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SEACOR Marine Announces Second Quarter 2022 Results
ソース: Nasdaq GlobeNewswire / 03 8 2022 16:20:01 America/New_York
HOUSTON, Aug. 03, 2022 (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 second quarter ended June 30, 2022.
SEACOR Marine’s consolidated operating revenues for the second quarter of 2022 were $54.0 million, operating loss was $15.5 million, and direct vessel profit (“DVP”)(1) was $9.9 million. This compares to consolidated operating revenues of $42.8 million, operating income of $8.4 million, and DVP of $10.2 million in the second quarter of 2021 and operating revenues of $45.6 million, operating loss of $17.1 million, and DVP of $6.1 million in the first quarter of 2022.
Notable second quarter items include:
- Average utilization rates of 77%, the highest since the second quarter of 2014.
- 26% improvement in revenues compared to the second quarter of 2021 and 18% improvement from the first quarter of 2022.
- 151% increase in dry docking and major repairs compared to the second quarter of 2021 and 44% increase from the first quarter of 2022.
For the second quarter of 2022, net loss from continuing operations was $19.1 million ($0.72 loss per basic and diluted share). This compares to a net income from continuing operations for the second quarter of 2021 of $48.8 million ($1.92 earnings per basic share and $1.79 earnings per diluted share), which included gains realized in connection with the Falcon Global debt payoff transaction and asset dispositions in the second quarter of 2021. Excluding such gains and the related tax effect, net loss from continuing operations would have been $18.1 million in the second quarter of 2021. Sequentially, second quarter 2022 results compare to consolidated operating revenues of $45.6 million, operating loss of $17.1 million, and DVP of $6.1 million in the first quarter of 2022. For the first quarter of 2022, net loss from continuing operations was $14.8 million ($0.56 loss per basic and diluted share).
Chief Executive Officer John Gellert commented:
“Our results for the second quarter demonstrate the continued progress we have been making in increasing revenues, utilization and average dayrates, reflecting the continued buildup of demand for our services. The flat average dayrates and modest DVP result of $9.9 million were driven by the impact of having multiple vessels in drydock and/or repairs for extended periods of time. These ongoing efforts included three of our largest liftboats, which were a large portion of the 318 revenue days lost to repairs or drydocking in our liftboat fleet during the quarter.
Excluding major repairs and drydocking expenses in both periods, the fleet had a 32% improvement in DVP compared to the second quarter of 2021. We expect our overall financial performance to continue improving as repairs for these large liftboats and regulatory inspection cycle are completed, which should place us in a timely position to participate in attractive contracting opportunities.” ___________________
(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 and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.
