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SEACOR Marine Announces First Quarter 2022 Results
ソース: Nasdaq GlobeNewswire / 04 5 2022 16:48:27 America/Chicago
HOUSTON, May 04, 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 first quarter ended March 31, 2022.
SEACOR Marine’s consolidated operating revenues from continuing operations for the first quarter of 2022 were $45.6 million, operating loss was $17.1 million, and direct vessel profit (“DVP”)(1) was $6.1 million. This compares to consolidated operating revenues from continuing operations of $36.5 million, operating loss of $16.6 million, and DVP of $10.2 million in the first quarter of 2021.
Notable first quarter items include:
- Average utilization rates of 70%, the highest for our seasonally low first quarter since 2014.
- 25% improvement in revenues compared to the first quarter of 2021.
- Increases in drydocking and major repairs of 60% from the fourth quarter of 2021 to prepare fleet for increasing activity levels.
For the first quarter of 2022, net loss from continuing operations was $14.8 million ($0.56 loss per basic and diluted share). This compares to a net loss from continuing operations for the first quarter of 2021 of $16.9 million ($0.67 loss per basic and diluted share). Sequentially, first quarter 2022 results compare to consolidated operating revenues from continuing operations of $48.0 million, operating loss from continuing operations of $14.7 million, and DVP of $12.9 million in the fourth quarter of 2021. For the fourth quarter of 2021, net loss from continuing operations was $15.8 million ($0.62 loss per basic and diluted share).
Chief Executive Officer John Gellert commented:
“Demand for our services remains strong and we expect that our strategy will generate positive operating cash flows as the year progresses. The first quarter results reflect our strategy of preparing and positioning our fleet during the seasonally low months of the year to participate fully in the market up-cycle. As a result, we had a substantial increase in drydocking and repair and maintenance expenses, which resulted in our DVP being down relative to prior quarters since we expense these items as incurred.”
___________________(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 March 31, 2022 2021 Operating Revenues $ 45,591 $ 36,512 Costs and Expenses: Operating 39,496 26,307 Administrative and general 9,924 8,611 Lease expense 1,060 1,078 Depreciation and amortization 14,371 14,798 64,851 50,794 Gains (Losses) on Asset Dispositions and Impairments, Net 2,139 (2,273 ) Operating (Loss) (17,121 ) (16,555 ) Other Income (Expense): Interest income 29 986 Interest expense (6,627 ) (8,018 ) SEACOR Holdings guarantee fees — (7 ) Derivative (losses) gains, net (34 ) 355 Foreign currency gains (losses), net 821 (466 ) (5,811 ) (7,150 ) Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies (22,932 ) (23,705 ) Income Tax Benefit (2,421 ) (2,688 ) Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies (20,511 ) (21,017 ) Equity in Earnings Gains of 50% or Less Owned Companies 5,674 4,103 Loss from Continuing Operations (14,837 ) (16,914 ) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756) — 22,925 Net (Loss) Income (14,837 ) 6,011 Net Income Attributable to Noncontrolling Interests in Subsidiaries — — Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. $ (14,837 ) $ 6,011 Net Loss Per Common Share from Continuing Operations: Basic $ (0.56 ) $ (0.67 ) Diluted (0.56 ) (0.67 ) Net Earnings Per Share from Discontinued Operations: Basic $ — $ 0.91 Diluted — 0.91 Net (Loss) Earnings per Share: Basic $ (0.56 ) $ 0.24 Diluted $ (0.56 ) $ 0.24 Weighted Average Common Stock and Warrants Outstanding: Basic 26,379,293 25,304,661 Diluted 26,379,293 25,304,661 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Time Charter Statistics: Average Rates Per Day $ 11,312 $ 11,376 $ 12,120 $ 12,007 $ 11,323 Fleet Utilization 70 % 73 % 68 % 67 % 55 % Fleet Available Days 5,400 5,060 5,108 5,177 5,505 Operating Revenues: Time charter $ 42,741 $ 42,289 $ 41,782 $ 41,474 $ 34,290 Bareboat charter 618 2,870 — 434 729 Other marine services 2,232 2,808 1,881 891 1,493 45,591 47,967 43,663 42,799 36,512 Costs and Expenses: Operating: Personnel 18,435 17,098 15,051 14,353 13,418 Repairs and maintenance 6,791 6,782 6,536 6,959 3,840 Drydocking 4,973 567 771 2,792 2,217 Insurance and loss reserves 1,186 1,859 2,189 2,661 1,958 Fuel, lubes and supplies 3,729 3,254 3,684 2,893 2,202 Other 4,382 5,476 5,217 2,957 2,672 39,496 35,036 33,448 32,615 26,307 Direct Vessel Profit (1) 6,095 12,931 10,215 10,184 10,205 Other Costs and Expenses: Lease expense 1,060 2,664 1,109 1,234 1,078 Administrative and general 9,924 10,742 9,134 9,152 8,611 Depreciation and amortization 14,371 14,198 14,306 14,093 14,798 25,355 27,604 24,549 24,479 24,487 Gains (Losses) on Asset Dispositions and Impairments, Net 2,139 — 56 22,653 (2,273 ) Operating (Loss) Income (17,121 ) (14,673 ) (14,278 ) 8,358 (16,555 ) Other Income (Expense): Interest income 29 57 124 135 986 Interest expense (6,627 ) (6,380 ) (6,403 ) (7,310 ) (8,018 ) SEACOR Holdings guarantee fees — — — — (7 ) Derivative (losses) gains, net (34 ) 4 2 30 355 Gain on debt extinguishment — — — 61,994 — Foreign currency gains (losses), net 821 (357 ) 245 (657 ) (466 ) Gain (Loss) from return of investments in 50% or less owned companies and other, net — — 9,442 (1 ) — (5,811 ) (6,676 ) 3,410 54,191 (7,150 ) (Loss) Income from Continuing Operations Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies (22,932 ) (21,349 ) (10,868 ) 62,549 (23,705 ) Income Tax (Benefit) Expense (2,421 ) (1,009 ) (725 ) 15,915 (2,688 ) (Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies (20,511 ) (20,340 ) (10,143 ) 46,634 (21,017 ) Equity in Earnings Gains of 50% or Less Owned Companies 5,674 4,494 4,314 2,167 4,103 (Loss) Income from Continuing Operations (14,837 ) (15,846 ) (5,829 ) 48,801 (16,914 ) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756) — — — — 22,925 Net (Loss) Income (14,837 ) (15,846 ) (5,829 ) 48,801 6,011 Net Income Attributable to Noncontrolling Interests in Subsidiaries — — — 1 — Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. $ (14,837 ) $ (15,846 ) $ (5,829 ) $ 48,800 $ 6,011 Net (Loss) Earnings Per Common Share from Continuing Operations: Basic $ (0.56 ) $ (0.62 ) $ (0.23 ) $ 1.92 $ (0.67 ) Diluted (0.56 ) (0.62 ) (0.23 ) 1.79 (0.67 ) Net Earnings Per Share from Discontinued Operations: Basic $ — $ — $ — $ — $ 0.91 Diluted — — — — 0.91 Net (Loss) Earnings per Share: Basic $ (0.56 ) $ (0.62 ) $ (0.23 ) $ 1.92 $ 0.24 Diluted $ (0.56 ) $ (0.62 ) $ (0.23 ) $ 1.79 $ 0.24 Weighted Average Common Stock and Warrants Outstanding: Basic 26,379 25,520 25,516 25,435 25,305 Diluted 26,379 25,520 25,516 28,345 25,305 Common Shares and Warrants Outstanding at Period End 28,083 27,432 25,864 25,869 25,683 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)Three Months Ended Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 United States, primarily Gulf of Mexico Time Charter Statistics: Average rates per day worked $ 15,595 $ 15,496 $ 18,702 $ 17,058 $ 15,910 Fleet utilization 38 % 33 % 27 % 18 % 6 % Fleet available days 1,314 1,043 1,062 1,112 1,518 Out-of-service days for repairs, maintenance and drydockings 205 95 246 137 67 Out-of-service days for cold-stacked status 404 399 469 748 1,270 Operating Revenues: Time charter $ 7,864 $ 5,290 $ 5,289 $ 3,419 $ 1,489 Bareboat charter — 386 — 434 729 Other marine services 2,052 1,119 1,215 727 546 9,916 6,795 6,504 4,580 2,764 Direct Costs and Expenses: Operating: Personnel $ 4,923 $ 3,136 $ 2,428 $ 1,528 $ 1,744 Repairs and maintenance 1,101 1,085 1,266 389 654 Drydocking 2,867 191 239 777 875 Insurance and loss reserves 229 720 462 923 527 Fuel, lubes and supplies 662 501 259 245 199 Other 224 200 147 224 77 10,006 5,833 4,801 4,086 4,076 Direct Vessel (Loss) Profit (1) $ (90 ) $ 962 $ 1,703 $ 494 $ (1,312 ) Other Costs and Expenses: Lease expense $ 287 $ 633 $ 621 $ 703 $ 664 Depreciation and amortization 4,638 4,325 3,936 3,287 4,164 Africa and Europe, Continuing Operations Time Charter Statistics: Average rates per day worked $ 10,006 $ 9,530 $ 9,551 $ 11,231 $ 11,356 Fleet utilization 82 % 88 % 77 % 75 % 68 % Fleet available days 1,499 1,411 1,417 1,365 1,356 Out-of-service days for repairs, maintenance and drydockings 163 79 52 65 78 Out-of-service days for cold-stacked status — — 29 176 346 Operating Revenues: Time charter $ 12,280 $ 11,883 $ 10,446 $ 11,437 $ 10,502 Bareboat charter — — — — — Other marine services (616 ) (416 ) (429 ) (224 ) (269 ) 11,664 11,467 10,017 11,213 10,233 Direct Costs and Expenses: Operating: Personnel $ 3,536 $ 3,283 $ 3,147 $ 4,253 $ 3,220 Repairs and maintenance 1,579 1,846 1,540 2,195 1,191 Drydocking 1,144 144 337 374 304 Insurance and loss reserves 124 245 323 352 433 Fuel, lubes and supplies 1,473 1,019 1,631 887 572 Other 1,828 1,740 1,424 2,072 579 9,684 8,277 8,402 10,133 6,299 Direct Vessel Profit (1) $ 1,980 $ 3,190 $ 1,615 $ 1,080 $ 3,934 Other Costs and Expenses: Lease expense $ 402 $ 371 $ 284 $ 270 $ 356 Depreciation and amortization 3,258 2,948 3,296 3,305 3,307 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)Three Months Ended Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Middle East and Asia Time Charter Statistics: Average rates per day worked $ 9,882 $ 9,612 $ 10,374 $ 9,292 $ 9,308 Fleet utilization 77 % 81 % 73 % 81 % 73 % Fleet available days 1,800 1,717 1,780 1,820 1,852 Out-of-service days for repairs, maintenance and drydockings 153 38 134 105 115 Out-of-service days for cold-stacked status 90 178 214 116 239 Operating Revenues: Time charter $ 13,660 $ 13,402 $ 13,417 $ 13,752 $ 12,575 Other marine services 49 50 85 31 360 13,709 13,452 13,502 13,783 12,935 Direct Costs and Expenses: Operating: Personnel $ 6,031 $ 5,756 $ 5,849 $ 5,378 $ 5,208 Repairs and maintenance 1,832 1,382 1,610 2,806 903 Drydocking 