SEACOR Marine Announces First Quarter 2024 Results
HOUSTON, May 01, 2024 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its first quarter ended March 31, 2024.
SEACOR Marine’s consolidated operating revenues for the first quarter of 2024 were $62.8 million, operating loss was $10.6 million, and direct vessel profit (“DVP”)^(1) was $14.7 million. This compares to consolidated operating revenues of $61.2 million, operating income of $0.2 million, and DVP of $22.7 million in the first quarter of 2023, and consolidated operating revenues of $73.1 million, operating income of $22.6 million, and DVP of $29.8 million in the fourth quarter of 2023.
Notable first quarter items include:
· 2.6% increase in revenues from the first quarter of 2023 and a 14.1% decrease from the fourth quarter of 2023.
· Average day rates of $19,042, a 33.0% increase from the first quarter of 2023, and a 5.6% increase from the fourth quarter of 2023.
· DVP margin of 23.4%, decreasing from 37.1% in the first quarter of 2023 and 40.8% in the fourth quarter of 2023, due in part to $8.5 million of drydocking and major repairs during the quarter, which are expensed as incurred.
For the first quarter of 2024, net loss was $23.1 million ($0.84 loss per basic and diluted share). This compares to a net loss for the first quarter of 2023 of $9.6 million ($0.36 loss per basic and diluted share). Sequentially, the first quarter 2024 results compare to a net income of $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share) in the fourth quarter of 2023.
Chief Executive Officer John Gellert commented:
“The first quarter results reflect both continued improvement in dayrates as well as lower seasonal utilization. We have been deliberate with our plans to conduct scheduled maintenance and reposition vessels during the winter months. These efforts incurred higher operating expenses and lowered utilization, resulting in a decline of our DVP metric as we expense drydocking and major repairs as incurred. We continue to achieve improved terms and pricing as vessels roll off contracts, and we expect significantly improved utilization as we complete vessel repositioning and enter new contracts.
Other than our U.S. segment, all of our business segments delivered positive results. In the U.S., we continue to see limited permitting for offshore activity for our customers in the oil and gas sector as well as delays in decommissioning plans. Additionally, U.S. offshore windfarm projects that we have been targeting have been delayed. However, demand for our premium liftboats remains very strong, and we have opportunities to redeploy other assets to more active markets. Internationally, we completed the hybrid battery upgrade of one of our PSVs and also repositioned two vessels, with several more vessels expected to complete their mobilizations to new markets during the second quarter.
We continue to see tight supply and growing demand worldwide. I expect that our efforts during the first quarter of 2024 will place the Company in an optimal position to utilize its assets to their full potential.”
___________________
(1 ) Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com*
*
*SEACOR MARINE HOLDINGS INC.*
*UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)*
*(in thousands, except share data)
* *Three Months Ended March 31,* *2024* *2023*
Operating Revenues $ 62,770 $ 61,209
Costs and Expenses:
Operating 48,099 38,509
Administrative and general 11,917 11,632
Lease expense 481 720
Depreciation and amortization 12,882 13,762 73,379 64,623