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 June 30, Six months ended June 30, 2022 2021 2022 2021 Operating Revenues $ 54,017 $ 42,799 $ 99,608 $ 79,311 Costs and Expenses: Operating 44,145 32,615 83,641 58,922 Administrative and general 10,210 9,152 20,134 17,763 Lease expense 1,008 1,234 2,068 2,312 Depreciation and amortization 14,208 14,093 28,579 28,891 69,571 57,094 134,422 107,888 Gains on Asset Dispositions and Impairments, Net 25 22,653 2,164 20,380 Operating (Loss) Income (15,529 ) 8,358 (32,650 ) (8,197 ) Other Income (Expense): Interest income 190 135 219 1,121 Interest expense (6,989 ) (7,310 ) (13,616 ) (15,328 ) SEACOR Holdings guarantee fees — — — (7 ) Gain on debt extinguishment — 61,994 — 61,994 Derivative gains (losses), net 33 30 (1 ) 385 Foreign currency gains (losses), net 1,170 (657 ) 1,991 (1,123 ) Other, net (41 ) (1 ) (41 ) (1 ) (5,637 ) 54,191 (11,448 ) 47,041 (Loss) Income from Continuing Operations Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies (21,166 ) 62,549 (44,098 ) 38,844 Income Tax (Benefit) Expense (1,634 ) 15,915 (4,055 ) 13,227 (Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies (19,532 ) 46,634 (40,043 ) 25,617 Equity in Earnings Gains of 50% or Less Owned Companies 415 2,167 6,089 6,270 (Loss) Income from Continuing Operations (19,117 ) 48,801 (33,954 ) 31,887 Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756) — — — 22,925 Net (Loss) Income (19,117 ) 48,801 (33,954 ) 54,812 Net Income Attributable to Noncontrolling Interests in Subsidiaries 3 1 3 1 Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. $ (19,120 ) $ 48,800 $ (33,957 ) $ 54,811 Net (Loss) Income Per Common Share from Continuing Operations: Basic $ (0.72 ) $ 1.92 $ (1.28 ) $ 1.26 Diluted (0.72 ) 1.79 (1.28 ) 1.26 Net Earnings Per Share from Discontinued Operations: Basic $ — $ — $ — $ 0.90 Diluted — — — 0.90 Net (Loss) Earnings per Share: Basic $ (0.72 ) $ 1.92 $ (1.28 ) $ 2.16 Diluted $ (0.72 ) $ 1.79 $ (1.28 ) $ 2.16 Weighted Average Common Stock and Warrants Outstanding: Basic 26,664,745 25,435,362 26,522,808 25,370,372 Diluted 26,664,745 28,345,155 26,522,808 25,371,185 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Time Charter Statistics: Average Rates Per Day $ 12,149 $ 11,312 $ 11,376 $ 12,120 $ 12,007 Fleet Utilization 77 % 70 % 73 % 68 % 67 % Fleet Available Days 5,311 5,400 5,060 5,108 5,177 Operating Revenues: Time charter $ 49,504 $ 42,741 $ 42,289 $ 41,782 $ 41,474 Bareboat charter 48 618 2,870 — 434 Other marine services 4,465 2,232 2,808 1,881 891 54,017 45,591 47,967 43,663 42,799 Costs and Expenses: Operating: Personnel 18,346 18,435 17,098 15,051 14,353 Repairs and maintenance 8,380 6,791 6,782 6,536 6,959 Drydocking 6,474 4,973 567 771 2,792 Insurance and loss reserves 2,545 1,186 1,859 2,189 2,661 Fuel, lubes and supplies 4,350 3,729 3,254 3,684 2,893 Other 4,050 4,382 5,476 5,217 2,957 44,145 39,496 35,036 33,448 32,615 Direct Vessel Profit (1) 9,872 6,095 12,931 10,215 10,184 Other Costs and Expenses: Lease expense 1,008 1,060 2,664 1,109 1,234 Administrative and general 10,210 9,924 10,742 9,134 9,152 Depreciation and amortization 14,208 14,371 14,198 14,306 14,093 25,426 25,355 27,604 24,549 24,479 Gains on Asset Dispositions and Impairments, Net 25 2,139 — 56 22,653 Operating (Loss) Income (15,529 ) (17,121 ) (14,673 ) (14,278 ) 8,358 Other Income (Expense): Interest income 190 29 57 124 135 Interest expense (6,989 ) (6,627 ) (6,380 ) (6,403 ) (7,310 ) Derivative gains (losses), net 33 (34 ) 4 2 30 Gain on debt extinguishment — — — — 61,994 Foreign currency gains (losses), net 1,170 821 (357 ) 245 (657 ) (Loss) Gain from return of investments in 50% or less owned companies and other, net (41 ) — — 