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SEACOR Marine Announces Second Quarter 2023 Results
ソース: Nasdaq GlobeNewswire / 02 8 2023 16:20:24 America/New_York
HOUSTON, Aug. 02, 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 second quarter ended June 30, 2023.
SEACOR Marine’s consolidated operating revenues for the second quarter of 2023 were $66.9 million, operating income was $2.9 million, and direct vessel profit (“DVP”)(1) was $30.6 million. This compares to consolidated operating revenues of $54.0 million, operating loss of $15.5 million, and DVP of $9.9 million in the second quarter of 2022, and consolidated operating revenues of $60.0 million, operating income of $0.2 million, and DVP of $22.7 million in the first quarter of 2023.
Notable second quarter items include:
- 23.8% improvement in revenues from the second quarter of 2022 and a 11.5% increase from the first quarter of 2023.
- Average utilization rate of 78%, the highest for a second quarter since 2013, a 1.0% improvement from the second quarter of 2022, and a 2% increase from the first quarter of 2023.
- Average day rates of $15,250, a 25.5% improvement from the second quarter of 2022, and a 6.5% increase from the first quarter of 2023, which was the highest day rate since the fourth quarter of 2015.
- DVP margin increased 209.9% from the second quarter of 2022 and increased 34.8% from the first quarter of 2023.
For the second quarter of 2023, net loss was $4.6 million ($0.17 loss per basic and diluted share). This compares to a net loss for the second quarter of 2022 of $19.1 million ($0.72 loss per basic and diluted share). Sequentially, second quarter 2023 results compare to a net loss of $9.6 million ($0.36 loss per basic and diluted share) in the first quarter of 2023.
Chief Executive Officer John Gellert commented:
“I am pleased with the Company’s second quarter results as the cyclical recovery continued with another consecutive quarter of improved average day rates and utilization. More importantly, the second quarter produced meaningful cash flows from operations through a strong conversion rate with the highest DVP the Company has generated since 2014.
The increase in DVP was primarily due to higher day rates and utilization as well as lower operating expenses. This quarterly improvement was driven by our international business segments, most notably Africa and Europe, which have been virtually sold out during the quarter, and the Middle East. We also continued to make progress in Latin America, despite slightly lower utilization due to scheduled drydockings.
Further improvement in our U.S. business was hampered in the second quarter by low activity levels on the shelf of the Gulf of Mexico, driven in part by the bankruptcy of a significant operator, as well as delays in contract startups for several offshore wind contracts in the Northeast. Additionally, one of our premium liftboats in the U.S. remained offhire for previously reported extended repairs. We expect that this vessel will return to service once temporary repairs are completed during the second half of 2023.
On June 20, 2023, the Company announced the refinancing of the debt associated with three of our modern PSVs that we acquired with shipyard financing during the trough of the cycle. We will continue to address near-term maturities and opportunistically pursue refinancing opportunities that reflect the improved outlook for the business.
I am optimistic about our ability to continue to improve our profitability in the current cycle given the margin available to improve utilization and the fact that average day rates have yet to reflect full cycle dynamics.”
