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SEACOR Marine Announces Fourth Quarter 2022 Results
ソース: Nasdaq GlobeNewswire / 06 3 2023 16:20:06 America/New_York
HOUSTON, March 06, 2023 (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 fourth quarter ended December 31, 2022.
SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2022 were $57.9 million, operating loss was $10.5 million, and direct vessel profit (“DVP”)(1) was $13.6 million. This compares to consolidated operating revenues of $48.0 million, operating loss of $14.7 million, and DVP of $12.9 million in the fourth quarter of 2021, and consolidated operating revenues of $59.8 million, operating loss of $10.9 million, and DVP of $15.8 million in the third quarter of 2022.
Notable fourth quarter items include:
- Extended the maturity of the $125.0 million of senior convertible debt issued to Carlyle in 2015 by three years by exchanging that debt for $90.0 million of new guaranteed unsecured notes and $35.0 million of new convertible notes, both due 2026.
- Average utilization rate of 76%, the highest for a fourth quarter since 2013, a 3.0% improvement from the fourth quarter of 2021, and a 3.0% decrease from the third quarter of 2022.
- 20.8% improvement in revenues from the fourth quarter of 2021 and a 3.1% decrease from the third quarter of 2022.
- DVP margin increased 5.1% from the fourth quarter of 2021 and decreased 13.9% from the third quarter of 2022, inclusive of all drydocking expenses during the periods.
For the fourth quarter of 2022, loss from continuing operations was $13.3 million ($0.50 loss per basic and diluted share). This compares to a loss from continuing operations for the fourth quarter of 2021 of $15.8 million ($0.62 loss per basic and diluted share). Sequentially, fourth quarter 2022 results compare to a loss from continuing operations of $24.4 million ($0.91 loss per basic and diluted share) in the third quarter of 2022.
Chief Executive Officer John Gellert commented:
“The Company’s fourth quarter continued the year-on-year improvement trend in revenues, utilization and average dayrates despite seasonally lower levels of activity, particularly in the North Sea.
The decrease in DVP was primarily due to higher maintenance and repair expenses in our PSV fleet, as well as low utilization of a few fully crewed and available vessels, particularly in the North Sea, in anticipation of improving market dynamics.
The activity of our liftboat fleet during the fourth quarter was particularly encouraging. During the quarter, we started our first offshore wind project in the U.S., and completed the repair of one of our premium liftboats in the Middle East with the vessel able to return to service immediately. These positive contributions were offset by weather related damage to one of our premium liftboats in the U.S., which was safely demobilized. The Company’s efforts are focused on repairing and returning the liftboat to service, although timing is uncertain. The Company has insurance coverage for the repairs as well as for loss-of-hire for this liftboat.
I remain optimistic about the potential for SEACOR Marine in 2023, as evidenced by recent chartering activity for our liftboats and hybrid PSVs. This activity should translate into a stronger DVP conversion rate. In light of these positive industry dynamics, we decided to build upon our industry leading position in hybrid PSVs by committing to upgrade one additional PSV to hybrid propulsion, bringing us to a total of seven hybrid PSVs (representing one-third of our PSV fleet). After this conversion, we will have four additional PSVs that could be upgraded with the same technology. Tendering activity remains healthy and we plan to capture further repricing opportunities as contracts rollover, particularly as our customers engage in additional project startups and seasonality factors improve.”