9,442 (1 ) (5,637 ) (5,811 ) (6,676 ) 3,410 54,191 (Loss) Income from Continuing Operations Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies (21,166 ) (22,932 ) (21,349 ) (10,868 ) 62,549 Income Tax (Benefit) Expense (1,634 ) (2,421 ) (1,009 ) (725 ) 15,915 (Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies (19,532 ) (20,511 ) (20,340 ) (10,143 ) 46,634 Equity in Earnings Gains of 50% or Less Owned Companies 415 5,674 4,494 4,314 2,167 (Loss) Income from Continuing Operations (19,117 ) (14,837 ) (15,846 ) (5,829 ) 48,801 Net (Loss) Income (19,117 ) (14,837 ) (15,846 ) (5,829 ) 48,801 Net Income Attributable to Noncontrolling Interests in Subsidiaries 3 — — — 1 Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. $ (19,120 ) $ (14,837 ) $ (15,846 ) $ (5,829 ) $ 48,800 Net (Loss) Earnings Per Common Share from Continuing Operations: Basic $ (0.72 ) $ (0.56 ) $ (0.62 ) $ (0.23 ) $ 1.92 Diluted (0.72 ) (0.56 ) (0.62 ) (0.23 ) 1.79 Net (Loss) Earnings per Share: Basic $ (0.72 ) $ (0.56 ) $ (0.62 ) $ (0.23 ) $ 1.92 Diluted $ (0.72 ) $ (0.56 ) $ (0.62 ) $ (0.23 ) $ 1.79 Weighted Average Common Stock and Warrants Outstanding: Basic 26,665 26,379 25,520 25,516 25,435 Diluted 26,665 26,379 25,520 25,516 28,345 Common Shares and Warrants Outstanding at Period End 28,145 28,083 27,432 25,864 25,869 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)Three Months Ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 United States, primarily Gulf of Mexico Time Charter Statistics: Average rates per day worked $ 17,792 $ 15,595 $ 15,496 $ 18,702 $ 17,058 Fleet utilization 43 % 38 % 33 % 27 % 18 % Fleet available days 1,277 1,314 1,043 1,062 1,112 Out-of-service days for repairs, maintenance and drydockings 284 205 95 246 137 Out-of-service days for cold-stacked status 313 404 399 469 748 Operating Revenues: Time charter $ 9,759 $ 7,864 $ 5,290 $ 5,289 $ 3,419 Bareboat charter — — 386 — 434 Other marine services 2,399 2,052 1,119 1,215 727 12,158 9,916 6,795 6,504 4,580 Direct Costs and Expenses: Operating: Personnel $ 5,773 $ 4,923 $ 3,136 $ 2,428 $ 1,528 Repairs and maintenance 1,280 1,101 1,085 1,266 389 Drydocking 4,090 2,867 191 239 777 Insurance and loss reserves 1,198 229 720 462 923 Fuel, lubes and supplies 794 662 501 259 245 Other 281 224 200 147 224 13,416 10,006 5,833 4,801 4,086 Direct Vessel (Loss) Profit (1) $ (1,258 ) $ (90 ) $ 962 $ 1,703 $ 494 Other Costs and Expenses: Lease expense $ 295 $ 287 $ 633 $ 621 $ 703 Depreciation and amortization 4,562 4,638 4,325 3,936 3,287 Africa and Europe, Continuing Operations Time Charter Statistics: Average rates per day worked $ 11,279 $ 10,006 $ 9,530 $ 9,551 $ 11,231 Fleet utilization 85 % 82 % 88 % 77 % 75 % Fleet available days 1,567 1,499 1,411 1,417 1,365 Out-of-service days for repairs, maintenance and drydockings 58 163 79 52 65 Out-of-service days for cold-stacked status — — — 29 176 Operating Revenues: Time charter $ 14,930 $ 12,280 $ 11,883 $ 10,446 $ 11,437 Other marine services 1,072 (616 ) (416 ) (429 ) (224 ) 16,002 11,664 11,467 10,017 11,213 Direct Costs and Expenses: Operating: Personnel $ 3,526 $ 3,536 $ 3,283 $ 3,147 $ 4,253 Repairs and maintenance 2,638 1,579 1,846 1,540 2,195 Drydocking 134 1,144 144 337 374 Insurance and loss reserves 329 124 245 323 352 Fuel, lubes and supplies 1,490 1,473 1,019 1,631 887 Other 1,871 1,828 1,740 1,424 2,072 9,988 9,684 8,277 8,402 10,133 Direct Vessel Profit (1) $ 6,014 $ 1,980 $ 3,190 $ 1,615 $ 1,080 Other Costs and Expenses: Lease expense $ 456 $ 402 $ 371 $ 284 $ 270 Depreciation and amortization 3,306 3,258 2,948 3,296 3,305 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)Three Months Ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Middle East and Asia Time Charter Statistics: Average rates per day worked $ 9,673 $ 9,882 $ 9,612 $ 10,374 $ 9,292 Fleet utilization 87 % 77 % 81 % 73 % 81 % Fleet available days 1,651 1,800 1,717 1,780 1,820 Out-of-service days for repairs, maintenance and drydockings 160 153 38 134 105 Out-of-service days for cold-stacked status — 90 178 214 116 Operating Revenues: Time charter $ 13,906 $ 13,660 $ 13,402 $ 13,417 $ 13,752 Other marine services 460 49 50 85 31 14,366 13,709 13,452 13,502 13,783 Direct Costs and Expenses: Operating: Personnel $ 5,691 $ 6,031 $ 5,756 $ 5,849 $ 5,378 Repairs and maintenance 2,545 1,832 1,382 1,610 2,806 Drydocking 2,250 962 232 156 1,185 Insurance and loss reserves 748 507 611 707 461 Fuel, lubes and supplies 1,318 1,010 1,042 777 1,081 Other 1,213 1,627 2,148 2,823 43 13,765 11,969 11,171 11,922 10,954 Direct Vessel Profit (1) $ 601 $ 1,740 $ 2,281 $ 1,580 $ 2,829 Other Costs and Expenses: Lease expense $ 38 $ 31 $ 38 $ 377 $ 35 Depreciation and amortization 4,229 4,345 4,156 4,456 4,663 Latin America Time Charter Statistics: Average rates per day worked $ 14,263 $ 13,450 $ 15,944 $ 16,240 $ 17,034 Fleet utilization 94 % 85 % 83 % 92 % 86 % Fleet available days 816 787 889 849 880 Out-of-service days for repairs, maintenance and drydockings 6 59 113 58 117 Operating Revenues: Time charter $ 10,909 $ 8,937 $ 11,714 $ 12,630 $ 12,866 Bareboat charter 48 618 2,484 — — Other marine services 534 747 2,055 1,010 357 11,491 10,302 16,253 13,640 13,223 Direct Costs and Expenses: Operating: Personnel $ 3,356 $ 3,945 $ 4,923 $ 3,627 $ 3,194 Repairs and maintenance 1,917 2,279 2,469 2,120 1,569 Drydocking — — — 39 456 Insurance and loss reserves 270 326 283 697 925 Fuel, lubes and supplies 748 584 692 1,017 680 Other 685 703 1,388 823 618 6,976 7,837 9,755 8,323 7,442 Direct Vessel Profit (1) $ 4,515 $ 2,465 $ 6,498 $ 5,317 $ 5,781 Other Costs and Expenses: Lease expense $ 219 $ 340 $ 1,622 $ (173 ) $ 226 'Depreciation and amortization 2,111 2,130 2,769 2,618 2,838 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)Three Months Ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Anchor handling towing supply Time Charter Statistics: Average rates per day worked $ 8,887 $ 8,908 $ 8,069 $ 14,346 $ 11,268 Fleet utilization 66 % 66 % 66 % 66 % 59 % Fleet available days 546 540 552 552 546 Out-of-service days for repairs, maintenance and drydockings 56 2 14 61 105 Out-of-service days for cold-stacked status 131 180 92 92 118 Operating Revenues: Time charter $ 3,191 $ 3,188 $ 2,926 $ 5,224 $ 3,640 Other marine services (143 ) (160 ) (129 ) (151 ) (157 ) 3,048 3,028 2,797 5,073 3,483 Direct Costs and Expenses: Operating: Personnel $ 1,050 $ 1,136 $ 1,389 $ 1,584 $ 1,513 Repairs and maintenance 566 293 608 1,044 471 Drydocking (30 ) (7 ) 1 (217 ) 1,322 Insurance and loss reserves 146 (137 ) 148 193 99 Fuel, lubes and supplies 215 144 321 388 344 Other 435 439 556 408 444 2,382 1,868 3,023 3,400 4,193 Other Costs and Expenses: Lease expense $ 450 $ 449 $ 353 $ 354 $ 362 Depreciation and amortization 495 494 495 494 495 Fast support Time Charter Statistics: Average rates per day worked $ 9,201 $ 8,621 $ 8,464 $ 8,455 $ 