___________________(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 June 30, Six months ended June 30, 2023 2022 2023 2022 Operating Revenues $ 66,891 $ 54,017 $ 126,864 $ 99,608 Costs and Expenses: Operating 36,302 44,145 73,575 83,641 Administrative and general 13,704 10,210 25,336 20,134 Lease expense 698 1,008 1,418 2,068 Depreciation and amortization 13,575 14,208 27,337 28,579 64,279 69,571 127,666 134,422 Gains on Asset Dispositions and Impairments, Net 265 25 3,864 2,164 Operating Income (Loss) 2,877 (15,529 ) 3,062 (32,650 ) Other Income (Expense): Interest income 422 190 882 219 Interest expense (8,736 ) (6,989 ) (17,524 ) (13,616 ) Derivative gains (losses), net — 33 — (1 ) Foreign currency (losses) gains, net (603 ) 1,170 (1,428 ) 1,991 Other, net — (41 ) — (41 ) (8,917 ) (5,637 ) (18,070 ) (11,448 ) Loss Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies (6,040 ) (21,166 ) (15,008 ) (44,098 ) Income Tax (Benefit) Expense (1,096 ) (1,634 ) 61 (4,055 ) Loss Before Equity in Earnings of 50% or Less Owned Companies (4,944 ) (19,532 ) (15,069 ) (40,043 ) Equity in Earnings of 50% or Less Owned Companies 373 415 909 6,089 Net Loss (4,571 ) (19,117 ) (14,160 ) (33,954 ) Net Income Attributable to Noncontrolling Interests in Subsidiaries — 3 — 3 Net Loss Attributable to SEACOR Marine Holdings Inc. $ (4,571 ) $ (19,120 ) $ (14,160 ) $ (33,957 ) Net Loss Per Share: Basic $ (0.17 ) $ (0.72 ) $ (0.52 ) $ (1.28 ) Diluted $ (0.17 ) (0.72 ) $ (0.52 ) (1.28 ) Weighted Average Common Stock and Warrants Outstanding: Basic 27,137,873 26,664,745 26,981,004 26,522,808 Diluted 27,137,873 26,664,745 26,981,004 26,522,808 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)Three Months Ended Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Time Charter Statistics: Average Rates Per Day $ 15,250 $ 14,314 $ 13,794 $ 13,340 $ 12,149 Fleet Utilization 78 % 76 % 76 % 79 % 77 % Fleet Available Days 5,096 5,071 5,244 5,336 5,311 Operating Revenues: Time charter $ 60,804 $ 55,415 $ 54,789 $ 56,500 $ 49,504 Bareboat charter 364 360 376 332 48 Other marine services 5,723 4,198 2,761 2,959 4,465 66,891 59,973 57,926 59,791 54,017 Costs and Expenses: Operating: Personnel 19,944 19,803 20,849 20,152 18,346 Repairs and maintenance 5,793 6,011 8,948 7,377 8,380 Drydocking 2,256 13 1,667 5,046 6,474 Insurance and loss reserves 2,390 2,789 3,381 2,850 2,545 Fuel, lubes and supplies 3,638 4,819 5,794 5,416 4,350 Other 2,281 3,838 3,699 3,165 4,050 36,302 37,273 44,338 44,006 44,145 Direct Vessel Profit (1) 30,589 22,700 13,588 15,785 9,872 Other Costs and Expenses: Lease expense 698 720 633 1,168 1,008 Administrative and general 13,704 11,632 10,799 9,978 10,210 Depreciation and amortization 13,575 13,762 13,624 13,754 14,208 27,977 26,114 25,056 24,900 25,426 Gains (Losses) on Asset Dispositions and Impairments, Net 265 3,599 1,017 (1,783 ) 25 Operating Income (Loss) 2,877 185 (10,451 ) (10,898 ) (15,529 ) Other Income (Expense): Interest income 422 460 688 (123 ) 190 Interest expense (8,736 ) (8,788 ) (8,456 ) (7,634 ) (6,989 ) Derivative gains, net — — — 1 33 Gain on debt extinguishment — — 10,429 — — Foreign currency (losses) gains, net (603 ) (825 ) (2,646 ) 2,314 1,170 Other, net — — 137 659 (41 ) (8,917 ) (9,153 ) 152 (4,783 ) (5,637 ) Loss Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies (6,040 ) (8,968 ) (10,299 ) (15,681 ) (21,166 ) Income Tax (Benefit) Expense (1,096 ) 1,157 4,219 8,418 (1,634 ) Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies (4,944 ) (10,125 ) (14,518 ) (24,099 ) (19,532 ) Equity in Earnings (Losses) of 50% or Less Owned Companies 373 536 1,176 (254 ) 415 Net Loss (4,571 ) (9,589 ) (13,342 ) (24,353 ) (19,117 ) Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries — — — (2 ) 3 Net Loss Attributable to SEACOR Marine Holdings Inc. $ (4,571 ) $ (9,589 ) $ (13,342 ) $ (24,351 ) $ (19,120 ) Net Loss Per Share: Basic $ (0.17 ) $ (0.36 ) $ (0.50 ) $ (0.91 ) $ (0.72 ) Diluted $ (0.17 ) $ (0.36 ) $ (0.50 ) $ (0.91 ) $ (0.72 ) Weighted Average Common Stock and Warrants Outstanding: Basic 27,138 26,822 26,728 26,728 26,665 Diluted 27,138 26,822 26,728 26,728 26,665 Common Shares and Warrants Outstanding at Period End 28,481 28,428 28,142 28,142 28,145 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)Three Months Ended Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 United States, primarily Gulf of Mexico Time Charter Statistics: Average rates per day worked $ 16,115 $ 18,359 $ 22,563 $ 21,551 $ 17,792 Fleet utilization 35 % 35 % 57 % 58 % 43 % Fleet available days 1,080 1,015 1,288 1,363 1,277 Out-of-service days for repairs, maintenance and drydockings 229 112 108 199 284 Out-of-service days for cold-stacked status 173 211 242 259 313 Operating Revenues: Time charter $ 6,121 $ 6,564 $ 16,574 $ 17,075 $ 9,759 Other marine services 2,993 3,842 2,916 2,161 2,399 9,114 10,406 19,490 19,236 12,158 Direct Costs and Expenses: Operating: Personnel 5,957 6,535 7,262 7,243 5,773 Repairs and maintenance 1,573 1,194 2,666 2,002 1,280 Drydocking 1,506 43 472 1,549 4,090 Insurance and loss reserves 1,082 1,041 2,022 1,382 1,198 Fuel, lubes and supplies 924 783 746 1,143 794 Other 335 223 416 314 281 11,377 9,819 13,584 13,633 13,416 Direct Vessel (Loss) Profit (1) $ (2,263 ) $ 587 $ 5,906 $ 5,603 $ (1,258 ) Other Costs and Expenses: Lease expense $ 143 $ 136 $ 138 $ 278 $ 295 Depreciation and amortization 3,861 3,535 3,912 4,332 4,562 Africa and Europe Time Charter Statistics: Average rates per day worked $ 14,982 $ 12,835 $ 11,241 $ 11,813 $ 11,279 Fleet utilization 94 % 87 % 82 % 91 % 85 % Fleet available days 1,729 1,710 1,656 1,629 1,567 Out-of-service days for repairs, maintenance and drydockings 58 118 125 37 58 Operating Revenues: Time charter $ 24,414 $ 18,996 $ 15,299 $ 17,551 $ 14,930 Other marine services (1,037 ) (834 ) (679 ) 60 1,072 23,377 18,162 14,620 17,611 16,002 Direct Costs and Expenses: Operating: Personnel 4,833 4,505 4,680 4,694 3,526 Repairs and maintenance 2,050 2,553 2,902 2,110 2,638 Drydocking 144 1,184 678 383 134 Insurance and loss reserves 420 318 366 359 329 Fuel, lubes and supplies 1,419 2,215 2,775 2,284 1,490 Other 1,346 1,690 1,896 1,580 1,871 10,212 12,465 13,297 11,410 9,988 Direct Vessel Profit (1) $ 13,165 $ 