SEACOR Marine Announces First Quarter 2024 Results

ソース: Nasdaq GlobeNewswire / 01 5 2024 15:17:23 America/Chicago

HOUSTON, May 01, 2024 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its first quarter ended March 31, 2024.

SEACOR Marine’s consolidated operating revenues for the first quarter of 2024 were $62.8 million, operating loss was $10.6 million, and direct vessel profit (“DVP”)⁽¹⁾ was $14.7 million. This compares to consolidated operating revenues of $61.2 million, operating income of $0.2 million, and DVP of $22.7 million in the first quarter of 2023, and consolidated operating revenues of $73.1 million, operating income of $22.6 million, and DVP of $29.8 million in the fourth quarter of 2023.

Notable first quarter items include:

2.6% increase in revenues from the first quarter of 2023 and a 14.1% decrease from the fourth quarter of 2023.
Average day rates of $19,042, a 33.0% increase from the first quarter of 2023, and a 5.6% increase from the fourth quarter of 2023.
DVP margin of 23.4%, decreasing from 37.1% in the first quarter of 2023 and 40.8% in the fourth quarter of 2023, due in part to $8.5 million of drydocking and major repairs during the quarter, which are expensed as incurred.

For the first quarter of 2024, net loss was $23.1 million ($0.84 loss per basic and diluted share). This compares to a net loss for the first quarter of 2023 of $9.6 million ($0.36 loss per basic and diluted share). Sequentially, the first quarter 2024 results compare to a net income of $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share) in the fourth quarter of 2023.

Chief Executive Officer John Gellert commented:

“The first quarter results reflect both continued improvement in dayrates as well as lower seasonal utilization. We have been deliberate with our plans to conduct scheduled maintenance and reposition vessels during the winter months. These efforts incurred higher operating expenses and lowered utilization, resulting in a decline of our DVP metric as we expense drydocking and major repairs as incurred. We continue to achieve improved terms and pricing as vessels roll off contracts, and we expect significantly improved utilization as we complete vessel repositioning and enter new contracts.

Other than our U.S. segment, all of our business segments delivered positive results. In the U.S., we continue to see limited permitting for offshore activity for our customers in the oil and gas sector as well as delays in decommissioning plans. Additionally, U.S. offshore windfarm projects that we have been targeting have been delayed. However, demand for our premium liftboats remains very strong, and we have opportunities to redeploy other assets to more active markets. Internationally, we completed the hybrid battery upgrade of one of our PSVs and also repositioned two vessels, with several more vessels expected to complete their mobilizations to new markets during the second quarter.

We continue to see tight supply and growing demand worldwide. I expect that our efforts during the first quarter of 2024 will place the Company in an optimal position to utilize its assets to their full potential.”
___________________

)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data)
	Three Months Ended March 31,
	2024			2023
Operating Revenues	$	62,770		$	61,209
Costs and Expenses:
Operating		48,099			38,509
Administrative and general		11,917			11,632
Lease expense		481			720
Depreciation and amortization		12,882			13,762
		73,379			64,623
(Losses) Gains on Asset Dispositions and Impairments, Net		(1	)		3,599
Operating (Loss) Income		(10,610	)		185
Other Income (Expense):
Interest income		593			460
Interest expense		(10,309	)		(8,788	)
Derivative losses, net		(543	)		—
Foreign currency losses, net		(80	)		(825	)
Other, net		(95	)		—
		(10,434	)		(9,153	)
Loss Before Income Tax Expense and Equity in (Losses) Earnings of 50% or Less Owned Companies		(21,044	)		(8,968	)
Income Tax Expense		925			1,157
Loss Before Equity in (Losses) Earnings of 50% or Less Owned Companies		(21,969	)		(10,125	)
Equity in (Losses) Earnings of 50% or Less Owned Companies		(1,100	)		536
Net Loss	$	(23,069	)	$	(9,589	)

Net Loss Per Share:
Basic	$	(0.84	)	$	(0.36	)
Diluted	$	(0.84	)	$	(0.36	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,343,604			26,822,391
Diluted		27,343,604			26,822,391