962 232 156 1,185 1,066 Insurance and loss reserves 507 611 707 461 702 Fuel, lubes and supplies 1,010 1,042 777 1,081 559 Other 1,627 2,148 2,823 43 1,144 11,969 11,171 11,922 10,954 9,582 Direct Vessel Profit (1) $ 1,740 $ 2,281 $ 1,580 $ 2,829 $ 3,353 Other Costs and Expenses: Lease expense $ 31 $ 38 $ 377 $ 35 $ 22 Depreciation and amortization 4,345 4,156 4,456 4,663 4,710 Latin America Time Charter Statistics: Average rates per day worked $ 13,450 $ 15,944 $ 16,240 $ 17,034 $ 14,751 Fleet utilization 85 % 83 % 92 % 86 % 85 % Fleet available days 787 889 849 880 779 Out-of-service days for repairs, maintenance and drydockings 59 113 58 117 94 Operating Revenues: Time charter $ 8,937 $ 11,714 $ 12,630 $ 12,866 $ 9,724 Bareboat charter 618 2,484 — — — Other marine services 747 2,055 1,010 357 856 10,302 16,253 13,640 13,223 10,580 Direct Costs and Expenses: Operating: Personnel $ 3,945 $ 4,923 $ 3,627 $ 3,194 $ 3,246 Repairs and maintenance 2,279 2,469 2,120 1,569 1,092 Drydocking — — 39 456 (28 ) Insurance and loss reserves 326 283 697 925 296 Fuel, lubes and supplies 584 692 1,017 680 872 Other 703 1,388 823 618 872 7,837 9,755 8,323 7,442 6,350 Direct Vessel Profit (1) $ 2,465 $ 6,498 $ 5,317 $ 5,781 $ 4,230 Other Costs and Expenses: Lease expense $ 340 $ 1,622 $ (173 ) $ 226 $ 36 'Depreciation and amortization 2,130 2,769 2,618 2,838 2,617 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)Three Months Ended Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Anchor handling towing supply Time Charter Statistics: Average rates per day worked $ 8,908 $ 8,069 $ 14,346 $ 11,268 $ 7,778 Fleet utilization 66 % 66 % 66 % 59 % 67 % Fleet available days 540 552 552 546 540 Out-of-service days for repairs, maintenance and drydockings 2 14 61 105 — Out-of-service days for cold-stacked status 180 92 92 118 180 Operating Revenues: Time charter $ 3,188 $ 2,926 $ 5,224 $ 3,640 $ 2,801 Other marine services (160 ) (129 ) (151 ) (157 ) (130 ) 3,028 2,797 5,073 3,483 2,671 Direct Costs and Expenses: Operating: Personnel $ 1,136 $ 1,389 $ 1,584 $ 1,513 $ 984 Repairs and maintenance 293 608 1,044 471 241 Drydocking (7 ) 1 (217 ) 1,322 54 Insurance and loss reserves (137 ) 148 193 99 194 Fuel, lubes and supplies 144 321 388 344 139 Other 439 556 408 444 270 1,868 3,023 3,400 4,193 1,882 Other Costs and Expenses: Lease expense $ 449 $ 353 $ 354 $ 362 $ 400 Depreciation and amortization 494 495 494 495 494 Fast support Time Charter Statistics: Average rates per day worked $ 8,621 $ 8,464 $ 8,455 $ 7,962 $ 7,888 Fleet utilization 80 % 79 % 70 % 71 % 61 % Fleet available days 2,160 2,208 2,208 2,100 2,207 Out-of-service days for repairs, maintenance and drydockings 167 137 300 226 182 Out-of-service days for cold-stacked status 90 92 178 314 584 Operating Revenues: Time charter $ 14,900 $ 14,857 $ 13,007 $ 11,827 $ 10,657 Bareboat charter — 386 — 434 729 Other marine services (254 ) (380 ) (121 ) (249 ) (218 ) 14,646 14,863 12,886 12,012 11,168 Direct Costs and Expenses: Operating: Personnel $ 5,070 $ 5,581 $ 4,588 $ 4,802 $ 4,041 Repairs and maintenance 1,800 2,151 2,313 3,618 1,535 Drydocking 1,277 494 965 1,178 1,178 Insurance and loss reserves 260 390 328 507 466 Fuel, lubes and supplies 1,544 1,355 1,390 1,154 726 Other 1,941 2,156 2,021 1,640 1,141 11,892 12,127 11,605 12,899 