___________________(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.comSEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)Three Months Ended December 31, Year ended December 31, 2022 2021 2022 2021 Operating Revenues $ 57,926 $ 47,967 $ 217,325 $ 170,941 Costs and Expenses: Operating 44,338 35,036 171,985 127,406 Administrative and general 10,799 10,742 40,911 37,639 Lease expense 633 2,664 3,869 6,085 Depreciation and amortization 13,624 14,198 55,957 57,395 69,394 62,640 272,722 228,525 Gains on Asset Dispositions and Impairments, Net 1,017 — 1,398 20,436 Operating Loss (10,451 ) (14,673 ) (53,999 ) (37,148 ) Other Income (Expense): Interest income 688 57 784 1,302 Interest expense (8,456 ) (6,380 ) (29,706 ) (28,111 ) SEACOR Holdings guarantee fees — — — (7 ) Gain on debt extinguishment 10,429 — 10,429 61,994 Derivative gains, net — 4 — 391 Foreign currency (losses) gains, net (2,646 ) (357 ) 1,659 (1,235 ) Gain from return of investments in 50% or less owned companies and other, net 137 — 755 9,441 152 (6,676 ) (16,079 ) 43,775 (Loss) Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies (10,299 ) (21,349 ) (70,078 ) 6,627 Income Tax Expense (Benefit) 4,219 (1,009 ) 8,582 11,493 Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies (14,518 ) (20,340 ) (78,660 ) (4,866 ) Equity in Earnings of 50% or Less Owned Companies 1,176 4,494 7,011 15,078 (Loss) Income from Continuing Operations (13,342 ) (15,846 ) (71,649 ) 10,212 Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756) — — — 22,925 Net (Loss) Income (13,342 ) (15,846 ) (71,649 ) 33,137 Net Income Attributable to Noncontrolling Interests in Subsidiaries — — 1 1 Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. $ (13,342 ) $ (15,846 ) $ (71,650 ) $ 33,136 Net (Loss) Income Per Share from Continuing Operations: Basic $ (0.50 ) $ (0.62 ) $ (2.69 ) $ 0.40 Diluted (0.50 ) (0.62 ) (2.69 ) 0.40 Net Earnings Per Share from Discontinued Operations: Basic $ — $ — $ — $ 0.90 Diluted — — — 0.90 Net (Loss) Earnings Per Share: Basic $ (0.50 ) $ (0.62 ) $ (2.69 ) $ 1.30 Diluted $ (0.50 ) $ (0.62 ) $ (2.69 ) $ 1.30 Weighted Average Common Stock and Warrants Outstanding: Basic 26,727,864 25,520,034 26,626,179 25,444,693 Diluted 26,727,864 25,520,034 26,626,179 25,495,527 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)Three Months Ended Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Time Charter Statistics: Average Rates Per Day $ 13,794 $ 13,340 $ 12,149 $ 11,312 $ 11,376 Fleet Utilization 76 % 79 % 77 % 70 % 73 % Fleet Available Days 5,244 5,336 5,311 5,400 5,060 Operating Revenues: Time charter $ 54,789 $ 56,500 $ 49,504 $ 42,741 $ 42,289 Bareboat charter 376 332 48 618 2,870 Other marine services 2,761 2,959 4,465 2,232 2,808 57,926 59,791 54,017 45,591 47,967 Costs and Expenses: Operating: Personnel 20,849 20,152 18,346 18,435 17,098 Repairs and maintenance 8,948 7,377 8,380 6,791 6,782 Drydocking 1,667 5,046 6,474 4,973 567 Insurance and loss reserves 3,381 2,850 2,545 1,186 1,859 Fuel, lubes and supplies 5,794 5,416 4,350 3,729 3,254 Other 3,699 3,165 4,050 4,382 5,476 44,338 44,006 44,145 39,496 35,036 Direct Vessel Profit(1) 13,588 15,785 9,872 6,095 12,931 Other Costs and Expenses: Lease expense 633 1,168 1,008 1,060 2,664 Administrative and general 10,799 9,978 10,210 9,924 10,742 Depreciation and amortization 13,624 13,754 14,208 14,371 14,198 25,056 24,900 25,426 25,355 27,604 Gains (Losses) on Asset Dispositions and Impairments, Net 1,017 (1,783 ) 25 2,139 — Operating Loss (10,451 ) (10,898 ) (15,529 ) (17,121 ) (14,673 ) Other Income (Expense): Interest income 688 (123 ) 190 29 57 Interest expense (8,456 ) (7,634 ) (6,989 ) (6,627 ) (6,380 ) Derivative gains (losses), net — 1 33 (34 ) 4 Gain on debt extinguishment 10,429 — — — — Foreign currency (losses) gains, net (2,646 ) 2,314 1,170 821 (357 ) Gain (Loss) from return of investments in 50% or less owned companies and other, net 137 659 (41 ) — — 152 (4,783 ) (5,637 ) (5,811 ) (6,676 ) Loss from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies (10,299 ) (15,681 ) (21,166 ) (22,932 ) (21,349 ) Income Tax Expense (Benefit) 4,219 8,418 (1,634 ) (2,421 ) (1,009 ) Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies (14,518 ) (24,099 ) (19,532 ) (20,511 ) (20,340 ) Equity in Earnings Gains (Losses) of 50% or Less Owned Companies 1,176 (254 ) 415 5,674 4,494 Loss from Continuing Operations (13,342 ) (24,353 ) (19,117 ) (14,837 ) (15,846 ) Net Loss (13,342 ) (24,353 ) (19,117 ) (14,837 ) (15,846 ) Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries — (2 ) 3 — — Net Loss Attributable to SEACOR Marine Holdings Inc. $ (13,342 ) $ (24,351 ) $ (19,120 ) $ (14,837 ) $ (15,846 ) Net Loss Per Share from Continuing Operations: Basic $ (0.50 ) $ (0.91 ) $ (0.72 ) $ (0.56 ) $ (0.62 ) Diluted (0.50 ) (0.91 ) (0.72 ) (0.56 ) (0.62 ) Net Loss Per Share: Basic $ (0.50 ) $ (0.91 ) $ (0.72 ) $ (0.56 ) $ (0.62 ) Diluted $ (0.50 ) $ (0.91 ) $ (0.72 ) $ (0.56 ) $ (0.62 ) Weighted Average Common Stock and Warrants Outstanding: Basic 26,728 26,728 26,665 26,379 25,520 Diluted 26,728 26,728 26,665 26,379 25,520 Common Shares and Warrants Outstanding at Period End 28,142 28,142 28,145 28,083 27,432 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)Three Months Ended Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 United States, primarily Gulf of Mexico Time Charter Statistics: Average rates per day worked $ 22,563 $ 21,551 $ 17,792 $ 15,595 $ 15,496 Fleet utilization 57 % 58 % 43 % 38 % 33 % Fleet available days 1,288 1,363 1,277 1,314 1,043 Out-of-service days for repairs, maintenance and drydockings 108 199 284 205 95 Out-of-service days for cold-stacked status 242 259 313 404 399 Operating Revenues: Time charter $ 16,574 $ 17,075 $ 9,759 $ 7,864 $ 5,290 Bareboat charter — — — — 386 Other marine services 2,916 2,161 2,399 2,052 1,119 19,490 19,236 12,158 9,916 6,795 Direct Costs and Expenses: Operating: Personnel 7,262 7,243 5,773 4,923 3,136 Repairs and maintenance 2,666 2,002 1,280 1,101 1,085 Drydocking 472 1,549 4,090 2,867 191 Insurance and loss reserves 2,022 1,382 1,198 229 720 Fuel, lubes and supplies 746 1,143 794 662 501 Other 416 314 281 224 200 13,584 13,633 13,416 10,006 5,833 Direct Vessel Profit (Loss)(1) $ 5,906 $ 5,603 $ (1,258 ) $ (90 ) $ 962 Other Costs and Expenses: Lease expense $ 138 $ 278 $ 295 $ 287 $ 633 Depreciation and amortization 3,912 4,332 4,562 4,638 4,325 Africa and Europe, Continuing Operations Time Charter Statistics: Average rates per day worked $ 11,241 $ 11,813 $ 11,279 $ 10,006 $ 9,530 Fleet utilization 82 % 91 % 85 % 82 % 88 % Fleet available days 1,656 1,629 1,567 1,499 1,411 Out-of-service days for repairs, maintenance and drydockings 125 37 58 163 79 Operating Revenues: Time charter $ 15,299 $ 17,551 $ 14,930 $ 12,280 $ 11,883 Other marine services (679 ) 60 1,072 (616 ) (416 ) 14,620 17,611 16,002 11,664 11,467 Direct Costs and Expenses: Operating: Personnel 4,680 4,694 3,526 3,536 3,283 Repairs and maintenance 2,902 2,110 2,638 1,579 1,846 Drydocking 678 383 134 1,144 144 Insurance and loss reserves 366 359 329 124 245 Fuel, lubes and