(Losses) Gains on Asset Dispositions and Impairments, Net (1 ) 3,599
Operating (Loss) Income (10,610 ) 185
Other Income (Expense):
Interest income 593 460
Interest expense (10,309 ) (8,788 )
Derivative losses, net (543 ) —
Foreign currency losses, net (80 ) (825 )
Other, net (95 ) — (10,434 ) (9,153 )
Loss Before Income Tax Expense and Equity in (Losses) Earnings of 50% or Less Owned Companies (21,044 ) (8,968 )
Income Tax Expense 925 1,157
Loss Before Equity in (Losses) Earnings of 50% or Less Owned Companies (21,969 ) (10,125 )
Equity in (Losses) Earnings of 50% or Less Owned Companies (1,100 ) 536
Net Loss $ (23,069 ) $ (9,589 )
Net Loss Per Share:
Basic $ (0.84 ) $ (0.36 )
Diluted $ (0.84 ) $ (0.36 )
Weighted Average Common Stock and Warrants Outstanding:
Basic 27,343,604 26,822,391
Diluted 27,343,604 26,822,391
*SEACOR MARINE HOLDINGS INC.*
*UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)*
* (in thousands, except statistics and per share data)
* *Three Months Ended* *Mar. 31,
2024* *Dec. 31,
2023* *Sep. 30,
2023* *Jun. 30,
2023* *Mar. 31,
2023*
Time Charter Statistics:
Average Rates Per Day $ 19,042 $ 18,031 $ 18,046 $ 15,250 $ 14,314
Fleet Utilization 62 % 71 % 73 % 78 % 76 %
Fleet Available Days 5,005 5,170 5,182 5,096 5,071
Operating Revenues:
Time charter $ 59,263 $ 66,498 $ 68,668 $ 60,804 $ 55,415
Bareboat charter 364 368 368 364 360
Other marine services 3,143 6,217 7,864 7,151 5,434 62,770 73,083 76,900 68,319 61,209
Costs and Expenses:
Operating:
Personnel 21,670 22,080 19,943 19,944 19,803
Repairs and maintenance 9,763 7,604 7,418 5,793 6,011
Drydocking 6,706 2,561 1,768 2,256 13
Insurance and loss reserves 1,738 2,944 1,833 2,390 2,789
Fuel, lubes and supplies 4,523 3,683 5,047 3,638 4,819
Other 3,699 4,397 4,133 3,709 5,074 48,099 43,269 40,142 37,730 38,509
Direct Vessel Profit^(1) 14,671 29,814 36,758 30,589 22,700
Other Costs and Expenses:
Lease expense 481 679 651 698 720
Administrative and general 11,917 11,547 12,300 13,704 11,632
Depreciation and amortization 12,882 13,022 13,462 13,575 13,762 25,280 25,248 26,413 27,977 26,114
(Losses) Gains on Asset Dispositions and Impairments, Net (1 ) 18,057 (512 ) 265 3,599
Operating (Loss) Income (10,610 ) 22,623 9,833 2,877 185
Other Income (Expense):
Interest income 593 222 340 422 460
Interest expense (10,309 ) (10,444 ) (9,536 ) (8,736 ) (8,788 )
Derivative (losses) gains, net (543 ) 608 — — —
Loss on debt extinguishment — — (2,004 ) — —
Foreign currency (losses) gains, net (80 ) (1,276 ) 571 (603 ) (825 )
Other, net (95 ) — — — — (10,434 ) (10,890 ) (10,629 ) (8,917 ) (9,153 )
(Loss) Income Before Income Tax Expense (Benefit) and Equity in (Losses) Earnings of 50% or Less Owned Companies (21,044 ) 11,733 (796 ) (6,040 ) (8,968 )
Income Tax Expense (Benefit) 925 6,378 2,360 (1,096 ) 1,157
(Loss) Income Before Equity in (Losses) Earnings of 50% or Less Owned Companies (21,969 ) 5,355 (3,156 ) (4,944 ) (10,125 )
Equity in (Losses) Earnings of 50% or Less Owned Companies (1,100 ) 374 2,273 373 536
Net (Loss) Income $ (23,069 ) $ 5,729 $ (883 ) $ (4,571 ) $ (9,589 )
Net (Loss) Earnings Per Share:
Basic $ (0.84 ) $ 0.21 $ (0.03 ) $ (0.17 ) $ (0.36 )
Diluted $ (0.84 ) $ 0.20 $ (0.03 ) $ (0.17 ) $ (0.36 )
Weighted Average Common Stock and Warrants Outstanding:
Basic 27,344 27,182 27,182 27,138 26,822
Diluted 27,344 28,401 27,182 27,138 26,822
Common Shares and Warrants Outstanding at Period End 28,906 28,489 28,481 28,481 28,428
______________________
^(1) See full description of footnote above.