7,962 Fleet utilization 85 % 80 % 79 % 70 % 71 % Fleet available days 2,126 2,160 2,208 2,208 2,100 Out-of-service days for repairs, maintenance and drydockings 108 167 137 300 226 Out-of-service days for cold-stacked status 91 90 92 178 314 Operating Revenues: Time charter $ 16,525 $ 14,900 $ 14,857 $ 13,007 $ 11,827 Bareboat charter — — 386 — 434 Other marine services (174 ) (254 ) (380 ) (121 ) (249 ) 16,351 14,646 14,863 12,886 12,012 Direct Costs and Expenses: Operating: Personnel $ 4,880 $ 5,070 $ 5,581 $ 4,588 $ 4,802 Repairs and maintenance 2,458 1,800 2,151 2,313 3,618 Drydocking (201 ) 1,277 494 965 1,178 Insurance and loss reserves 372 260 390 328 507 Fuel, lubes and supplies 1,187 1,544 1,355 1,390 1,154 Other 1,311 1,941 2,156 2,021 1,640 10,007 11,892 12,127 11,605 12,899 Other Costs and Expenses: Lease expense $ — $ — $ 353 $ 693 $ 352 Depreciation and amortization 5,010 4,945 4,929 4,929 4,931 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Supply Time Charter Statistics: Average rates per day worked $ 13,422 $ 12,188 $ 11,586 $ 11,631 $ 11,921 Fleet utilization 86 % 72 % 79 % 77 % 80 % Fleet available days 1,820 1,800 1,380 1,372 1,274 Out-of-service days for repairs, maintenance and drydockings 26 233 117 64 11 Out-of-service days for cold-stacked status — — 117 174 91 Operating Revenues: Time charter $ 20,983 $ 15,823 $ 12,675 $ 12,317 $ 12,179 Bareboat charter 48 618 — — — Other marine services 575 44 410 221 117 21,606 16,485 13,085 12,538 12,296 Direct Costs and Expenses: Operating: Personnel $ 7,889 $ 8,193 $ 6,141 $ 4,738 $ 4,044 Repairs and maintenance 3,184 3,701 2,191 2,078 2,039 Drydocking (32 ) 1,302 — 23 180 Insurance and loss reserves 551 428 280 595 436 Fuel, lubes and supplies 1,701 1,434 998 1,221 1,034 Other 1,631 1,348 1,957 988 884 14,924 16,406 11,567 9,643 8,617 Other Costs and Expenses: Lease expense $ 154 $ 291 $ — $ — $ — Depreciation and amortization 3,785 3,786 3,155 3,149 2,936 Specialty Time Charter Statistics: Average rates per day worked $ — $ — $ — $ — $ 1,571 Fleet utilization — % — % — % — % 92 % Fleet available days — 90 92 92 91 Out-of-service days for repairs, maintenance and drydockings — — — 65 8 Out-of-service days for cold-stacked status — 90 92 — — Operating Revenues: Time charter $ — $ — $ — $ — $ 131 Other marine services — — — — 23 — — — — 154 Direct Costs and Expenses: Operating: Personnel $ — $ 1 $ 6 $ 35 $ 99 Repairs and maintenance — — (28 ) 7 104 Insurance and loss reserves — 2 1 3 5 Fuel, lubes and supplies — 2 2 6 5 Other — 11 18 28 33 — 16 (1 ) 79 246 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Liftboats Time Charter Statistics: Average rates per day worked $ 24,712 $ 22,416 $ 23,409 $ 23,137 $ 25,334 Fleet utilization 44 % 49 % 61 % 55 % 46 % Fleet available days 819 810 828 884 1,167 Out-of-service days for repairs, maintenance and drydockings 318 179 58 65 75 Out-of-service days for cold-stacked status 91 134 184 202 517 Operating Revenues: Time charter $ 8,805 $ 8,830 $ 11,831 $ 11,234 $ 13,697 Bareboat charter — — 2,484 — — Other marine services 3,283 1,463 1,121 997 688 12,088 10,293 15,436 12,231 14,385 Direct Costs and Expenses: Operating: Personnel $ 4,515 $ 4,035 $ 4,068 $ 4,033 $ 3,916 Repairs and maintenance 2,132 1,012 1,859 1,104 716 Drydocking 6,737 2,401 72 — 112 Insurance and loss reserves 1,548 1,215 1,070 1,170 1,752 Fuel, lubes and supplies 1,230 605 589 668 353 Other 655 644 856 1,672 (58 ) 16,817 