5,697 $ 1,323 $ 6,201 $ 6,014 Other Costs and Expenses: Lease expense $ 408 $ 429 $ 378 $ 455 $ 456 Depreciation and amortization 3,853 3,925 3,683 3,461 3,306 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)Three Months Ended Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Middle East and Asia Time Charter Statistics: Average rates per day worked $ 13,245 $ 13,562 $ 11,090 $ 9,507 $ 9,673 Fleet utilization 86 % 82 % 75 % 79 % 87 % Fleet available days 1,456 1,440 1,533 1,564 1,651 Out-of-service days for repairs, maintenance and drydockings 58 76 132 252 160 Operating Revenues: Time charter $ 16,563 $ 16,028 $ 12,802 $ 11,712 $ 13,906 Other marine services 3,357 (142 ) (66 ) 319 460 19,920 15,886 12,736 12,031 14,366 Direct Costs and Expenses: Operating: Personnel 5,266 4,841 5,270 5,384 5,691 Repairs and maintenance 1,219 677 1,958 1,776 2,545 Drydocking (684 ) (1,095 ) 244 3,113 2,250 Insurance and loss reserves 720 1,185 821 762 748 Fuel, lubes and supplies 425 1,142 1,335 1,426 1,318 Other 234 1,327 915 878 1,213 7,180 8,077 10,543 13,339 13,765 Direct Vessel Profit (Loss) (1) $ 12,740 $ 7,809 $ 2,193 $ (1,308 ) $ 601 Other Costs and Expenses: Lease expense $ 67 $ 76 $ 52 $ 35 $ 38 Depreciation and amortization 3,708 3,688 3,783 3,974 4,229 Latin America Time Charter Statistics: Average rates per day worked $ 18,846 $ 16,229 $ 14,009 $ 14,010 $ 14,263 Fleet utilization 88 % 94 % 94 % 93 % 94 % Fleet available days 831 906 767 780 816 Out-of-service days for repairs, maintenance and drydockings 79 22 14 12 6 Operating Revenues: Time charter $ 13,706 $ 13,827 $ 10,114 $ 10,162 $ 10,909 Bareboat charter 364 360 376 332 48 Other marine services 410 1,332 590 419 534 14,480 15,519 11,080 10,913 11,491 Direct Costs and Expenses: Operating: Personnel 3,888 3,922 3,637 2,831 3,356 Repairs and maintenance 951 1,587 1,422 1,489 1,917 Drydocking 1,290 (119 ) 273 1 — Insurance and loss reserves 168 245 172 347 270 Fuel, lubes and supplies 870 679 938 563 748 Other 366 598 472 393 685 7,533 6,912 6,914 5,624 6,976 Direct Vessel Profit (1) $ 6,947 $ 8,607 $ 4,166 $ 5,289 $ 4,515 Other Costs and Expenses: Lease expense $ 80 $ 79 $ 65 $ 400 $ 219 Depreciation and amortization 2,153 2,614 2,246 1,987 2,111 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)Three Months Ended Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 AHTS Time Charter Statistics: Average rates per day worked $ 8,916 $ 9,244 $ 9,254 $ 8,848 $ 8,887 Fleet utilization 85 % 81 % 80 % 67 % 66 % Fleet available days 364 391 460 552 546 Out-of-service days for repairs, maintenance and drydockings 13 45 — 92 56 Out-of-service days for cold-stacked status — 31 92 92 131 Operating Revenues: Time charter $ 2,762 $ 2,915 $ 3,406 $ 3,256 $ 3,191 Other marine services (134 ) (152 ) (168 ) (183 ) (143 ) 2,628 2,763 3,238 3,073 3,048 Direct Costs and Expenses: Operating: Personnel $ 1,069 $ 995 $ 1,220 $ 1,022 $ 1,050 Repairs and maintenance 186 216 331 304 566 Drydocking 131 420 6 28 (30 ) Insurance and loss reserves 78 68 94 150 146 Fuel, lubes and supplies 192 476 259 399 215 Other 195 295 283 228 435 1,851 2,470 2,193 2,131 