*SEACOR MARINE HOLDINGS INC.*
*UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT*
*(in thousands, except statistics)*
*
* *Three Months Ended* *Mar. 31,
2024* *Dec. 31,
2023* *Sep. 30,
2023* *Jun. 30,
2023* *Mar. 31,
2023*
*United States, primarily Gulf of Mexico*
Time Charter Statistics:
Average rates per day worked $ 28,156 $ 22,584 $ 23,663 $ 16,115 $ 18,359
Fleet utilization 27 % 50 % 57 % 35 % 35 %
Fleet available days 927 1,152 1,196 1,080 1,015
Out-of-service days for repairs, maintenance and drydockings 137 61 151 229 112
Out-of-service days for cold-stacked status^(2) 182 254 206 173 211
Operating Revenues:
Time charter $ 6,957 $ 12,929 $ 16,236 $ 6,121 $ 6,564
Other marine services 1,026 5,346 5,478 3,004 3,850 7,983 18,275 21,714 9,125 10,414
Direct Costs and Expenses:
Operating:
Personnel 5,781 6,906 6,712 5,957 6,535
Repairs and maintenance 1,404 819 1,560 1,573 1,194
Drydocking 1,968 303 462 1,506 43
Insurance and loss reserves 396 1,297 332 1,082 1,041
Fuel, lubes and supplies 667 1,032 958 924 783
Other (171 ) 475 375 346 231 10,045 10,832 10,399 11,388 9,827
Direct Vessel Profit (Loss)^(1) $ (2,062 ) $ 7,443 $ 11,315 $ (2,263 ) $ 587
Other Costs and Expenses:
Lease expense $ 138 $ 141 $ 116 $ 143 $ 136
Depreciation and amortization 2,750 3,479 3,810 3,861 3,535
*Africa and Europe*
Time Charter Statistics:
Average rates per day worked $ 15,197 $ 15,233 $ 15,388 $ 14,982 $ 12,835
Fleet utilization 76 % 82 % 84 % 94 % 87 %
Fleet available days 1,775 1,748 1,748 1,729 1,710
Out-of-service days for repairs, maintenance and drydockings 238 124 111 58 118
Out-of-service days for cold-stacked status^(3) 91 92 54 — —
Operating Revenues:
Time charter $ 20,555 $ 21,791 $ 22,528 $ 24,414 $ 18,996
Other marine services 169 189 1,943 225 225 20,724 21,980 24,471 24,639 19,221
Direct Costs and Expenses:
Operating:
Personnel 5,181 6,007 5,089 4,833 4,505
Repairs and maintenance 3,209 2,807 2,214 2,050 2,553
Drydocking 2,032 1,298 320 144 1,184
Insurance and loss reserves 334 416 573 420 318
Fuel, lubes and supplies 1,287 623 2,573 1,419 2,215
Other 2,199 2,267 2,448 2,608 2,749 14,242 13,418 13,217 11,474 13,524
Direct Vessel Profit^(1) $ 6,482 $ 8,562 $ 11,254 $ 13,165 $ 5,697
Other Costs and Expenses:
Lease expense $ 178 $ 289 $ 372 $ 408 $ 429
Depreciation and amortization 3,915 3,747 3,821 3,853 3,925
^______________________
(1) See full description of footnote above.
^(2) Includes one liftboat and one FSV cold-stacked in this region as of March 31, 2024.
^(3) Includes one AHTS cold-stacked in this region that is classified as held for sale as of March 31, 2024.