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)
	Three Months Ended
	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023
Time Charter Statistics:
Average Rates Per Day	$	19,042		$	18,031		$	18,046		$	15,250		$	14,314
Fleet Utilization		62	%		71	%		73	%		78	%		76	%
Fleet Available Days		5,005			5,170			5,182			5,096			5,071
Operating Revenues:
Time charter	$	59,263		$	66,498		$	68,668		$	60,804		$	55,415
Bareboat charter		364			368			368			364			360
Other marine services		3,143			6,217			7,864			7,151			5,434
		62,770			73,083			76,900			68,319			61,209
Costs and Expenses:
Operating:
Personnel		21,670			22,080			19,943			19,944			19,803
Repairs and maintenance		9,763			7,604			7,418			5,793			6,011
Drydocking		6,706			2,561			1,768			2,256			13
Insurance and loss reserves		1,738			2,944			1,833			2,390			2,789
Fuel, lubes and supplies		4,523			3,683			5,047			3,638			4,819
Other		3,699			4,397			4,133			3,709			5,074
		48,099			43,269			40,142			37,730			38,509
Direct Vessel Profit⁽¹⁾		14,671			29,814			36,758			30,589			22,700
Other Costs and Expenses:
Lease expense		481			679			651			698			720
Administrative and general		11,917			11,547			12,300			13,704			11,632
Depreciation and amortization		12,882			13,022			13,462			13,575			13,762
		25,280			25,248			26,413			27,977			26,114
(Losses) Gains on Asset Dispositions and Impairments, Net		(1	)		18,057			(512	)		265			3,599
Operating (Loss) Income		(10,610	)		22,623			9,833			2,877			185
Other Income (Expense):
Interest income		593			222			340			422			460
Interest expense		(10,309	)		(10,444	)		(9,536	)		(8,736	)		(8,788	)
Derivative (losses) gains, net		(543	)		608			—			—			—
Loss on debt extinguishment		—			—			(2,004	)		—			—
Foreign currency (losses) gains, net		(80	)		(1,276	)		571			(603	)		(825	)
Other, net		(95	)		—			—			—			—
		(10,434	)		(10,890	)		(10,629	)		(8,917	)		(9,153	)
(Loss) Income Before Income Tax Expense (Benefit) and Equity in (Losses) Earnings of 50% or Less Owned Companies		(21,044	)		11,733			(796	)		(6,040	)		(8,968	)
Income Tax Expense (Benefit)		925			6,378			2,360			(1,096	)		1,157
(Loss) Income Before Equity in (Losses) Earnings of 50% or Less Owned Companies		(21,969	)		5,355			(3,156	)		(4,944	)		(10,125	)
Equity in (Losses) Earnings of 50% or Less Owned Companies		(1,100	)		374			2,273			373			536
Net (Loss) Income	$	(23,069	)	$	5,729		$	(883	)	$	(4,571	)	$	(9,589	)

Net (Loss) Earnings Per Share:
Basic	$	(0.84	)	$	0.21		$	(0.03	)	$	(0.17	)	$	(0.36	)
Diluted	$	(0.84	)	$	0.20		$	(0.03	)	$	(0.17	)	$	(0.36	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,344			27,182			27,182			27,138			26,822
Diluted		27,344			28,401			27,182			27,138			26,822
Common Shares and Warrants Outstanding at Period End		28,906			28,489			28,481			28,481			28,428

______________________

^{(1) See full description of footnote above.}

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics)
	Three Months Ended
	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023
*United States, primarily Gulf of Mexico*
Time Charter Statistics:
Average rates per day worked	$	28,156		$	22,584		$	23,663		$	16,115		$	18,359
Fleet utilization		27	%		50	%		57	%		35	%		35	%
Fleet available days		927			1,152			1,196			1,080			1,015
Out-of-service days for repairs, maintenance and drydockings		137			61			151			229			112
Out-of-service days for cold-stacked status⁽²⁾		182			254			206			173			211
Operating Revenues:
Time charter	$	6,957		$	12,929		$	16,236		$	6,121		$	6,564
Other marine services		1,026			5,346			5,478			3,004			3,850
		7,983			18,275			21,714			9,125			10,414
Direct Costs and Expenses:
Operating:
Personnel		5,781			6,906			6,712			5,957			6,535
Repairs and maintenance		1,404			819			1,560			1,573			1,194
Drydocking		1,968			303			462			1,506			43
Insurance and loss reserves		396			1,297			332			1,082			1,041
Fuel, lubes and supplies		667			1,032			958			924			783
Other		(171	)		475			375			346			231
		10,045			10,832			10,399			11,388			9,827
Direct Vessel Profit (Loss)⁽¹⁾	$	(2,062	)	$	7,443		$	11,315		$	(2,263	)	$	587
Other Costs and Expenses:
Lease expense	$	138		$	141		$	116		$	143		$	136
Depreciation and amortization		2,750			3,479			3,810			3,861			3,535