supplies 2,775 2,284 1,490 1,473 1,019 Other 1,896 1,580 1,871 1,828 1,740 13,297 11,410 9,988 9,684 8,277 Direct Vessel Profit(1) $ 1,323 $ 6,201 $ 6,014 $ 1,980 $ 3,190 Other Costs and Expenses: Lease expense $ 378 $ 455 $ 456 $ 402 $ 371 Depreciation and amortization 3,683 3,461 3,306 3,258 2,948 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)Three Months Ended Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Middle East and Asia Time Charter Statistics: Average rates per day worked $ 11,090 $ 9,507 $ 9,673 $ 9,882 $ 9,612 Fleet utilization 75 % 79 % 87 % 77 % 81 % Fleet available days 1,533 1,564 1,651 1,800 1,717 Out-of-service days for repairs, maintenance and drydockings 132 252 160 153 38 Out-of-service days for cold-stacked status — — — 90 178 Operating Revenues: Time charter $ 12,802 $ 11,712 $ 13,906 $ 13,660 $ 13,402 Other marine services (66 ) 319 460 49 50 12,736 12,031 14,366 13,709 13,452 Direct Costs and Expenses: Operating: Personnel 5,270 5,384 5,691 6,031 5,756 Repairs and maintenance 1,958 1,776 2,545 1,832 1,382 Drydocking 244 3,113 2,250 962 232 Insurance and loss reserves 821 762 748 507 611 Fuel, lubes and supplies 1,335 1,426 1,318 1,010 1,042 Other 915 878 1,213 1,627 2,148 10,543 13,339 13,765 11,969 11,171 Direct Vessel (Loss) Profit(1) $ 2,193 $ (1,308 ) $ 601 $ 1,740 $ 2,281 Other Costs and Expenses: Lease expense $ 52 $ 35 $ 38 $ 31 $ 38 Depreciation and amortization 3,783 3,974 4,229 4,345 4,156 Latin America Time Charter Statistics: Average rates per day worked $ 14,009 $ 14,010 $ 14,263 $ 13,450 $ 15,944 Fleet utilization 94 % 93 % 94 % 85 % 83 % Fleet available days 767 780 816 787 889 Out-of-service days for repairs, maintenance and drydockings 14 12 6 59 113 Operating Revenues: Time charter $ 10,114 $ 10,162 $ 10,909 $ 8,937 $ 11,714 Bareboat charter 376 332 48 618 2,484 Other marine services 590 419 534 747 2,055 11,080 10,913 11,491 10,302 16,253 Direct Costs and Expenses: Operating: Personnel 3,637 2,831 3,356 3,945 4,923 Repairs and maintenance 1,422 1,489 1,917 2,279 2,469 Drydocking 273 1 — — — Insurance and loss reserves 172 347 270 326 283 Fuel, lubes and supplies 938 563 748 584 692 Other 472 393 685 703 1,388 6,914 5,624 6,976 7,837 9,755 Direct Vessel Profit(1) $ 4,166 $ 5,289 $ 4,515 $ 2,465 $ 6,498 Other Costs and Expenses: Lease expense $ 65 $ 400 $ 219 $ 340 $ 1,622 'Depreciation and amortization 2,246 1,987 2,111 2,130 2,769 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)Three Months Ended Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Anchor handling towing supply Time Charter Statistics: Average rates per day worked $ 9,254 $ 8,848 $ 8,887 $ 8,908 $ 8,069 Fleet utilization 80 % 67 % 66 % 66 % 66 % Fleet available days 460 552 546 540 552 Out-of-service days for repairs, maintenance and drydockings — 92 56 2 14 Out-of-service days for cold-stacked status 92 92 131 180 92 Operating Revenues: Time charter $ 3,406 $ 3,256 $ 3,191 $ 3,188 $ 2,926 Other marine services (168 ) (183 ) (143 ) (160 ) (129 ) 3,238 3,073 3,048 3,028 2,797 Direct Costs and Expenses: Operating: Personnel $ 1,220 $ 1,022 $ 1,050 $ 1,136 $ 1,389 Repairs and maintenance 331 304 566 293 608 Drydocking 6 28 (30 ) (7 ) 1 Insurance and loss reserves 94 150 146 (137 ) 148 Fuel, lubes and supplies 259 399 215 144 321 Other 283 228 435 439 556 2,193 2,131 2,382 1,868 3,023 Other Costs and Expenses: Lease expense $ 300 $ 450 $ 450 $ 449 $ 353 Depreciation and amortization 300 494 495 494 495 Fast support Time Charter Statistics: Average rates per day worked $ 9,905 $ 9,907 $ 9,201 $ 8,621 $ 8,464 Fleet utilization 86 % 90 % 85 % 80 % 79 % Fleet available days 2,116 2,116 2,126 2,160 2,208 Out-of-service days for repairs, maintenance and drydockings 146 103 108 167 137 Out-of-service days for cold-stacked status 58 75 91 90 92 Operating Revenues: Time charter $ 18,062 $ 18,837 $ 16,525 $ 14,900 $ 14,857 Bareboat charter — — — — 386 Other marine services (224 ) (15 ) (174 ) (254 ) (380 ) 17,838 18,822 16,351 14,646 14,863 Direct Costs and Expenses: Operating: Personnel $ 5,140 $ 5,289 $ 4,880 $ 5,070 $ 5,581 Repairs and maintenance 2,957 2,738 2,458 1,800 2,151 Drydocking 1,434 656 (201 ) 1,277 494 Insurance and loss reserves 453 410 372 260 390 Fuel, lubes and supplies 1,797 1,572 1,187 1,544 1,355 Other 1,638 1,284 1,311 1,941 2,156 13,419 11,949 10,007 11,892 12,127 Other Costs and Expenses: Lease expense $ — $ — $ — $ — $ 353 Depreciation and amortization 4,972 4,972 5,010 4,945 4,929 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 PSV Time Charter Statistics: Average rates per day worked $ 13,519 $ 13,772 $ 13,422 $ 12,188 $ 11,586 Fleet utilization 69 % 78 % 86 % 72 % 79 % Fleet available days 1,840 1,840 1,820 1,800 1,380 Out-of-service days for repairs, maintenance and drydockings 142 152 26 233 117 Out-of-service days for cold-stacked status — — — — 117 Operating Revenues: Time charter $ 17,194 $ 19,687 $ 20,983 $ 15,823 $ 12,675 Bareboat charter 376 332 48 618 — Other marine services 222 720 575 44 410 17,792 20,739 21,606 16,485 13,085 Direct Costs and Expenses: Operating: Personnel $ 8,961 $ 8,427 $ 7,889 $ 8,193 $ 6,141 Repairs and maintenance 2,998 2,839 3,184 3,701 2,191 Drydocking 770 1,025 (32 ) 1,302 — Insurance and loss reserves 552 734 551 428 280 Fuel, lubes and supplies 2,842 2,038 1,701 1,434 998 Other 1,420 1,275 1,631 1,348 1,957 17,543 16,338 14,924 16,406 11,567 Other Costs and Expenses: Lease expense $ — $ 332 $ 154 $ 291 $ — Depreciation and amortization 4,099 3,810 3,785 3,786 3,155 Specialty Time Charter Statistics: Fleet available days — — — 90 92 Out-of-service days for cold-stacked status — — — 90 92 Direct Costs and Expenses: Operating: Personnel $ — $ — $ — $ 1 $ 6 Repairs and maintenance — — — — (28 ) Insurance and loss reserves — — — 2 1 Fuel, lubes and supplies — — — 2 2 Other — — — 11 18 — — — 16 (1 ) SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Liftboats Time Charter Statistics: Average rates per day worked $ 31,717 $ 27,447 $ 24,712 $ 22,416 $ 23,409 Fleet utilization 61 % 65 % 44 % 49 % 61 % Fleet available days 828 828 819 810 828 Out-of-service days for repairs, maintenance and drydockings 90 154 318 179 58 Out-of-service days for cold-stacked status 92 92 91 134 184 Operating Revenues: Time charter $ 16,127 $ 14,720 $ 8,805 $ 8,830 $ 11,831 Bareboat charter — — — — 2,484 Other marine services 1,842 1,421 3,283 1,463 1,121 17,969 16,141 12,088 10,293 15,436 Direct Costs and Expenses: Operating: Personnel $ 5,520 $ 5,419 $ 4,515 $ 4,035 $ 4,068 Repairs and maintenance 2,674 1,560 2,132 1,012 1,859 Drydocking (543 ) 3,337 6,737 2,401 72 Insurance and loss reserves 2,271 1,552 1,548 1,215 1,070 Fuel, lubes and supplies 896 1,408 1,230 605 589 Other 359 387 655 644 856 11,177 13,663 16,817 9,912 8,514 Other Costs and Expenses: Lease expense $ — $ — $ — $ — $ 1,569 Depreciation and amortization 4,210 4,429 4,870 4,964 5,171 Other Activity Operating Revenues: Other marine services $ 1,089 $ 1,016 $ 924 $ 1,139 $ 1,786 1,089 1,016 924 1,139 1,786 Direct Costs and Expenses: Operating: Personnel $ 8 $ (5 ) $ 12 $ — $ (87 ) Repairs and