9,912 8,514 8,647 6,791 Other Costs and Expenses: Lease expense $ — $ — $ 1,569 $ (200 ) $ 205 Depreciation and amortization 4,870 4,964 5,171 5,170 5,171 Other Activity Operating Revenues: Other marine services $ 924 $ 1,139 $ 1,786 $ 935 $ 469 924 1,139 1,786 935 469 Direct Costs and Expenses: Operating: Personnel $ 12 $ — $ (87 ) $ 73 $ (21 ) Repairs and maintenance 40 (15 ) 1 (10 ) 11 Insurance and loss reserves (72 ) (582 ) (30 ) (100 ) (138 ) Fuel, lubes and supplies 17 — (11 ) 11 3 Other 18 (1 ) (67 ) 100 14 15 (598 ) (194 ) 74 (131 ) Other Costs and Expenses: Lease expense $ 404 $ 320 $ 389 $ 262 $ 315 Depreciation and amortization 48 182 448 564 560 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 ASSETS Current Assets: Cash and cash equivalents $ 22,608 $ 36,315 $ 37,619 $ 42,194 $ 45,446 Restricted cash 3,296 3,596 3,601 4,160 5,855 Receivables: Trade, net of allowance for credit loss accounts 55,276 49,238 55,544 50,343 47,082 Other 7,437 8,799 6,118 13,750 12,152 Tax receivable 79 1,238 1,238 101 1,497 Inventories 1,723 1,297 928 476 425 Prepaid expenses and other 5,391 3,724 3,730 3,851 4,527 Total current assets 95,810 104,207 108,778 114,875 116,984 Property and Equipment: Historical cost 1,000,147 1,006,873 1,025,284 989,910 972,267 Accumulated depreciation (325,091 ) (316,444 ) (317,297 ) (303,178 ) (288,882 ) 675,056 690,429 707,987 686,732 683,385 Construction in progress 15,576 15,550 15,531 15,577 32,903 Net property and equipment 690,632 705,979 723,518 702,309 716,288 Right-of-use asset - operating leases 5,686 6,238 6,608 4,670 5,469 Right-of-use asset - finance leases 7,131 7,290 100 108 116 Investments, at equity, and advances to 50% or less owned companies 75,923 76,860 71,727 77,426 77,539 Other assets 1,932 2,057 1,771 2,672 2,781 Total assets $ 877,114 $ 902,631 $ 912,502 $ 902,060 $ 919,177 LIABILITIES AND EQUITY Current Liabilities: Current portion of operating lease liabilities $ 2,010 $ 2,073 $ 1,986 $ 1,269 $ 2,885 Current portion of finance lease liabilities 282 190 33 32 32 Current portion of long-term debt 33,398 32,708 31,602 28,875 28,419 Accounts payable and accrued expenses 39,262 32,585 28,419 23,578 27,163 Due to SEACOR Holdings 264 264 274 276 277 Other current liabilities 22,171 23,723 22,351 21,109 26,886 Total current liabilities 97,387 91,543 84,665 75,139 85,662 Long-term operating lease liabilities 4,026 4,420 4,885 4,000 4,072 Long-term finance lease liabilities 7,050 7,183 76 84 92 Long-term debt 318,699 326,264 332,762 321,641 320,823 Conversion option liability on convertible senior notes 1 34 — 5 7 Deferred income taxes 33,743 37,153 40,682 43,463 46,169 Deferred gains and other liabilities 2,701 2,990 2,891 2,925 2,951 Total liabilities 463,607 469,587 465,961 447,257 459,776 Equity: SEACOR Marine Holdings Inc. stockholders’ equity: Common stock 272 269 262 245 245 Additional paid-in capital 464,222 463,138 461,931 455,373 454,079 Accumulated Deficit (55,418 ) (37,744 ) (22,907 ) (7,059 ) (1,230 ) Shares held in treasury (1,852 ) (1,792 ) (1,120 ) (1,120 ) (1,120 ) Accumulated other comprehensive loss, net of tax 5,960 8,853 8,055 7,044 7,107 413,184 432,724 446,221 454,483 459,081 Noncontrolling interests in subsidiaries 323 320 320 320 320 Total equity 413,507 433,044 446,541 454,803 459,401 Total liabilities and equity $ 877,114 $ 902,631 $ 912,502 $ 902,060 $ 919,177 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)Three Months Ended Jun. 