*Africa and Europe*
Time Charter Statistics:
Average rates per day worked	$	15,197		$	15,233		$	15,388		$	14,982		$	12,835
Fleet utilization		76	%		82	%		84	%		94	%		87	%
Fleet available days		1,775			1,748			1,748			1,729			1,710
Out-of-service days for repairs, maintenance and drydockings		238			124			111			58			118
Out-of-service days for cold-stacked status⁽³⁾		91			92			54			—			—
Operating Revenues:
Time charter	$	20,555		$	21,791		$	22,528		$	24,414		$	18,996
Other marine services		169			189			1,943			225			225
		20,724			21,980			24,471			24,639			19,221
Direct Costs and Expenses:
Operating:
Personnel		5,181			6,007			5,089			4,833			4,505
Repairs and maintenance		3,209			2,807			2,214			2,050			2,553
Drydocking		2,032			1,298			320			144			1,184
Insurance and loss reserves		334			416			573			420			318
Fuel, lubes and supplies		1,287			623			2,573			1,419			2,215
Other		2,199			2,267			2,448			2,608			2,749
		14,242			13,418			13,217			11,474			13,524
Direct Vessel Profit⁽¹⁾	$	6,482		$	8,562		$	11,254		$	13,165		$	5,697
Other Costs and Expenses:
Lease expense	$	178		$	289		$	372		$	408		$	429
Depreciation and amortization		3,915			3,747			3,821			3,853			3,925

^{______________________
(1) See full description of footnote above.}
^{(2) Includes one liftboat and one FSV cold-stacked in this region as of March 31, 2024.}
^{(3) Includes one AHTS cold-stacked in this region that is classified as held for sale as of March 31, 2024.}

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics)
	Three Months Ended
	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	16,934		$	17,590		$	16,313		$	13,245		$	13,562
Fleet utilization		71	%		69	%		67	%		86	%		82	%
Fleet available days		1,365			1,461			1,472			1,456			1,440
Out-of-service days for repairs, maintenance and drydockings		224			360			297			58			76
Operating Revenues:
Time charter	$	16,477		$	17,729		$	16,087		$	16,563		$	16,028
Other marine services		350			539			267			3,512			27
		16,827			18,268			16,354			20,075			16,055
Direct Costs and Expenses:
Operating:
Personnel		5,963			5,522			5,157			5,266			4,841
Repairs and maintenance		2,712			2,590			2,623			1,219			677
Drydocking		1,483			624			1,056			(684	)		(1,095	)
Insurance and loss reserves		618			1,022			711			720			1,185
Fuel, lubes and supplies		1,198			1,242			743			425			1,142
Other		1,000			1,133			943			389			1,496
		12,974			12,133			11,233			7,335			8,246
Direct Vessel Profit⁽¹⁾	$	3,853		$	6,135		$	5,121		$	12,740		$	7,809
Other Costs and Expenses:
Lease expense	$	85		$	158		$	59		$	67		$	76
Depreciation and amortization		3,496			3,643			3,721			3,708			3,688

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	28,308		$	20,745		$	20,656		$	18,846		$	16,229
Fleet utilization		58	%		84	%		87	%		88	%		94	%
Fleet available days		938			809			766			831			906
Out-of-service days for repairs, maintenance and drydockings		—			—			67			79			22
Operating Revenues:
Time charter	$	15,274		$	14,049		$	13,817		$	13,706		$	13,827
Bareboat charter		364			368			368			364			360
Other marine services		1,598			143			176			410			1,332
		17,236			14,560			14,361			14,480			15,519
Direct Costs and Expenses:
Operating:
Personnel		4,745			3,645			2,985			3,888			3,922
Repairs and maintenance		2,438			1,388			1,021			951			1,587
Drydocking		1,223			336			(70	)		1,290			(119	)
Insurance and loss reserves		390			209			217			168			245
Fuel, lubes and supplies		1,371			786			773			870			679
Other		671			522			367			366			598
		10,838			6,886			5,293			7,533			6,912
Direct Vessel Profit⁽¹⁾	$	6,398		$	7,674		$	9,068		$	6,947		$	8,607
Other Costs and Expenses:
Lease expense	$	80		$	91		$	104		$	80		$	79
Depreciation and amortization		2,721			2,153			2,110			2,153			2,614

