-
SEACOR Marine Announces Fourth Quarter 2023 Results
Source: Nasdaq GlobeNewswire / 29 Feb 2024 16:05:22 America/Chicago
HOUSTON, Feb. 29, 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 fourth quarter ended December 31, 2023.
SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2023 were $73.1 million, operating income was $22.6 million, and direct vessel profit (“DVP”)(1) was $29.8 million. This compares to consolidated operating revenues of $57.9 million, operating loss of $10.5 million, and DVP of $13.6 million in the fourth quarter of 2022, and consolidated operating revenues of $76.9 million, operating income of $9.8 million, and DVP of $36.8 million in the third quarter of 2023.
Notable fourth quarter items include:
- 26.2% improvement in revenues from the fourth quarter of 2022 and a 5.0% decrease from the third quarter of 2023.
- Average day rates of $18,031, a 30.7% improvement from the fourth quarter of 2022, and essentially flat from the third quarter of 2023.
- DVP margin of 40.8%, increasing from 23.5% in the fourth quarter of 2022, and declining from 47.8% in the third quarter of 2023.
- Gross proceeds on the sales of two non-core vessels for total proceeds of $36.5 million and gains of $18.3 million.
For the fourth quarter of 2023, net income was $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share). This compares to a net loss for the fourth quarter of 2022 of $13.3 million ($0.50 loss per basic and diluted share). Sequentially, fourth quarter 2023 results compare to a net loss of $0.9 million ($0.03 loss per basic and diluted share) in the third quarter of 2023.
Chief Executive Officer John Gellert commented:
“I am pleased with the Company’s fourth quarter results, with average day rates holding from the recent high of the third quarter of 2023, and utilization softening marginally as we entered our seasonally lower winter season. DVP for the quarter maintained much of progress made in recent quarters and expanded significantly when compared to the fourth quarter of 2022.
All of our business segments continued to deliver positive results, even as some of our customers paused project activity for the winter, most notably in U.S. windfarms. After completing temporary repairs during this quarter, we also saw the return to service of one of our premium liftboats in the U.S. We expect to have all four large liftboats operating for most of 2024, which should be a meaningful contributor to our revenue generating capacity. Tendering activity remains high, particularly in international markets, and we expect to continue to charter vessels at improved terms and pricing as they roll off their contracts. As planned, we are taking advantage of the winter months for scheduled maintenance and vessel repositioning in order to maximize utilization the rest of the year.
We also completed the sales of a liftboat and a FSV during the fourth quarter, both considered non-core assets. The sales generated total proceeds of $36.5 million and gains of $18.3 million. These assets were not expected to have a meaningful impact on revenues or DVP in 2024, and were sold at compelling values.
Looking forward, we continue to see strong demand for our fleet in 2024. Recent announcements about project cancellations in the Middle East and U.S. wind are not expected to impact our vessels engaged in those areas, and we see growing demand from other regions.
Finally, we recently announced our commitment to acquire four state-of-the-art energy storage systems, which will be used to upgrade four of our newest PSVs to hybrid power. We currently plan to conduct these upgrades as the systems deliver in late 2024 and 2025. Once installed, more than 50% of our PSV fleet will be hybrid powered, furthering our efforts to enhance operational efficiency and reduce the environmental impact of our fleet.”