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Cash Flows from Continuing Operating Activities: Net (Loss) Income $ (19,117 ) $ (14,837 ) $ (15,846 ) $ (5,829 ) $ 48,801 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation and amortization 14,208 14,371 14,198 14,306 14,093 Deferred financing costs amortization 364 291 328 255 254 Stock-based compensation expense 1,013 395 1,243 1,294 1,779 Debt discount amortization 1,736 1,691 1,614 1,573 1,787 Allowance for credit losses 701 (170 ) 585 122 132 (Gain) Loss from equipment sales, retirements or impairments (25 ) (2,139 ) — (56 ) (22,653 ) Gain on debt extinguishment, net — — — — (62,749 ) Gain from return of investment — — — (9,442 ) — Derivative (gains) losses (33 ) 34 (4 ) (2 ) (30 ) Interest on finance leases 73 25 1 1 — Cash settlement payments on derivative transactions, net (278 ) (373 ) (403 ) (414 ) (414 ) Currency (gains) losses (1,170 ) (821 ) 357 (245 ) 657 Deferred income taxes (3,410 ) (3,529 ) (2,781 ) (2,706 ) 14,403 Equity earnings (415 ) (5,674 ) (4,494 ) (4,314 ) (2,167 ) Dividends received from equity investees 1,162 725 817 4,515 — Changes in Operating Assets and Liabilities: Accounts receivables (4,476 ) 3,904 (1,157 ) (3,798 ) 16,047 Other assets (1,539 ) (164 ) 1,656 1,561 (1,296 ) Accounts payable and accrued liabilities 4,925 6,707 7,915 (1,416 ) 4,268 Net cash (used in) provided by operating activities (6,281 ) 436 4,029 (4,595 ) 12,912 Cash Flows from Continuing Investing Activities: Purchases of property and equipment (17 ) (20 ) (443 ) (2,910 ) (926 ) Proceeds from disposition of property and equipment 1,371 5,310 — — 26,871 Net investing activities in property and equipment 1,354 5,290 (443 ) (2,910 ) 25,945 Investments in and advances to 50% or less owned companies — — (2,272 ) — — Excess distributions from equity investees — — — 9,442 — Principal payments on notes due from equity investees 175 176 (630 ) 179 2,877 Cash received from acquisition of 50% or less owned company — — 172 — — Net cash provided by (used in) investing activities 1,529 5,466 (3,173 ) 6,711 28,822 Cash Flows from Continuing Financing Activities: Payments on long-term debt (9,152 ) (7,348 ) (5,981 ) (7,054 ) (56,787 ) Payments on debt extinguishment cost — — — — (755 ) Payments on finance leases (114 ) (9 ) (9 ) (9 ) (12 ) Proceeds from exercise of stock options 11 140 — Issuance of stock 3 7 — — 2 Excerise of warrants — — 1 — — Net cash used in financing activities (9,252 ) (7,210 ) (5,989 ) (7,063 ) (57,552 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents (3 ) (1 ) (1 ) — (4,642 ) Net Change in Cash, Cash Equivalents and Restricted Cash (14,007 ) (1,309 ) (5,134 ) (4,947 ) (20,460 ) Cash, Restricted Cash and Cash Equivalents, Beginning of Period 39,911 41,220 46,354 51,301 71,761 Cash, Restricted Cash and Cash Equivalents, End of Period $ 25,904 $ 39,911 $ 41,220 $ 46,354 $ 51,301 SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTSOwned Joint Ventured Leased-in Managed Total June 30, 2022 AHTS 4 — 2 — 6 FSV 22 5 1 2 30 Supply 20 15 — — 35 Liftboats 9 — — — 9 55 20 3 2 80 December 31, 2021 AHTS 4 — 2 — 6 FSV 23 5 1 1 30 Supply 20 15 — — 35 Specialty (1) 1 — — — 1 Liftboats (2) 9 — — — 9 57 20 3 1 81 (1) 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.
(2) In the second quarter of 2021, the Company removed from service four liftboats. Removed from service vessels are not counted in active fleet count.