2,382 Other Costs and Expenses: Lease expense $ 332 $ 331 $ 300 $ 450 $ 450 Depreciation and amortization 298 298 300 494 495 FSV Time Charter Statistics: Average rates per day worked $ 11,314 $ 10,609 $ 9,905 $ 9,907 $ 9,201 Fleet utilization 92 % 91 % 86 % 90 % 85 % Fleet available days 2,093 2,070 2,116 2,116 2,126 Out-of-service days for repairs, maintenance and drydockings 86 66 146 103 108 Out-of-service days for cold-stacked status 82 90 58 75 91 Operating Revenues: Time charter $ 21,747 $ 19,988 $ 18,062 $ 18,837 $ 16,525 Other marine services (518 ) (377 ) (224 ) (15 ) (174 ) 21,229 19,611 17,838 18,822 16,351 Direct Costs and Expenses: Operating: Personnel $ 5,083 $ 4,861 $ 5,140 $ 5,289 $ 4,880 Repairs and maintenance 1,134 1,867 2,957 2,738 2,458 Drydocking 1,342 128 1,434 656 (201 ) Insurance and loss reserves 337 334 453 410 372 Fuel, lubes and supplies 1,108 1,382 1,797 1,572 1,187 Other 947 1,236 1,638 1,284 1,311 9,951 9,808 13,419 11,949 10,007 Other Costs and Expenses: Depreciation and amortization 4,952 4,946 4,972 4,972 5,010 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 PSV Time Charter Statistics: Average rates per day worked $ 17,545 $ 14,827 $ 13,519 $ 13,772 $ 13,422 Fleet utilization 80 % 70 % 69 % 78 % 86 % Fleet available days 1,820 1,800 1,840 1,840 1,820 Out-of-service days for repairs, maintenance and drydockings 92 124 142 152 26 Operating Revenues: Time charter $ 25,458 $ 18,800 $ 17,194 $ 19,687 $ 20,983 Bareboat charter 364 360 376 332 48 Other marine services 19 840 222 720 575 25,841 20,000 17,792 20,739 21,606 Direct Costs and Expenses: Operating: Personnel $ 8,738 $ 8,849 $ 8,961 $ 8,427 $ 7,889 Repairs and maintenance 2,998 3,475 2,998 2,839 3,184 Drydocking 12 609 770 1,025 (32 ) Insurance and loss reserves 421 419 552 734 551 Fuel, lubes and supplies 2,124 2,331 2,842 2,038 1,701 Other 840 2,314 1,420 1,275 1,631 15,133 17,997 17,543 16,338 14,924 Other Costs and Expenses: Lease expense $ — $ — $ — $ 332 $ 154 Depreciation and amortization 4,072 4,262 4,099 3,810 3,785 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Liftboats Time Charter Statistics: Average rates per day worked $ 35,623 $ 33,936 $ 31,717 $ 27,447 $ 24,712 Fleet utilization 37 % 50 % 61 % 65 % 44 % Fleet available days 819 810 828 828 819 Out-of-service days for repairs, maintenance and drydockings 233 94 90 154 318 Out-of-service days for cold-stacked status 91 90 92 92 91 Operating Revenues: Time charter $ 10,837 $ 13,712 $ 16,127 $ 14,720 $ 8,805 Other marine services 5,355 2,776 1,842 1,421 3,283 16,192 16,488 17,969 16,141 12,088 Direct Costs and Expenses: Operating: Personnel $ 5,065 $ 5,068 $ 5,520 $ 5,419 $ 4,515 Repairs and maintenance 1,472 499 2,674 1,560 2,132 Drydocking 849 (1,141 ) (543 ) 3,337 6,737 Insurance and loss reserves 1,418 1,907 2,271 1,552 1,548 Fuel, lubes and supplies 219 619 896 1,408 1,230 Other 301 (28 ) 359 387 655 9,324 6,924 11,177 13,663 16,817 Other Costs and Expenses: Depreciation and amortization 4,215 4,214 4,210 4,429 4,870 Other Activity Operating Revenues: Other marine services $ 1,001 $ 1,111 $ 1,089 $ 1,016 $ 924 1,001 