___________________(1 ) Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure. SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.comSEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)Three Months Ended December 31, Year ended December 31, 2023 2022 2023 2022 Operating Revenues $ 73,083 $ 57,926 $ 279,511 $ 217,325 Costs and Expenses: Operating 43,269 44,338 159,650 171,985 Administrative and general 11,547 10,799 49,183 40,911 Lease expense 679 633 2,748 3,869 Depreciation and amortization 13,022 13,624 53,821 55,957 68,517 69,394 265,402 272,722 Gains on Asset Dispositions and Impairments, Net 18,057 1,017 21,409 1,398 Operating Income (Loss) 22,623 (10,451 ) 35,518 (53,999 ) Other Income (Expense): Interest income 222 688 1,444 784 Interest expense (10,444 ) (8,456 ) (37,504 ) (29,706 ) Gain (loss) on debt extinguishment — 10,429 (2,004 ) 10,429 Derivative gains, net 608 — 608 — Foreign currency (losses) gains, net (1,276 ) (2,646 ) (2,133 ) 1,659 Other, net — 137 — 755 (10,890 ) 152 (39,589 ) (16,079 ) Income (Loss) Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies 11,733 (10,299 ) (4,071 ) (70,078 ) Income Tax Expense 6,378 4,219 8,799 8,582 Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies 5,355 (14,518 ) (12,870 ) (78,660 ) Equity in Earnings of 50% or Less Owned Companies 374 1,176 3,556 7,011 Net Income (Loss) 5,729 (13,342 ) (9,314 ) (71,649 ) Net Income Attributable to Noncontrolling Interests in Subsidiaries — — — 1 Net Income (Loss) Attributable to SEACOR Marine Holdings Inc. $ 5,729 $ (13,342 ) $ (9,314 ) $ (71,650 ) Net Earnings (Loss) Per Share: Basic $ 0.21 $ (0.50 ) $ (0.34 ) $ (2.69 ) Diluted $ 0.20 $ (0.50 ) $ (0.34 ) $ (2.69 ) Weighted Average Common Stock and Warrants Outstanding: Basic 27,182,496 26,727,864 27,082,391 26,626,179 Diluted 28,400,684 26,727,864 27,082,391 26,626,179 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)Three Months Ended Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Time Charter Statistics: Average Rates Per Day $ 18,031 $ 18,046 $ 15,250 $ 14,314 $ 13,794 Fleet Utilization 71 % 73 % 78 % 76 % 76 % Fleet Available Days 5,170 5,182 5,096 5,071 5,244 Operating Revenues: Time charter $ 66,498 $ 68,668 $ 60,804 $ 55,415 $ 54,789 Bareboat charter 368 368 364 360 376 Other marine services 6,217 7,864 7,151 5,434 2,761 73,083 76,900 68,319 61,209 57,926 Costs and Expenses: Operating: Personnel 22,080 19,943 19,944 19,803 20,849 Repairs and maintenance 7,604 7,418 5,793 6,011 8,948 Drydocking 2,561 1,768 2,256 13 1,667 Insurance and loss reserves 2,944 1,833 2,390 2,789 3,381 Fuel, lubes and supplies 3,683 5,047 3,638 4,819 5,794 Other 4,397 4,133 3,709 5,074 3,699 43,269 40,142 37,730 38,509 44,338 Direct Vessel Profit (1) 29,814 36,758 30,589 22,700 13,588 Other Costs and Expenses: Lease expense 679 651 698 720 633 Administrative and general 11,547 12,300 13,704 11,632 10,799 Depreciation and amortization 13,022 13,462 13,575 13,762 13,624 25,248 26,413 27,977 26,114 25,056 Gains (Losses) on Asset Dispositions and Impairments, Net 18,057 (512 ) 265 3,599 1,017 Operating Income (Loss) 22,623 9,833 2,877 185 (10,451 ) Other Income (Expense): Interest income 222 340 422 460 688 Interest expense (10,444 ) (9,536 ) (8,736 ) (8,788 ) (8,456 ) Derivative gains, net 608 — — — — (Loss) gain on debt extinguishment — (2,004 ) — — 10,429 Foreign currency (losses) gains, net (1,276 ) 571 (603 ) (825 ) (2,646 ) Other, net — — — — 137 (10,890 ) (10,629 ) (8,917 ) (9,153 ) 152 Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies 11,733 (796 ) (6,040 ) (8,968 ) (10,299 ) Income Tax Expense (Benefit) 6,378 2,360 (1,096 ) 1,157 4,219 Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies 5,355 (3,156 ) (4,944 ) (10,125 ) (14,518 ) Equity in Earnings of 50% or Less Owned Companies 374 2,273 373 536 1,176 Net Income (Loss) $ 5,729 $ (883 ) $ (4,571 ) $ (9,589 ) $ (13,342 ) Net Earnings (Loss) Per Share: Basic $ 0.21 $ (0.03 ) $ (0.17 ) $ (0.36 ) $ (0.50 ) Diluted $ 0.20 $ (0.03 ) $ (0.17 ) $ (0.36 ) $ (0.50 ) Weighted Average Common Stock and Warrants Outstanding: Basic 27,182 27,182 27,138 26,822 26,728 Diluted 28,401 27,182 27,138 26,822 26,728 Common Shares and Warrants Outstanding at Period End 28,489 28,481 28,481 28,428 28,142 (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 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 United States, primarily Gulf of Mexico Time Charter