______________________
^{(1) See full description of footnote above.}

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics)
	Three Months Ended
	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023
*AHTS*
Time Charter Statistics:
Average rates per day worked	$	8,538		$	8,937		$	9,947		$	8,916		$	9,244
Fleet utilization		75	%		64	%		50	%		85	%		81	%
Fleet available days		364			368			368			364			391
Out-of-service days for repairs, maintenance and drydockings		—			41			111			13			45
Out-of-service days for cold-stacked status		91			92			54			—			31
Operating Revenues:
Time charter	$	2,331		$	2,102		$	1,831		$	2,762		$	2,915
Other marine services		—			6			930			—			—
		2,331			2,108			2,761			2,762			2,915
Direct Costs and Expenses:
Operating:
Personnel	$	1,064		$	944		$	1,019		$	1,069		$	995
Repairs and maintenance		220			612			484			186			216
Drydocking		68			58			747			131			420
Insurance and loss reserves		43			73			88			78			68
Fuel, lubes and supplies		616			375			428			192			476
Other		287			295			378			329			448
		2,298			2,357			3,144			1,985			2,623
Other Costs and Expenses:
Lease expense	$	171		$	253		$	331		$	332		$	331
Depreciation and amortization		175			175			249			298			298

*FSV*
Time Charter Statistics:
Average rates per day worked	$	11,834		$	11,841		$	11,441		$	11,314		$	10,609
Fleet utilization		72	%		74	%		79	%		92	%		91	%
Fleet available days		2,002			2,105			2,116			2,093			2,070
Out-of-service days for repairs, maintenance and drydockings		216			337			227			86			66
Out-of-service days for cold-stacked status		91			92			69			82			90
Operating Revenues:
Time charter	$	17,081		$	18,502		$	19,135		$	21,747		$	19,988
Other marine services		126			163			652			71			190
		17,207			18,665			19,787			21,818			20,178
Direct Costs and Expenses:
Operating:
Personnel	$	5,649		$	5,320		$	5,144		$	5,083		$	4,861
Repairs and maintenance		3,093			2,691			2,787			1,134			1,867
Drydocking		1,869			1,710			870			1,342			128
Insurance and loss reserves		277			507			185			337			334
Fuel, lubes and supplies		1,051			1,441			1,501			1,108			1,382
Other		1,649			1,632			1,552			1,536			1,803
		13,588			13,301			12,039			10,540			10,375
Other Costs and Expenses:
Depreciation and amortization	$	4,744		$	4,879		$	5,002		$	4,952		$	4,946

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
	Three Months Ended
	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023
*PSV*
Time Charter Statistics:
Average rates per day worked	$	19,133		$	19,778		$	19,528		$	17,545		$	14,827
Fleet utilization		53	%		77	%		78	%		80	%		70	%
Fleet available days		1,911			1,902			1,870			1,820			1,800
Out-of-service days for repairs, maintenance and drydockings		307			109			110			92			124
Operating Revenues:
Time charter	$	19,390		$	29,140		$	28,580		$	25,458		$	18,800
Bareboat charter		364			368			368			364			360
Other marine services		416			595			696			584			1,203
		20,170			30,103			29,644			26,406			20,363
Direct Costs and Expenses:
Operating:
Personnel	$	8,850		$	9,017		$	8,793		$	8,738		$	8,849
Repairs and maintenance		4,393			3,520			2,504			2,998			3,475
Drydocking		3,386			472			232			12			609
Insurance and loss reserves		395			690			682			421			419
Fuel, lubes and supplies		1,889			1,027			2,352			2,124			2,331
Other		1,395			1,922			1,761			1,405			2,677
		20,308			16,648			16,324			15,698			18,360
Other Costs and Expenses:
Depreciation and amortization	$	4,073		$	4,073		$	4,073		$	4,072		$	4,262