maintenance (12 ) (64 ) 40 (15 ) 1 Insurance and loss reserves 11 4 (72 ) (582 ) (30 ) Fuel, lubes and supplies — (1 ) 17 — (11 ) Other (1 ) (9 ) 18 (1 ) (67 ) 6 (75 ) 15 (598 ) (194 ) Other Costs and Expenses: Lease expense $ 333 $ 386 $ 404 $ 320 $ 389 Depreciation and amortization 43 49 48 182 448 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 ASSETS Current Assets: Cash and cash equivalents $ 39,963 $ 47,514 $ 22,608 $ 36,315 $ 37,619 Restricted cash 3,082 3,296 3,296 3,596 3,601 Receivables: Trade, net of allowance for credit loss accounts 54,388 58,572 55,276 49,238 55,544 Other 7,638 6,647 7,437 8,799 6,118 Note receivable 15,000 20,000 — — — Tax receivable 578 79 79 1,238 1,238 Inventories 2,123 2,059 1,723 1,297 928 Prepaid expenses and other 3,054 4,700 5,391 3,724 3,730 Assets held for sale 6,750 6,000 — — 2,235 Total current assets 132,576 148,867 95,810 104,207 111,013 Property and Equipment: Historical cost 967,683 992,423 1,000,147 1,006,873 1,008,080 Accumulated depreciation (310,778 ) (321,898 ) (325,091 ) (316,444 ) (302,328 ) 656,905 670,525 675,056 690,429 705,752 Construction in progress 8,111 8,422 15,576 15,550 15,531 Net property and equipment 665,016 678,947 690,632 705,979 721,283 Right-of-use asset - operating leases 6,206 4,419 5,686 6,238 6,608 Right-of-use asset - finance leases 6,813 6,972 7,131 7,290 100 Investments, at equity, and advances to 50% or less owned companies 3,024 1,901 75,923 76,860 71,727 Other assets 1,995 1,887 1,932 2,057 1,771 Total assets $ 815,630 $ 842,993 $ 877,114 $ 902,631 $ 912,502 LIABILITIES AND EQUITY Current Liabilities: Current portion of operating lease liabilities $ 2,358 $ 1,792 $ 2,010 $ 2,073 $ 1,986 Current portion of finance lease liabilities 468 374 282 190 33 Current portion of long-term debt 61,512 57,567 33,398 32,708 31,602 Accounts payable and accrued expenses 37,954 36,248 39,262 32,585 28,419 Due to SEACOR Holdings 264 264 264 264 274 Other current liabilities 18,869 22,032 22,171 23,723 22,351 Total current liabilities 121,425 118,277 97,387 91,543 84,665 Long-term operating lease liabilities 4,739 3,759 4,026 4,420 4,885 Long-term finance lease liabilities 6,781 6,916 7,050 7,183 76 Long-term debt 260,119 282,556 318,699 326,264 332,762 Conversion option liability on convertible senior notes — — 1 34 — Deferred income taxes 40,779 39,823 33,743 37,153 40,682 Deferred gains and other liabilities 2,641 2,692 2,701 2,990 2,891 Total liabilities 436,484 454,023 463,607 469,587 465,961 Equity: SEACOR Marine Holdings Inc. stockholders’ equity: Common stock 272 272 272 269 262 Additional paid-in capital 466,669 465,449 464,222 463,138 461,931 Accumulated deficit (93,111 ) (79,769 ) (55,418 ) (37,744 ) (22,907 ) Shares held in treasury (1,852 ) (1,852 ) (1,852 ) (1,792 ) (1,120 ) Accumulated other comprehensive income, net of tax 6,847 4,549 5,960 8,853 8,055 378,825 388,649 413,184 432,724 446,221 Noncontrolling interests in subsidiaries 321 321 323 320 320 Total equity 379,146 388,970 413,507 433,044 446,541 Total liabilities and equity $ 815,630 $ 842,993 $ 877,114 $ 902,631 $ 912,502
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)Three Months Ended Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Cash Flows from Continuing Operating Activities: Net (Loss) Income $ (13,342 ) $ (24,353 ) $ (19,117 ) $ (14,837 ) $ (15,846 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation and amortization 13,624 13,754 14,208 14,371 14,198 Deferred financing costs amortization (997 ) 350 364 291 328 Stock-based compensation expense 1,220 