Statistics: Average rates per day worked $ 22,584 $ 23,663 $ 16,115 $ 18,359 $ 22,563 Fleet utilization 50 % 57 % 35 % 35 % 57 % Fleet available days 1,152 1,196 1,080 1,015 1,288 Out-of-service days for repairs, maintenance and drydockings 61 151 229 112 108 Out-of-service days for cold-stacked status (2) 254 206 173 211 242 Operating Revenues: Time charter $ 12,929 $ 16,236 $ 6,121 $ 6,564 $ 16,574 Other marine services 5,346 5,478 3,004 3,850 2,916 18,275 21,714 9,125 10,414 19,490 Direct Costs and Expenses: Operating: Personnel 6,906 6,712 5,957 6,535 7,262 Repairs and maintenance 819 1,560 1,573 1,194 2,666 Drydocking 303 462 1,506 43 472 Insurance and loss reserves 1,297 332 1,082 1,041 2,022 Fuel, lubes and supplies 1,032 958 924 783 746 Other 475 375 346 231 416 10,832 10,399 11,388 9,827 13,584 Direct Vessel Profit (Loss) (1) $ 7,443 $ 11,315 $ (2,263 ) $ 587 $ 5,906 Other Costs and Expenses: Lease expense $ 141 $ 116 $ 143 $ 136 $ 138 Depreciation and amortization 3,479 3,810 3,861 3,535 3,912 Africa and Europe Time Charter Statistics: Average rates per day worked $ 15,233 $ 15,388 $ 14,982 $ 12,835 $ 11,241 Fleet utilization 82 % 84 % 94 % 87 % 82 % Fleet available days 1,748 1,748 1,729 1,710 1,656 Out-of-service days for repairs, maintenance and drydockings 124 111 58 118 125 Out-of-service days for cold-stacked status (3) 92 54 — — — Operating Revenues: Time charter $ 21,791 $ 22,528 $ 24,414 $ 18,996 $ 15,299 Other marine services 189 1,943 225 225 (679 ) 21,980 24,471 24,639 19,221 14,620 Direct Costs and Expenses: Operating: Personnel 6,007 5,089 4,833 4,505 4,680 Repairs and maintenance 2,807 2,214 2,050 2,553 2,902 Drydocking 1,298 320 144 1,184 678 Insurance and loss reserves 416 573 420 318 366 Fuel, lubes and supplies 623 2,573 1,419 2,215 2,775 Other 2,267 2,448 2,608 2,749 1,896 13,418 13,217 11,474 13,524 13,297 Direct Vessel Profit (1) $ 8,562 $ 11,254 $ 13,165 $ 5,697 $ 1,323 Other Costs and Expenses: Lease expense $ 289 $ 372 $ 408 $ 429 $ 378 Depreciation and amortization 3,747 3,821 3,853 3,925 3,683 - See full description of footnote above.
- Includes one liftboat and one FSV cold-stacked in this region as of December 31, 2023.
- Includes one AHTS cold-stacked in this region that is classified as held for sale as of December 31, 2023.
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)Three Months Ended Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Middle East and Asia Time Charter Statistics: Average rates per day worked $ 17,590 $ 16,313 $ 13,245 $ 13,562 $ 11,090 Fleet utilization 69 % 67 % 86 % 82 % 75 % Fleet available days 1,461 1,472 1,456 1,440 1,533 Out-of-service days for repairs, maintenance and drydockings 360 297 58 76 132 Operating Revenues: Time charter $ 17,729 $ 16,087 $ 16,563 $ 16,028 $ 12,802 Other marine services 539 267 3,512 27 (66 ) 18,268 16,354 20,075 16,055 12,736 Direct Costs and Expenses: Operating: Personnel 5,522 5,157 5,266 4,841 5,270 Repairs and maintenance 2,590 2,623 1,219 677 1,958 Drydocking 624 1,056 (684 ) (1,095 ) 244 Insurance and loss reserves 1,022 711 720 1,185 821 Fuel, lubes and supplies 1,242 743 425 1,142 1,335 Other 1,133 943 389 1,496 915 12,133 11,233 7,335 8,246 10,543 Direct Vessel Profit (1) $ 6,135 $ 5,121 $ 12,740 $ 7,809 $ 2,193 Other Costs and Expenses: Lease expense $ 158 $ 59 $ 67 $ 76 $ 52 Depreciation and amortization 3,643 3,721 3,708 3,688 3,783 Latin America Time Charter Statistics: Average rates per day worked $ 20,745 $ 20,656 $ 18,846 $ 16,229 $ 14,009 Fleet utilization 84 % 87 % 88 % 94 % 94 % Fleet available days 809 766 831 906 767 Out-of-service days for repairs, maintenance and drydockings — 67 79 22 14 Operating Revenues: Time charter $ 14,049 $ 13,817 $ 13,706 $ 13,827 $ 10,114 Bareboat charter 368 368 364 360 376 Other marine services 143 176 410 1,332 590 14,560 14,361 14,480 15,519 11,080 Direct Costs and Expenses: Operating: Personnel 3,645 2,985 3,888 3,922 3,637 Repairs and maintenance 1,388 1,021 951 1,587 1,422 Drydocking 336 (70 ) 1,290 (119 ) 273 Insurance and loss reserves 209 217 168 245 172 Fuel, lubes and supplies 786 773 870 679 938 Other 522 367 366 598 472 6,886 5,293 7,533 6,912 6,914 Direct Vessel Profit (1) $ 7,674 $ 9,068 $ 6,947 $ 8,607 $ 4,166 Other Costs and Expenses: Lease expense $ 91 $ 104 $ 80 $ 79 $ 65 Depreciation and amortization 2,153 2,110 2,153 2,614 2,246 (1) See full description of footnote above.