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
	Three Months Ended
	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	53,506		$	40,181		$	39,419		$	35,623		$	33,936
Fleet utilization		53	%		52	%		59	%		37	%		50	%
Fleet available days		728			795			828			819			810
Out-of-service days for repairs, maintenance and drydockings		78			60			111			233			94
Out-of-service days for cold-stacked status		91			162			137			91			90
Operating Revenues:
Time charter	$	20,461		$	16,754		$	19,122		$	10,837		$	13,712
Other marine services		1,772			4,666			4,710			5,495			2,930
		22,233			21,420			23,832			16,332			16,642
Direct Costs and Expenses:
Operating:
Personnel	$	6,140		$	5,316		$	4,983		$	5,065		$	5,068
Repairs and maintenance		2,035			769			1,643			1,472			499
Drydocking		1,383			321			(81	)		849			(1,141	)
Insurance and loss reserves		1,282			1,554			1,148			1,418			1,907
Fuel, lubes and supplies		967			838			766			219			619
Other		343			531			445			441			125
		12,150			9,329			8,904			9,464			7,077
Other Costs and Expenses:
Depreciation and amortization		3,866			3,867			4,099			4,215			4,214

*Other Activity*
Operating Revenues:
Other marine services	$	829		$	787		$	876		$	1,001		$	1,111
		829			787			876			1,001			1,111
Direct Costs and Expenses:
Operating:
Personnel	$	(33	)	$	1,483		$	4		$	(11	)	$	30
Repairs and maintenance		22			12			—			3			(46	)
Drydocking		—			—			—			(78	)		(3	)
Insurance and loss reserves		(259	)		120			(270	)		136			61
Fuel, lubes and supplies		—			2			—			(5	)		11
Other		25			17			(3	)		(2	)		21
		(245	)		1,634			(269	)		43			74
Other Costs and Expenses:
Lease expense	$	310		$	426		$	320		$	366		$	389
Depreciation and amortization		24			28			39			38			42

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents	$	59,593		$	67,455		$	55,840		$	40,750		$	40,570
Restricted cash		2,566			16,676			2,796			2,796			3,082
Receivables:
Trade, net of allowance for credit loss		58,272			63,728			63,246			60,022			60,114
Other		12,210			11,049			8,662			12,032			11,650
Note receivable		—			—			—			5,000			10,000
Tax receivable		983			983			445			445			445
Inventories		2,516			1,609			1,738			1,653			2,207
Prepaid expenses and other		3,425			2,686			2,957			3,112			3,233
Assets held for sale		500			500			6,093			—			—
Total current assets		140,065			164,686			141,777			125,810			131,301
Property and Equipment:
Historical cost		919,139			918,823			936,520			966,338			969,328
Accumulated depreciation		(337,001	)		(324,141	)		(318,549	)		(334,678	)		(324,197	)
		582,138			594,682			617,971			631,660			645,131
Construction in progress		13,410			10,362			9,413			8,876			8,540
Net property and equipment		595,548			605,044			627,384			640,536			653,671
Right-of-use asset - operating leases		3,988			4,291			4,907			5,703			5,984
Right-of-use asset - finance leases		29			37			45			6,495			6,654
Investments, at equity, and advances to 50% or less owned companies		3,122			4,125			3,857			3,253			3,594
Other assets		2,094			2,153			2,095			2,139			2,079
Total assets	$	744,846		$	780,336		$	780,065		$	783,936		$	803,283
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	1,285		$	1,591		$	1,856		$	1,792		$	1,764
Current portion of finance lease liabilities		33			35			35			611			563
Current portion of long-term debt		28,605			28,365			28,005			63,959			60,523
Accounts payable		23,453			27,562			32,468			39,013			44,256
Other current liabilities		21,067			19,533			21,340			21,027			20,185
Total current liabilities		74,443			77,086			83,704			126,402			127,291
Long-term operating lease liabilities		3,390			3,529			3,571			4,030			4,474
Long-term finance lease liabilities		—			6			15			6,462			6,644
Long-term debt		281,989			287,544			291,843			243,960			254,450
Deferred income taxes		33,873			35,718			33,078			34,038			39,120
Deferred gains and other liabilities		2,285			2,229			2,217			2,189			2,264
Total liabilities		395,980			406,112			414,428			417,081			434,243
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		286			280			280			280			279
Additional paid-in capital		474,433			472,692			471,158			469,618			467,896
Accumulated deficit		(125,609	)		(102,425	)		(108,154	)		(107,271	)		(102,700	)
Shares held in treasury		(8,071	)		(4,221	)		(4,221	)		(4,221	)		(4,119	)
Accumulated other comprehensive income, net of tax		7,506			7,577			6,253			8,128			7,363
		348,545			373,903			365,316			366,534			368,719
Noncontrolling interests in subsidiaries		321			321			321			321			321
Total equity		348,866			374,224			365,637			366,855			369,040
Total liabilities and equity	$	744,846		$	780,336		$	780,065		$	783,936		$	803,283