9,087 Other Costs and Expenses: Lease expense $ — $ 353 $ 693 $ 352 $ 352 Depreciation and amortization 4,945 4,929 4,929 4,931 5,096 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Supply Time Charter Statistics: Average rates per day worked $ 12,188 $ 11,586 $ 11,631 $ 11,921 $ 12,110 Fleet utilization 72 % 79 % 77 % 80 % 63 % Fleet available days 1,800 1,380 1,372 1,274 1,319 Out-of-service days for repairs, maintenance and drydockings 233 117 64 11 105 Out-of-service days for cold-stacked status — 117 174 91 315 Operating Revenues: Time charter $ 15,823 $ 12,675 $ 12,317 $ 12,179 $ 10,082 Bareboat charter 618 — — — — Other marine services 44 410 221 117 346 16,485 13,085 12,538 12,296 10,428 Direct Costs and Expenses: Operating: Personnel $ 8,193 $ 6,141 $ 4,738 $ 4,044 $ 4,158 Repairs and maintenance 3,701 2,191 2,078 2,039 1,135 Drydocking 1,302 — 23 180 110 Insurance and loss reserves 428 280 595 436 474 Fuel, lubes and supplies 1,434 998 1,221 1,034 1,003 Other 1,348 1,957 988 884 880 16,406 11,567 9,643 8,617 7,760 Other Costs and Expenses: Lease expense $ 291 $ — $ — $ — $ — Depreciation and amortization 3,786 3,155 3,149 2,936 2,977 Specialty Time Charter Statistics: Average rates per day worked $ — $ — $ — $ 1,571 $ 1,890 Fleet utilization — % — % — % 92 % 100 % Fleet available days 90 92 92 91 90 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 $ 170 Other marine services — — — 23 12 — — — 154 182 Direct Costs and Expenses: Operating: Personnel $ 1 $ 6 $ 35 $ 99 $ 89 Repairs and maintenance — (28 ) 7 104 8 Drydocking — — — — — Insurance and loss reserves 2 1 3 5 4 Fuel, lubes and supplies 2 2 6 5 8 Other 11 18 28 33 26 16 (1 ) 79 246 135 Other Costs and Expenses: Depreciation and amortization $ — $ — $ — $ — $ — SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Liftboats Time Charter Statistics: Average rates per day worked $ 22,416 $ 23,409 $ 23,137 $ 25,334 $ 26,792 Fleet utilization 49 % 61 % 55 % 46 % 29 % Fleet available days 810 828 884 1,167 1,350 Out-of-service days for repairs, maintenance and drydockings 179 58 65 75 67 Out-of-service days for cold-stacked status 134 184 202 517 776 Operating Revenues: Time charter $ 8,830 $ 11,831 $ 11,234 $ 13,697 $ 10,580 Bareboat charter — 2,484 — — — Other marine services 1,463 1,121 997 688 797 10,293 15,436 12,231 14,385 11,377 Direct Costs and Expenses: Operating: Personnel $ 4,035 $ 4,068 $ 4,033 $ 3,916 $ 3,806 Repairs and maintenance 1,012 1,859 1,104 716 894 Drydocking 2,401 72 — 112 875 Insurance and loss reserves 1,215 1,070 1,170 1,752 719 Fuel, lubes and supplies 605 589 668 353 320 Other 644 856 1,672 (58 ) 677 9,912 8,514 8,647 6,791 7,291 Other Costs and Expenses: Lease expense $ — $ 1,569 $ (200 ) $ 205 $ 12 Depreciation and amortization 4,964 5,171 5,170 5,171 5,659 Other Activity Operating Revenues: Other marine services $ 1,139 $ 1,786 $ 935 $ 469 $ 686 1,139 1,786 935 469 686 Direct Costs and Expenses: Operating: Personnel $ — $ (87 ) $ 73 $ (21 ) $ 340 Repairs and maintenance (15 ) 1 (10 ) 11 27 Insurance and loss reserves (582 ) (30 ) (100 ) (138 ) 101 Fuel, lubes and supplies — (11 ) 11 3 6 Other (1 ) (67 ) 100 14 (322 ) (598 ) (194 ) 74 (131 ) 152 Other Costs and Expenses: Lease expense $ 320 $ 389 $ 262 $ 315 $ 314 Depreciation and amortization 182 448 564 560 572 