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)Three Months Ended Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 AHTS Time Charter Statistics: Average rates per day worked $ 8,937 $ 9,947 $ 8,916 $ 9,244 $ 9,254 Fleet utilization 64 % 50 % 85 % 81 % 80 % Fleet available days 368 368 364 391 460 Out-of-service days for repairs, maintenance and drydockings 41 111 13 45 — Out-of-service days for cold-stacked status 92 54 — 31 92 Operating Revenues: Time charter $ 2,102 $ 1,831 $ 2,762 $ 2,915 $ 3,406 Other marine services 6 930 — — (168 ) 2,108 2,761 2,762 2,915 3,238 Direct Costs and Expenses: Operating: Personnel $ 944 $ 1,019 $ 1,069 $ 995 $ 1,220 Repairs and maintenance 612 484 186 216 331 Drydocking 58 747 131 420 6 Insurance and loss reserves 73 88 78 68 94 Fuel, lubes and supplies 375 428 192 476 259 Other 295 378 329 448 283 2,357 3,144 1,985 2,623 2,193 Other Costs and Expenses: Lease expense $ 253 $ 331 $ 332 $ 331 $ 300 Depreciation and amortization 175 249 298 298 300 FSV Time Charter Statistics: Average rates per day worked $ 11,841 $ 11,441 $ 11,314 $ 10,609 $ 9,905 Fleet utilization 74 % 79 % 92 % 91 % 86 % Fleet available days 2,105 2,116 2,093 2,070 2,116 Out-of-service days for repairs, maintenance and drydockings 337 227 86 66 146 Out-of-service days for cold-stacked status 92 69 82 90 58 Operating Revenues: Time charter $ 18,502 $ 19,135 $ 21,747 $ 19,988 $ 18,062 Other marine services 163 652 71 190 (224 ) 18,665 19,787 21,818 20,178 17,838 Direct Costs and Expenses: Operating: Personnel $ 5,320 $ 5,144 $ 5,083 $ 4,861 $ 5,140 Repairs and maintenance 2,691 2,787 1,134 1,867 2,957 Drydocking 1,710 870 1,342 128 1,434 Insurance and loss reserves 507 185 337 334 453 Fuel, lubes and supplies 1,441 1,501 1,108 1,382 1,797 Other 1,632 1,552 1,536 1,803 1,638 13,301 12,039 10,540 10,375 13,419 Other Costs and Expenses: Depreciation and amortization 4,879 5,002 4,952 4,946 4,972 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 PSV Time Charter Statistics: Average rates per day worked $ 19,778 $ 19,528 $ 17,545 $ 14,827 $ 13,519 Fleet utilization 77 % 78 % 80 % 70 % 69 % Fleet available days 1,902 1,870 1,820 1,800 1,840 Out-of-service days for repairs, maintenance and drydockings 109 110 92 124 142 Operating Revenues: Time charter $ 29,140 $ 28,580 $ 25,458 $ 18,800 $ 17,194 Bareboat charter 368 368 364 360 376 Other marine services 595 696 584 1,203 222 30,103 29,644 26,406 20,363 17,792 Direct Costs and Expenses: Operating: Personnel $ 9,017 $ 8,793 $ 8,738 $ 8,849 $ 8,961 Repairs and maintenance 3,520 2,504 2,998 3,475 2,998 Drydocking 472 232 12 609 770 Insurance and loss reserves 690 682 421 419 552 Fuel, lubes and supplies 1,027 2,352 2,124 2,331 2,842 Other 1,922 1,761 1,405 2,677 1,420 16,648 16,324 15,698 18,360 17,543 Other Costs and Expenses: Depreciation and amortization 4,073 4,073 4,072 4,262 4,099 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Liftboats Time Charter Statistics: Average rates per day worked $ 40,181 $ 39,419 $ 35,623 $ 33,936 $ 31,717 Fleet utilization 52 % 59 % 37 % 50 % 61 % Fleet available days 795 828 819 810 828 Out-of-service days for repairs, maintenance and drydockings 60 111 233 94 90 Out-of-service days for cold-stacked status 162 137 91 90 92 Operating Revenues: Time charter $ 16,754 $ 19,122 $ 