*SEACOR MARINE HOLDINGS INC.*
* UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)*
*(in thousands, except statistics)
* *Three Months Ended* *Mar. 31,
2024* *Dec. 31,
2023* *Sep. 30,
2023* *Jun. 30,
2023* *Mar. 31,
2023*
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked $ 16,934 $ 17,590 $ 16,313 $ 13,245 $ 13,562
Fleet utilization 71 % 69 % 67 % 86 % 82 %
Fleet available days 1,365 1,461 1,472 1,456 1,440
Out-of-service days for repairs, maintenance and drydockings 224 360 297 58 76
Operating Revenues:
Time charter $ 16,477 $ 17,729 $ 16,087 $ 16,563 $ 16,028
Other marine services 350 539 267 3,512 27 16,827 18,268 16,354 20,075 16,055
Direct Costs and Expenses:
Operating:
Personnel 5,963 5,522 5,157 5,266 4,841
Repairs and maintenance 2,712 2,590 2,623 1,219 677
Drydocking 1,483 624 1,056 (684 ) (1,095 )
Insurance and loss reserves 618 1,022 711 720 1,185
Fuel, lubes and supplies 1,198 1,242 743 425 1,142
Other 1,000 1,133 943 389 1,496 12,974 12,133 11,233 7,335 8,246
Direct Vessel Profit^(1) $ 3,853 $ 6,135 $ 5,121 $ 12,740 $ 7,809
Other Costs and Expenses:
Lease expense $ 85 $ 158 $ 59 $ 67 $ 76
Depreciation and amortization 3,496 3,643 3,721 3,708 3,688
*Latin America*
Time Charter Statistics:
Average rates per day worked $ 28,308 $ 20,745 $ 20,656 $ 18,846 $ 16,229
Fleet utilization 58 % 84 % 87 % 88 % 94 %
Fleet available days 938 809 766 831 906
Out-of-service days for repairs, maintenance and drydockings — — 67 79 22
Operating Revenues:
Time charter $ 15,274 $ 14,049 $ 13,817 $ 13,706 $ 13,827
Bareboat charter 364 368 368 364 360
Other marine services 1,598 143 176 410 1,332 17,236 14,560 14,361 14,480 15,519
Direct Costs and Expenses:
Operating:
Personnel 4,745 3,645 2,985 3,888 3,922
Repairs and maintenance 2,438 1,388 1,021 951 1,587
Drydocking 1,223 336 (70 ) 1,290 (119 )
Insurance and loss reserves 390 209 217 168 245
Fuel, lubes and supplies 1,371 786 773 870 679
Other 671 522 367 366 598 10,838 6,886 5,293 7,533 6,912
Direct Vessel Profit^(1) $ 6,398 $ 7,674 $ 9,068 $ 6,947 $ 8,607
Other Costs and Expenses:
Lease expense $ 80 $ 91 $ 104 $ 80 $ 79
Depreciation and amortization 2,721 2,153 2,110 2,153 2,614
______________________
^(1) See full description of footnote above.
*SEACOR MARINE HOLDINGS INC.*
*UNAUDITED PERFORMANCE BY VESSEL CLASS*
*(in thousands, except statistics)
* *Three Months Ended* *Mar. 31,
2024* *Dec. 31,
2023* *Sep. 30,
2023* *Jun. 30,
2023* *Mar. 31,
2023*
*AHTS*
Time Charter Statistics:
Average rates per day worked $ 8,538 $ 8,937 $ 9,947 $ 8,916 $ 9,244
Fleet utilization 75 % 64 % 50 % 85 % 81 %
Fleet available days 364 368 368 364 391
Out-of-service days for repairs, maintenance and drydockings — 41 111 13 45
Out-of-service days for cold-stacked status 91 92 54 — 31
Operating Revenues:
Time charter $ 2,331 $ 2,102 $ 1,831 $ 2,762 $ 2,915
Other marine services — 6 930 — — 2,331 2,108 2,761 2,762 2,915
Direct Costs and Expenses:
Operating:
Personnel $ 1,064 $ 944 $ 1,019 $ 1,069 $ 995
Repairs and maintenance 220 612 484 186 216
Drydocking 68 58 747 131 420
Insurance and loss reserves 43 73 88 78 68
Fuel, lubes and supplies 616 375 428 192 476
Other 287 295 378 329 448 2,298 2,357 3,144 1,985 2,623
Other Costs and Expenses:
Lease expense $ 171 $ 253 $ 331 $ 332 $ 331