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 ASSETS Current Assets: Cash and cash equivalents $ 36,315 $ 37,619 $ 42,194 $ 45,446 $ 68,409 Restricted cash 3,596 3,601 4,160 5,855 3,352 Receivables: Trade, net of allowance for credit loss accounts 49,238 55,544 50,343 47,082 42,680 Other 8,799 6,118 13,750 12,152 11,265 Receivables from SEACOR Holdings — — — — 19,332 Tax receivable 1,238 1,238 101 1,497 1,498 Inventories 1,297 928 476 425 572 Prepaid expenses and other 3,724 3,730 3,851 4,527 2,326 Other current assets — — — — 423 Assets held for sale — — — — — Total current assets 104,207 108,778 114,875 116,984 149,857 Property and Equipment: Historical cost 1,006,873 1,025,284 989,910 972,267 1,000,430 Accumulated depreciation (316,444 ) (317,297 ) (303,178 ) (288,882 ) (297,792 ) 690,429 707,987 686,732 683,385 702,638 Construction in progress 15,550 15,531 15,577 32,903 32,530 Net property and equipment 705,979 723,518 702,309 716,288 735,168 Right-of-use asset - operating leases 6,238 6,608 4,670 5,469 7,046 Right-of-use asset - finance leases 7,290 100 108 116 121 Investments, at equity, and advances to 50% or less owned companies 76,860 71,727 77,426 77,539 79,000 Other assets 2,057 1,771 2,672 2,781 2,624 Total assets $ 902,631 $ 912,502 $ 902,060 $ 919,177 $ 973,816 LIABILITIES AND EQUITY Current Liabilities: Current portion of operating lease liabilities $ 2,073 $ 1,986 $ 1,269 $ 2,885 $ 5,139 Current portion of finance lease liabilities 190 33 32 32 46 Current portion of long-term debt 32,708 31,602 28,875 28,419 34,888 Accounts payable and accrued expenses 32,585 28,419 23,578 27,163 21,428 Due to SEACOR Holdings 264 274 276 277 — Other current liabilities 23,723 22,351 21,109 26,886 29,719 Discontinued operations — — — — — Total current liabilities 91,543 84,665 75,139 85,662 91,220 Long-term operating lease liabilities 4,420 4,885 4,000 4,072 4,778 Long-term finance lease liabilities 7,183 76 84 92 97 Long-term debt 326,264 332,762 321,641 320,823 431,849 Conversion option liability on convertible senior notes 34 — 5 7 37 Deferred income taxes 37,153 40,682 43,463 46,169 31,766 Deferred gains and other liabilities 2,990 2,891 2,925 2,951 4,910 Total liabilities 469,587 465,961 447,257 459,776 564,657 Equity: SEACOR Marine Holdings Inc. stockholders’ equity: Common stock 269 262 245 245 243 Additional paid-in capital 463,138 461,931 455,373 454,079 452,290 Accumulated Deficit (37,744 ) (22,907 ) (7,059 ) (1,230 ) (50,029 ) Shares held in treasury (1,792 ) (1,120 ) (1,120 ) (1,120 ) (1,110 ) Accumulated other comprehensive loss, net of tax 8,853 8,055 7,044 7,107 7,446 432,724 446,221 454,483 459,081 408,840 Noncontrolling interests in subsidiaries 320 320 320 320 319 Total equity 433,044 446,541 454,803 459,401 409,159 Total liabilities and equity $ 902,631 $ 912,502 $ 902,060 $ 919,177 $ 973,816 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)Three Months Ended Mar. 31, 2022 Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Cash Flows from Continuing Operating Activities: Net (Loss) Income $ (14,837 ) $ (15,846 ) $ (5,829 ) $ 48,801 $ 6,011 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 14,371 14,198 14,306 14,093 14,798 Deferred financing costs amortization 291 328 255 254 260 Stock-based compensation expense 395 1,243 1,294 1,779 849 Debt