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
	Three Months Ended
	Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023
Cash Flows from Operating Activities:
Net (Loss) Income	$	(23,069	)	$	5,729		$	(883	)	$	(4,571	)	$	(9,589	)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization		12,882			13,022			13,462			13,575			13,762
Deferred financing costs amortization		295			279			459			423			418
Stock-based compensation expense		1,645			1,510			1,540			1,723			1,227
Debt discount amortization		1,926			1,862			1,714			1,627			1,558
Allowance for credit losses		3			266			594			2,763			(104	)
Loss (gain) from equipment sales, retirements or impairments		1			(18,057	)		512			(265	)		(3,599	)
Losses on debt extinguishment		—			—			177			—			—
Derivative losses (gains)		543			(608	)		—			—			—
Interest on finance lease		—			1			59			70			72
Settlements on derivative transactions, net		164			—			197			226			154
Currency losses (gains)		80			1,276			(571	)		603			825
Deferred income taxes		(1,845	)		2,640			(960	)		(5,082	)		(1,659	)
Equity losses (earnings)		1,100			(374	)		(2,273	)		(373	)		(536	)
Dividends received from equity investees		—			166			1,031			1,044			—
Changes in Operating Assets and Liabilities:
Accounts receivables		4,291			(3,472	)		(747	)		(3,139	)		(9,857	)
Other assets		(1,290	)		733			493			1,017			45
Accounts payable and accrued liabilities		(3,895	)		(6,456	)		(7,705	)		(5,758	)		6,731
Net cash (used in) provided by operating activities		(7,169	)		(1,483	)		7,099			3,883			(552	)
Cash Flows from Investing Activities:
Purchases of property and equipment		(3,416	)		(3,644	)		(6,455	)		(35	)		(470	)
Proceeds from disposition of property and equipment		—			36,692			—			427			7,611
Net investing activities in property and equipment		(3,416	)		33,048			(6,455	)		392			7,141
Principal payments on notes due from others		—			—			5,000			5,000			5,000
Net cash (used in) provided by investing activities		(3,416	)		33,048			(1,455	)		5,392			12,141
Cash Flows from Financing Activities:
Payments on long-term debt		(7,530	)		(6,173	)		(4,901	)		(9,483	)		(8,608	)
Payments on debt extinguishment		—			—			(104,832	)		(26,772	)		—
Payments on debt extinguishment cost		—			—			(1,827	)		—			—
Proceeds from issuance of long-term debt, net of issue costs		—			87			121,207			27,181			—
Payments on finance leases		(9	)		(9	)		(204	)		(204	)		(114	)
Proceeds from issuance of common stock, net of issue costs		—			24			—			—			—
Proceeds from exercise of stock options		—			—			—			—			6
Tax withholdings on restricted stock vesting		(3,850	)		—			—			(102	)		(2,266	)
Net cash (used in) provided by financing activities		(11,389	)		(6,071	)		9,443			(9,380	)		(10,982	)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents		2			1			3			(1	)		—
Net Change in Cash, Restricted Cash and Cash Equivalents		(21,972	)		25,495			15,090			(106	)		607
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		84,131			58,636			43,546			43,652			43,045
Cash, Restricted Cash and Cash Equivalents, End of Period	$	62,159		$	84,131		$	58,636		$	43,546		$	43,652

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS
	Owned		Leased-in		Managed		Total
March 31, 2024
AHTS		3		1		—		4
FSV		22		—		1		23
PSV		21		—		—		21
Liftboats		8		—		—		8
		54		1		1		56
December 31, 2023
AHTS		3		1		—		4
FSV		22		—		3		25
PSV		21		—		—		21
Liftboats		8		—		—		8
		54		1		3		58

SEACOR Marine Announces First Quarter 2024 Results

Set Language