Depreciation and amortization 175 175 249 298 298
*FSV*
Time Charter Statistics:
Average rates per day worked $ 11,834 $ 11,841 $ 11,441 $ 11,314 $ 10,609
Fleet utilization 72 % 74 % 79 % 92 % 91 %
Fleet available days 2,002 2,105 2,116 2,093 2,070
Out-of-service days for repairs, maintenance and drydockings 216 337 227 86 66
Out-of-service days for cold-stacked status 91 92 69 82 90
Operating Revenues:
Time charter $ 17,081 $ 18,502 $ 19,135 $ 21,747 $ 19,988
Other marine services 126 163 652 71 190 17,207 18,665 19,787 21,818 20,178
Direct Costs and Expenses:
Operating:
Personnel $ 5,649 $ 5,320 $ 5,144 $ 5,083 $ 4,861
Repairs and maintenance 3,093 2,691 2,787 1,134 1,867
Drydocking 1,869 1,710 870 1,342 128
Insurance and loss reserves 277 507 185 337 334
Fuel, lubes and supplies 1,051 1,441 1,501 1,108 1,382
Other 1,649 1,632 1,552 1,536 1,803 13,588 13,301 12,039 10,540 10,375
Other Costs and Expenses:
Depreciation and amortization $ 4,744 $ 4,879 $ 5,002 $ 4,952 $ 4,946
*SEACOR MARINE HOLDINGS INC.*
*UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)*
*(in thousands, except statistics)
* *Three Months Ended* *Mar. 31,
2024* *Dec. 31,
2023* *Sep. 30,
2023* *Jun. 30,
2023* *Mar. 31,
2023*
*PSV*
Time Charter Statistics:
Average rates per day worked $ 19,133 $ 19,778 $ 19,528 $ 17,545 $ 14,827
Fleet utilization 53 % 77 % 78 % 80 % 70 %
Fleet available days 1,911 1,902 1,870 1,820 1,800
Out-of-service days for repairs, maintenance and drydockings 307 109 110 92 124
Operating Revenues:
Time charter $ 19,390 $ 29,140 $ 28,580 $ 25,458 $ 18,800
Bareboat charter 364 368 368 364 360
Other marine services 416 595 696 584 1,203 20,170 30,103 29,644 26,406 20,363
Direct Costs and Expenses:
Operating:
Personnel $ 8,850 $ 9,017 $ 8,793 $ 8,738 $ 8,849
Repairs and maintenance 4,393 3,520 2,504 2,998 3,475
Drydocking 3,386 472 232 12 609
Insurance and loss reserves 395 690 682 421 419
Fuel, lubes and supplies 1,889 1,027 2,352 2,124 2,331
Other 1,395 1,922 1,761 1,405 2,677 20,308 16,648 16,324 15,698 18,360
Other Costs and Expenses:
Depreciation and amortization $ 4,073 $ 4,073 $ 4,073 $ 4,072 $ 4,262
*SEACOR MARINE HOLDINGS INC.*
*UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)*
*(in thousands, except statistics)
* *Three Months Ended* *Mar. 31,
2024* *Dec. 31,
2023* *Sep. 30,
2023* *Jun. 30,
2023* *Mar. 31,
2023*
*Liftboats*
Time Charter Statistics:
Average rates per day worked $ 53,506 $ 40,181 $ 39,419 $ 35,623 $ 33,936
Fleet utilization 53 % 52 % 59 % 37 % 50 %
Fleet available days 728 795 828 819 810
Out-of-service days for repairs, maintenance and drydockings 78 60 111 233 94
Out-of-service days for cold-stacked status 91 162 137 91 90
Operating Revenues:
Time charter $ 20,461 $ 16,754 $ 19,122 $ 10,837 $ 13,712
Other marine services 1,772 4,666 4,710 5,495 2,930 22,233 21,420 23,832 16,332 16,642
Direct Costs and Expenses:
Operating:
Personnel $ 6,140 $ 5,316 $ 4,983 $ 5,065 $ 5,068
Repairs and maintenance 2,035 769 1,643 1,472 499
Drydocking 1,383 321 (81 ) 849 (1,141 )
Insurance and loss reserves 1,282 1,554 1,148 1,418 1,907
Fuel, lubes and supplies 967 838 766 219 619
Other 343 531 445 441 125 12,150 9,329 8,904 9,464 7,077
Other Costs and Expenses:
Depreciation and amortization 3,866 3,867 4,099 4,215 4,214
