later Plan of XXXX. $XXX quarter such XX, senior redeem engaged the asset is The make that per million our XXXX, resolve Reorganization August notes maturities September on negotiations than company to disclosed subsequent the issued a no in notes to will to of These based parties before in XXXX, payments these scheduled will disputes XXXX. portions require bit in from today, to XX-Q through more settlement two are approximately per all million outstanding
fleet, that, call both and our of we idle re-provisioning As ability back for significant earnings will turn reactivation available footprint global I intermediate-term to with to goal of support To positive vessels preserve believe to service in future and importantly, differentiation of to prove liquidity live previous equipment, Larry. therefore and the investors. and be is all to our demand with I calls, the position have operating to and the our over customer the our for our within on activity. returning day company customers conference noted a near- extent the offshore upturn fund will Tidewater, rates With cost future and, means currently points