discount amortization 1,691 1,614 1,573 1,787 1,892 Allowance for credit losses (170 ) 585 122 132 24 (Gain) Loss from equipment sales, retirements or impairments (2,139 ) — (56 ) (22,653 ) 2,273 Gain on the sale of Windcat Workboats — — — — (22,756 ) Gain on debt extinguishment, net — — — (62,749 ) — Gain from return of investment — — (9,442 ) — — Derivative losses (gains) 34 (4 ) (2 ) (30 ) (355 ) Interest on finance lease 25 1 1 — 2 Cash settlement payments on derivative transactions, net (373 ) (403 ) (414 ) (414 ) (919 ) Currency (gains) losses (821 ) 357 (245 ) 657 466 Deferred income taxes (3,529 ) (2,781 ) (2,706 ) 14,403 (4,056 ) Equity earnings (5,674 ) (4,494 ) (4,314 ) (2,167 ) (4,103 ) Dividends received from equity investees 725 817 4,515 — — Changes in Operating Assets and Liabilities: Accounts receivables 3,904 (1,157 ) (3,798 ) 16,047 11,345 Other assets (164 ) 1,656 1,561 (1,296 ) 1,192 Accounts payable and accrued liabilities 6,707 7,915 (1,416 ) 4,268 (10,296 ) Net cash provided by (used in) operating activities 436 4,029 (4,595 ) 12,912 (3,373 ) Cash Flows from Continuing Investing Activities: Purchases of property and equipment (20 ) (443 ) (2,910 ) (926 ) (2,724 ) Proceeds from disposition of property and equipment 5,310 — — 26,871 3,266 Proceeds from sale of Windcat Workboats, net cash sold — — — — 38,715 Net investing activities in property and equipment 5,290 (443 ) (2,910 ) 25,945 39,257 Investments in and advances to 50% or less owned companies — (2,272 ) — — (736 ) Excess distributions from equity investees — — 9,442 — — Principal payments on notes due from equity investees 176 (630 ) 179 2,877 919 Cash received from acquisition of 50% or less owned company — 172 — — — Net cash provided by (used in) investing activities 5,466 (3,173 ) 6,711 28,822 39,440 Cash Flows from Continuing Financing Activities: Payments on long-term debt (7,348 ) (5,981 ) (7,054 ) (56,787 ) (8,302 ) Payments on debt extinguishment cost — — — (755 ) — Payments on finance lease (9 ) (9 ) (9 ) (12 ) — Proceeds from exercise of stock options 140 — Issuance of stock 7 — — 2 8 Excerise of warrants — 1 — — — 'Net cash used in financing activities (7,210 ) (5,989 ) (7,063 ) (57,552 ) (8,294 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents (1 ) (1 ) — (4,642 ) 4,621 Net Change in Cash, Cash Equivalents and Restricted Cash (1,309 ) (5,134 ) (4,947 ) (20,460 ) 32,394 Cash Flows from Discontinued Operations Operating Activities — — — — (171 ) Investing Activities — — — — — Financing Activities — — — — — Effects of FX Rate Changes on Cash and Cash Equivalents — — — — — Net Decrease in Cash and Cash Equivalents from Discontinued Operations: — — — — (171 ) Net Change in Cash, Cash Equivalents and Restricted Cash (1,309 ) (5,134 ) (4,947 ) (20,460 ) 32,223 Cash, Restricted Cash and Cash Equivalents, Beginning of Period 41,220 46,354 51,301 71,761 39,538 Cash, Restricted Cash and Cash Equivalents, End of Period $ 39,911 $ 41,220 $ 46,354 $ 51,301 $ 71,761 SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTSOwned Joint Ventured Leased-in Managed Total March 31, 2022 AHTS 4 — 2 — 6 FSV 23 5 1 2 31 Supply 20 15 — — 35 Specialty 1 — — — 1 Liftboats 9 — — — 9 57 20 3 2 82 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.
(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.