*Other Activity*
Operating Revenues:
Other marine services $ 829 $ 787 $ 876 $ 1,001 $ 1,111 829 787 876 1,001 1,111
Direct Costs and Expenses:
Operating:
Personnel $ (33 ) $ 1,483 $ 4 $ (11 ) $ 30
Repairs and maintenance 22 12 — 3 (46 )
Drydocking — — — (78 ) (3 )
Insurance and loss reserves (259 ) 120 (270 ) 136 61
Fuel, lubes and supplies — 2 — (5 ) 11
Other 25 17 (3 ) (2 ) 21 (245 ) 1,634 (269 ) 43 74
Other Costs and Expenses:
Lease expense $ 310 $ 426 $ 320 $ 366 $ 389
Depreciation and amortization 24 28 39 38 42
*SEACOR MARINE HOLDINGS INC.*
*UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS*
*(in thousands)**
**
* *Mar. 31,
2024* *Dec. 31,
2023* *Sep. 30,
2023* *Jun. 30,
2023* *Mar. 31,
2023* * *
*ASSETS* * *
Current Assets:
Cash and cash equivalents $ 59,593 $ 67,455 $ 55,840 $ 40,750 $ 40,570
Restricted cash 2,566 16,676 2,796 2,796 3,082
Receivables:
Trade, net of allowance for credit loss 58,272 63,728 63,246 60,022 60,114
Other 12,210 11,049 8,662 12,032 11,650
Note receivable — — — 5,000 10,000
Tax receivable 983 983 445 445 445
Inventories 2,516 1,609 1,738 1,653 2,207
Prepaid expenses and other 3,425 2,686 2,957 3,112 3,233
Assets held for sale 500 500 6,093 — —
Total current assets 140,065 164,686 141,777 125,810 131,301
Property and Equipment:
Historical cost 919,139 918,823 936,520 966,338 969,328
Accumulated depreciation (337,001 ) (324,141 ) (318,549 ) (334,678 ) (324,197 ) 582,138 594,682 617,971 631,660 645,131
Construction in progress 13,410 10,362 9,413 8,876 8,540
Net property and equipment 595,548 605,044 627,384 640,536 653,671
Right-of-use asset - operating leases 3,988 4,291 4,907 5,703 5,984
Right-of-use asset - finance leases 29 37 45 6,495 6,654
Investments, at equity, and advances to 50% or less owned companies 3,122 4,125 3,857 3,253 3,594
Other assets 2,094 2,153 2,095 2,139 2,079
Total assets $ 744,846 $ 780,336 $ 780,065 $ 783,936 $ 803,283
*LIABILITIES AND EQUITY*
Current Liabilities:
Current portion of operating lease liabilities $ 1,285 $ 1,591 $ 1,856 $ 1,792 $ 1,764
Current portion of finance lease liabilities 33 35 35 611 563
Current portion of long-term debt 28,605 28,365 28,005 63,959 60,523
Accounts payable 23,453 27,562 32,468 39,013 44,256
Other current liabilities 21,067 19,533 21,340 21,027 20,185
Total current liabilities 74,443 77,086 83,704 126,402 127,291
Long-term operating lease liabilities 3,390 3,529 3,571 4,030 4,474
Long-term finance lease liabilities — 6 15 6,462 6,644
Long-term debt 281,989 287,544 291,843 243,960 254,450
Deferred income taxes 33,873 35,718 33,078 34,038 39,120
Deferred gains and other liabilities 2,285 2,229 2,217 2,189 2,264
Total liabilities 395,980 406,112 414,428 417,081 434,243
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock 286 280 280 280 279
Additional paid-in capital 474,433 472,692 471,158 469,618 467,896
Accumulated deficit (125,609 ) (102,425 ) (108,154 ) (107,271 ) (102,700 )
Shares held in treasury (8,071 ) (4,221 ) (4,221 ) (4,221 ) (4,119 )
Accumulated other comprehensive income, net of tax 7,506 7,577 6,253 8,128 7,363 348,545 373,903 365,316 366,534 368,719
Noncontrolling interests in subsidiaries 321 321 321 321 321
Total equity 348,866 374,224 365,637 366,855 369,040