10,837 $ 13,712 $ 16,127 Other marine services 4,666 4,710 5,495 2,930 1,842 21,420 23,832 16,332 16,642 17,969 Direct Costs and Expenses: Operating: Personnel $ 5,316 $ 4,983 $ 5,065 $ 5,068 $ 5,520 Repairs and maintenance 769 1,643 1,472 499 2,674 Drydocking 321 (81 ) 849 (1,141 ) (543 ) Insurance and loss reserves 1,554 1,148 1,418 1,907 2,271 Fuel, lubes and supplies 838 766 219 619 896 Other 531 445 441 125 359 9,329 8,904 9,464 7,077 11,177 Other Costs and Expenses: Depreciation and amortization 3,867 4,099 4,215 4,214 4,210 Other Activity Operating Revenues: Other marine services $ 787 $ 876 $ 1,001 $ 1,111 $ 1,089 787 876 1,001 1,111 1,089 Direct Costs and Expenses: Operating: Personnel $ 1,483 $ 4 $ (11 ) $ 30 $ 8 Repairs and maintenance 12 — 3 (46 ) (12 ) Drydocking — — (78 ) (3 ) — Insurance and loss reserves 120 (270 ) 136 61 11 Fuel, lubes and supplies 2 — (5 ) 11 — Other 17 (3 ) (2 ) 21 (1 ) 1,634 (269 ) 43 74 6 Other Costs and Expenses: Lease expense $ 426 $ 320 $ 366 $ 389 $ 333 Depreciation and amortization 28 39 38 42 43 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 ASSETS Current Assets: Cash and cash equivalents $ 67,455 $ 55,840 $ 40,750 $ 40,570 $ 39,963 Restricted cash 16,676 2,796 2,796 3,082 3,082 Receivables: Trade, net of allowance for credit loss accounts 63,728 63,246 60,022 60,114 54,388 Other 11,049 8,662 12,032 11,650 7,375 Note receivable — — 5,000 10,000 15,000 Tax receivable 983 445 445 445 578 Inventories 1,609 1,738 1,653 2,207 2,123 Prepaid expenses and other 2,686 2,957 3,112 3,233 3,054 Assets held for sale 500 6,093 — — 6,750 Total current assets 164,686 141,777 125,810 131,301 132,313 Property and Equipment: Historical cost 918,823 936,520 966,338 969,328 967,683 Accumulated depreciation (324,141 ) (318,549 ) (334,678 ) (324,197 ) (310,778 ) 594,682 617,971 631,660 645,131 656,905 Construction in progress 10,362 9,413 8,876 8,540 8,111 Net property and equipment 605,044 627,384 640,536 653,671 665,016 Right-of-use asset - operating leases 4,291 4,907 5,703 5,984 6,206 Right-of-use asset - finance leases 37 45 6,495 6,654 6,813 Investments, at equity, and advances to 50% or less owned companies 4,125 3,857 3,253 3,594 3,024 Other assets 2,153 2,095 2,139 2,079 1,995 Total assets $ 780,336 $ 780,065 $ 783,936 $ 803,283 $ 815,367 LIABILITIES AND EQUITY Current Liabilities: Current portion of operating lease liabilities $ 1,591 $ 1,856 $ 1,792 $ 1,764 $ 2,358 Current portion of finance lease liabilities 35 35 611 563 468 Current portion of long-term debt 28,365 28,005 63,959 60,523 61,512 Accounts payable and accrued expenses 27,562 32,468 39,013 44,256 37,955 Other current liabilities 19,533 21,340 21,027 20,185 18,869 Total current liabilities 77,086 83,704 126,402 127,291 121,162 Long-term operating lease liabilities 3,529 3,571 4,030 4,474 4,739 Long-term finance lease liabilities 6 15 6,462 6,644 6,781 Long-term debt 287,544 291,843 243,960 254,450 260,119 Deferred income taxes 35,718 33,078 34,038 39,120 40,779 Deferred gains and other liabilities 2,229 2,217 2,189 2,264 2,641 Total liabilities 406,112 414,428 417,081 434,243 436,221 Equity: SEACOR Marine Holdings Inc. stockholders’ equity: Common stock 280 280 280 279 272 Additional paid-in capital 472,692 471,158 469,618 467,896 466,669 Accumulated deficit (102,425 ) (108,154 ) (107,271 ) (102,700 ) (93,111 ) Shares held in treasury (4,221 ) (4,221 ) (4,221 ) (4,119 ) (1,852 ) Accumulated other comprehensive income, net of tax 7,577 6,253 8,128 7,363 6,847 373,903 365,316 366,534 368,719 378,825 Noncontrolling interests in subsidiaries 321 321 321 321 321 Total equity 374,224 365,637 366,855 369,040 379,146 Total liabilities and equity $ 780,336 $ 780,065 $ 783,936 $ 803,283 $ 815,367 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)Three Months Ended Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Cash Flows from Operating Activities: Net Income (Loss) $ 5,729 $ (883 ) $ (4,571 ) $ (9,589 ) $ (13,342 ) Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation and amortization 13,022 13,462 13,575 13,762 13,624 Deferred financing costs amortization 279 459 423 418 (997 ) Stock-based compensation expense 1,510 1,540 1,723 1,227 1,220 Debt discount amortization 1,862 1,714 1,627 1,558 1,449 Allowance for credit losses 266 594 2,763 (104 ) 11 (Gain) loss from equipment sales, retirements or impairments (18,057 ) 512 (265 ) (3,599 ) (1,017 ) (Gains) losses on debt extinguishment — 177 — — (12,700 ) Derivative gains (608 ) — — — — Interest on finance lease 1 59 70 72 73 Settlements on derivative transactions, net — 197 226 154 33 Currency losses (gains) 1,276 (571 ) 603 825 2,646 Deferred income taxes 2,640 (960 ) (5,082 ) (1,659 ) 957 Equity earnings (374 ) (2,273 ) (373 ) (536 ) (1,176 ) Dividends received from equity investees 166 1,031 1,044 — 74 Changes in Operating Assets and Liabilities: Accounts receivables (3,472 ) (747 ) (3,139 ) (9,857 ) 2,304 Other assets 733 493 1,017 45 3,296 Accounts payable and accrued liabilities (6,456 ) (7,705 ) (5,758 ) 6,731 769 Net cash (used in) provided by operating activities (1,483 ) 7,099 3,883 (552 ) (2,776 ) Cash Flows from Investing Activities: Purchases of property and equipment (3,644 ) (6,455 ) (35 ) (470 ) (185 ) Proceeds from disposition of property and equipment 36,692 — 427 7,611 53 Net investing activities in property and equipment 33,048 (6,455 ) 392 7,141 (132 ) Principal payments on notes due from others — 5,000 5,000 5,000 5,000 Net cash provided by (used in) investing activities 33,048 (1,455 ) 5,392 12,141 4,868 Cash Flows from Financing Activities: Payments on long-term debt (6,173 ) (4,901 ) (9,483 ) (8,608 ) (7,470 ) Payments on debt extinguishment — (104,832 ) (26,772 ) — (2,271 ) 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 ) (204 ) (204 ) (114 ) (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 and director share awards — — (102 ) (2,266 ) — Net cash (used in) provided by financing activities (6,071 ) 9,443 (9,380 ) (10,982 ) (9,855 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents 1 3 (1 ) — (2 ) Net Change in Cash, Cash Equivalents and Restricted Cash 25,495 15,090 (106 ) 607 (7,765 ) Cash, Restricted Cash and Cash Equivalents, Beginning of Period 58,636 43,546 43,652 43,045 50,810 Cash, Restricted Cash and Cash Equivalents, End of Period $ 84,131 $ 58,636 $ 43,546 $ 43,652 $ 43,045 SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTSOwned Leased-in Managed Total December 31, 2023 AHTS 3 1 — 4 FSV 22 — 3 25 PSV 21 — — 21 Liftboats 8 — — 8 54 1 3 58 December 31, 2022 AHTS 3 2 — 5 FSV 22 1 2 25 PSV 21 — — 21 Liftboats 9 — — 9 55 3 2 60 