1,227 1,076 1,074 1,243 Debt discount amortization 1,449 1,817 1,736 1,691 1,614 Allowance for credit losses 11 (53 ) 701 (170 ) 585 (Gain) loss from equipment sales, retirements or impairments (1,017 ) 1,783 (25 ) (2,139 ) — Gain on debt extinguishment (12,700 ) — — — — Derivative (gains) losses — (1 ) (33 ) 34 (4 ) Interest on finance lease 73 73 73 25 1 Cash settlement payments on derivative transactions, net 33 (131 ) (278 ) (373 ) (403 ) Currency losses (gains) 2,646 (2,314 ) (1,170 ) (821 ) 357 Deferred income taxes 957 6,079 (3,410 ) (3,529 ) (2,781 ) Equity (earnings) losses (1,176 ) 254 (415 ) (5,674 ) (4,494 ) Dividends received from equity investees 74 1,096 1,162 725 817 Changes in Operating Assets and Liabilities: Accounts receivables 2,304 (2,384 ) (4,476 ) 3,904 (1,157 ) Other assets 3,296 966 (1,539 ) (164 ) 1,656 Accounts payable and accrued liabilities 769 (4,900 ) 4,925 6,707 7,915 Net cash (used in) provided by operating activities (2,776 ) (6,737 ) (6,218 ) 1,115 4,029 Cash Flows from Continuing Investing Activities: Purchases of property and equipment (185 ) (240 ) (17 ) (20 ) (443 ) Proceeds from disposition of property and equipment 53 — 1,371 5,310 — Net investing activities in property and equipment (132 ) (240 ) 1,354 5,290 (443 ) Investments in and advances to 50% or less owned companies — — — — (2,272 ) Principal payments on notes due from equity investees — 177 175 176 (630 ) Cash received from acquisition of 50% or less owned company — — — — 172 Proceeds from sale of investment in equity investees — 66,000 — — — Notes due from others — (28,831 ) — — — Principal payments on notes due from others 5,000 8,831 — — — Net cash provided by (used in) investing activities 4,868 45,937 1,529 5,466 (3,173 ) Cash Flows from Continuing Financing Activities: Payments on long-term debt (7,470 ) (14,182 ) (9,152 ) (7,348 ) (5,981 ) Payments on debt extinguishment cost (2,271 ) — — — — Payments on finance leases (114 ) (114 ) (114 ) (9 ) (9 ) Proceeds from exercise of stock options — — 11 140 — Acquisition of common shares for tax withholding obligations — — (60 ) (672 ) — Exercise of warrants — — — — 1 Net cash used in financing activities (9,855 ) (14,296 ) (9,315 ) (7,889 ) (5,989 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents (2 ) 2 (3 ) (1 ) (1 ) Net Change in Cash, Cash Equivalents and Restricted Cash (7,765 ) 24,906 (14,007 ) (1,309 ) (5,134 ) Cash, Restricted Cash and Cash Equivalents, Beginning of Period 50,810 25,904 39,911 41,220 46,354 Cash, Restricted Cash and Cash Equivalents, End of Period $ 43,045 $ 50,810 $ 25,904 $ 39,911 $ 41,220 SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTSOwned Joint Ventured(1) Leased-in Managed Total December 31, 2022 AHTS 3 — 2 — 5 FSV 22 — 1 2 25 PSV 21 — — — 21 Liftboats 9 — — — 9 55 — 3 2 60 December 31, 2021 AHTS 4 — 2 — 6 FSV 23 5 1 1 30 PSV 20 15 — — 35 Specialty(2) 1 — — — 1 Liftboats(3) 9 — — — 9 57 20 3 1 81 (1) On September 29, 2022, the Company sold its equity interests in MexMar and OVH and acquired 100% of the equity interest in SEACOR Marlin LLC, resulting in the Company no longer operating joint-ventured vessels.
(2) One owned vessel classified as a CTV Operations as of December 31, 2020 was reclassified as a specialty vessel as of January 12, 2021 and removed from service in the second quarter of 2022. Removed from service vessels are not counted in active fleet count.
(3) In the second quarter of 2021, the Company removed from service four liftboats. Removed from service vessels are not counted in active fleet count.