1,111 1,089 1,016 924 Direct Costs and Expenses: Operating: Personnel $ (11 ) $ 30 $ 8 $ (5 ) $ 12 Repairs and maintenance 3 (46 ) (12 ) (64 ) 40 Drydocking (78 ) (3 ) — — — Insurance and loss reserves 136 61 11 4 (72 ) Fuel, lubes and supplies (5 ) 11 — (1 ) 17 Other (2 ) 21 (1 ) (9 ) 18 43 74 6 (75 ) 15 Other Costs and Expenses: Lease expense $ 366 $ 389 $ 333 $ 386 $ 404 Depreciation and amortization 38 42 43 49 48 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 ASSETS Current Assets: Cash and cash equivalents $ 40,750 $ 40,570 $ 39,963 $ 47,514 $ 22,608 Restricted cash 2,796 3,082 3,082 3,296 3,296 Receivables: Trade, net of allowance for credit loss accounts 60,022 60,114 54,388 58,572 55,276 Other 12,295 11,913 7,638 6,647 7,437 Note receivable 5,000 10,000 15,000 20,000 — Tax receivable 445 445 578 79 79 Inventories 1,653 2,207 2,123 2,059 1,723 Prepaid expenses and other 3,112 3,233 3,054 4,700 5,391 Assets held for sale — — 6,750 6,000 — Total current assets 126,073 131,564 132,576 148,867 95,810 Property and Equipment: Historical cost 966,338 969,328 967,683 992,423 1,000,147 Accumulated depreciation (334,678 ) (324,197 ) (310,778 ) (321,898 ) (325,091 ) 631,660 645,131 656,905 670,525 675,056 Construction in progress 8,876 8,540 8,111 8,422 15,576 Net property and equipment 640,536 653,671 665,016 678,947 690,632 Right-of-use asset - operating leases 5,703 5,984 6,206 4,419 5,686 Right-of-use asset - finance leases 6,495 6,654 6,813 6,972 7,131 Investments, at equity, and advances to 50% or less owned companies 3,253 3,594 3,024 1,901 75,923 Other assets 2,139 2,079 1,995 1,887 1,932 Total assets $ 784,199 $ 803,546 $ 815,630 $ 842,993 $ 877,114 LIABILITIES AND EQUITY Current Liabilities: Current portion of operating lease liabilities $ 1,792 $ 1,764 $ 2,358 $ 1,792 $ 2,010 Current portion of finance lease liabilities 611 563 468 374 282 Current portion of long-term debt 63,959 60,523 61,512 57,567 33,398 Accounts payable and accrued expenses 39,012 44,255 37,954 36,248 39,262 Due to SEACOR Holdings 264 264 264 264 264 Other current liabilities 21,027 20,185 18,869 22,032 22,171 Total current liabilities 126,665 127,554 121,425 118,277 97,387 Long-term operating lease liabilities 4,030 4,474 4,739 3,759 4,026 Long-term finance lease liabilities 6,462 6,644 6,781 6,916 7,050 Long-term debt 243,960 254,450 260,119 282,556 318,699 Conversion option liability on convertible senior notes — — — — 1 Deferred income taxes 34,038 39,120 40,779 39,823 33,743 Deferred gains and other liabilities 2,189 2,264 2,641 2,692 2,701 Total liabilities 417,344 434,506 436,484 454,023 463,607 Equity: SEACOR Marine Holdings Inc. stockholders’ equity: Common stock 280 279 272 272 272 Additional paid-in capital 469,618 467,896 466,669 465,449 464,222 Accumulated deficit (107,271 ) (102,700 ) (93,111 ) (79,769 ) (55,418 ) Shares held in treasury (4,221 ) (4,119 ) (1,852 ) (1,852 ) (1,852 ) Accumulated other comprehensive income, net of tax 8,128 7,363 6,847 4,549 5,960 366,534 368,719 378,825 388,649 413,184 Noncontrolling interests in subsidiaries 321 321 321 321 323 Total equity 366,855 369,040 