Total liabilities and equity $ 744,846 $ 780,336 $ 780,065 $ 783,936 $ 803,283
*SEACOR MARINE HOLDINGS INC.*
*UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS*
*(in thousands)
**
* *Three Months Ended* *Mar. 31,
2024* *Dec. 31,
2023* *Sep. 30,
2023* *Jun. 30,
2023* *Mar. 31,
2023*
Cash Flows from Operating Activities:
Net (Loss) Income $ (23,069 ) $ 5,729 $ (883 ) $ (4,571 ) $ (9,589 )
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization 12,882 13,022 13,462 13,575 13,762
Deferred financing costs amortization 295 279 459 423 418
Stock-based compensation expense 1,645 1,510 1,540 1,723 1,227
Debt discount amortization 1,926 1,862 1,714 1,627 1,558
Allowance for credit losses 3 266 594 2,763 (104 )
Loss (gain) from equipment sales, retirements or impairments 1 (18,057 ) 512 (265 ) (3,599 )
Losses on debt extinguishment — — 177 — —
Derivative losses (gains) 543 (608 ) — — —
Interest on finance lease — 1 59 70 72
Settlements on derivative transactions, net 164 — 197 226 154
Currency losses (gains) 80 1,276 (571 ) 603 825
Deferred income taxes (1,845 ) 2,640 (960 ) (5,082 ) (1,659 )
Equity losses (earnings) 1,100 (374 ) (2,273 ) (373 ) (536 )
Dividends received from equity investees — 166 1,031 1,044 —
Changes in Operating Assets and Liabilities:
Accounts receivables 4,291 (3,472 ) (747 ) (3,139 ) (9,857 )
Other assets (1,290 ) 733 493 1,017 45
Accounts payable and accrued liabilities (3,895 ) (6,456 ) (7,705 ) (5,758 ) 6,731
Net cash (used in) provided by operating activities (7,169 ) (1,483 ) 7,099 3,883 (552 )
Cash Flows from Investing Activities:
Purchases of property and equipment (3,416 ) (3,644 ) (6,455 ) (35 ) (470 )
Proceeds from disposition of property and equipment — 36,692 — 427 7,611
Net investing activities in property and equipment (3,416 ) 33,048 (6,455 ) 392 7,141
Principal payments on notes due from others — — 5,000 5,000 5,000
Net cash (used in) provided by investing activities (3,416 ) 33,048 (1,455 ) 5,392 12,141
Cash Flows from Financing Activities:
Payments on long-term debt (7,530 ) (6,173 ) (4,901 ) (9,483 ) (8,608 )
Payments on debt extinguishment — — (104,832 ) (26,772 ) —
Payments on debt extinguishment cost — — (1,827 ) — —
Proceeds from issuance of long-term debt, net of issue costs — 87 121,207 27,181 —
Payments on finance leases (9 ) (9 ) (204 ) (204 ) (114 )
Proceeds from issuance of common stock, net of issue costs — 24 — — —
Proceeds from exercise of stock options — — — — 6
Tax withholdings on restricted stock vesting (3,850 ) — — (102 ) (2,266 )
Net cash (used in) provided by financing activities (11,389 ) (6,071 ) 9,443 (9,380 ) (10,982 )
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents 2 1 3 (1 ) —
Net Change in Cash, Restricted Cash and Cash Equivalents (21,972 ) 25,495 15,090 (106 ) 607
Cash, Restricted Cash and Cash Equivalents, Beginning of Period 84,131 58,636 43,546 43,652 43,045
Cash, Restricted Cash and Cash Equivalents, End of Period $ 62,159 $ 84,131 $ 58,636 $ 43,546 $ 43,652
*SEACOR MARINE HOLDINGS INC.*
*UNAUDITED FLEET COUNTS
**
* *Owned* *Leased-in* *Managed* *Total*
*March 31, 2024*
AHTS 3 1 — 4
FSV 22 — 1 23
PSV 21 — — 21
Liftboats 8 — — 8 54 1 1 56
*December 31, 2023*
AHTS 3 1 — 4
FSV 22 — 3 25
PSV 21 — — 21
Liftboats 8 — — 8 54 1 3 58