379,146 388,970 413,507 Total liabilities and equity $ 784,199 $ 803,546 $ 815,630 $ 842,993 $ 877,114
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)Three Months Ended Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Cash Flows from Operating Activities: Net Loss $ (4,571 ) $ (9,589 ) $ (13,342 ) $ (24,353 ) $ (19,117 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 13,575 13,762 13,624 13,754 14,208 Deferred financing costs amortization 423 418 (997 ) 350 364 Stock-based compensation expense 1,723 1,227 1,220 1,227 1,076 Debt discount amortization 1,627 1,558 1,449 1,817 1,736 Allowance for credit losses 2,763 (104 ) 11 (53 ) 701 (Gain) loss from equipment sales, retirements or impairments (265 ) (3,599 ) (1,017 ) 1,783 (25 ) Gain on debt extinguishment — — (12,700 ) — — Derivative gains — — — (1 ) (33 ) Interest on finance lease 70 72 73 73 73 Settlements on derivative transactions, net 226 154 33 (131 ) (278 ) Currency losses (gains) 603 825 2,646 (2,314 ) (1,170 ) Deferred income taxes (5,082 ) (1,659 ) 957 6,079 (3,410 ) Equity (earnings) losses (373 ) (536 ) (1,176 ) 254 (415 ) Dividends received from equity investees 1,044 — 74 1,096 1,162 Changes in Operating Assets and Liabilities: Accounts receivables (3,139 ) (9,857 ) 2,304 (2,384 ) (4,476 ) Other assets 1,017 45 3,296 966 (1,539 ) Accounts payable and accrued liabilities (5,758 ) 6,731 769 (4,900 ) 4,925 Net cash provided by (used in) operating activities 3,883 (552 ) (2,776 ) (6,737 ) (6,218 ) Cash Flows from Investing Activities: Purchases of property and equipment (35 ) (470 ) (185 ) (240 ) (17 ) Proceeds from disposition of property and equipment 427 7,611 53 — 1,371 Net investing activities in property and equipment 392 7,141 (132 ) (240 ) 1,354 Principal payments on notes due from equity investees — — — 177 175 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 5,000 5,000 8,831 — Net cash provided by investing activities 5,392 12,141 4,868 45,937 1,529 Cash Flows from Financing Activities: Payments on long-term debt (9,483 ) (8,608 ) (7,470 ) (14,182 ) (9,152 ) Payments on debt extinguishment (26,772 ) — (2,271 ) — — Proceeds from issuance of long-term debt, net of issuance costs 27,181 — — — — Payments on finance leases (204 ) (114 ) (114 ) (114 ) (114 ) Proceeds from exercise of stock options — 6 — — 11 Tax withholdings on restricted stock vesting and director share awards (102 ) (2,266 ) — — (60 ) Net cash used in financing activities (9,380 ) (10,982 ) (9,855 ) (14,296 ) (9,315 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents (1 ) — (2 ) 2 (3 ) Net Change in Cash, Cash Equivalents and Restricted Cash (106 ) 607 (7,765 ) 24,906 (14,007 ) Cash, Restricted Cash and Cash Equivalents, Beginning of Period 43,652 43,045 50,810 25,904 39,911 Cash, Restricted Cash and Cash Equivalents, End of Period $ 43,546 $ 43,652 $ 43,045 $ 50,810 $ 25,904 SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTSOwned Leased-in Managed Total June 30, 2023 AHTS 3 1 — 4 FSV 22 1 2 25 PSV 21 — — 21 Liftboats 9 — — 9 55 2 2 59 December 31, 2022 AHTS 3 2 — 5 FSV 22 1 2 25 PSV 21 — — 21 Liftboats 9 — — 9 55 3 2 60 
