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SEACOR Marine Announces Second Quarter 2024 Results
Источник: Nasdaq GlobeNewswire / 31 июл 2024 16:30:50 America/Chicago
HOUSTON, July 31, 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 second quarter ended June 30, 2024.
SEACOR Marine’s consolidated operating revenues for the second quarter of 2024 were $69.9 million, operating loss was $3.9 million, and direct vessel profit (“DVP”)(1) was $20.3 million. This compares to consolidated operating revenues of $68.3 million, operating income of $2.9 million, and DVP of $30.6 million in the second quarter of 2023, and consolidated operating revenues of $62.8 million, operating loss of $10.6 million, and DVP of $14.7 million in the first quarter of 2024.
Notable second quarter items include:
- 2.3% increase in revenues from the second quarter of 2023 and a 11.3% increase from the first quarter of 2024.
- Average day rates of $19,141, a 25.5% increase from the second quarter of 2023, and in line with the first quarter of 2024.
- 69% utilization, a decrease from 78% in the second quarter of 2023 and an increase from 62% in the first quarter of 2024.
- DVP margin of 29.1%, a decrease from 44.8% in the second quarter of 2023 and an increase from 23.4% in the first quarter of 2024, due in part to $8.5 million of drydocking and major repairs during the quarter compared to $3.1 million in the second quarter of 2023 and $8.5 million in the first quarter of 2024, all of which are expensed as incurred.
For the second quarter of 2024, net loss was $12.5 million ($0.45 loss per basic and diluted share). This compares to a net loss for the second quarter of 2023 of $4.6 million ($0.17 loss per basic and diluted share). Sequentially, the second quarter 2024 results compare to a net loss of $23.1 million ($0.84 earnings per basic and diluted share) in the first quarter of 2024.
Chief Executive Officer John Gellert commented:
“During the second quarter, we continued to reprice our fleet at significantly improved day rates while working through a period of lower utilization. Our lower utilization was primarily driven by planned drydockings and major repairs as part of a heavier 2024 maintenance schedule, some of which have taken longer than expected as shipyards and vendors continue to address various capacity challenges. Utilization was also affected by near-term softer demand in the U.S. and longer re-marketing time between jobs internationally. We observed delays in the project schedules of our customers in the U.S., particularly in decommissioning and offshore wind, as properties with asset removal obligations in the U.S. Gulf of Mexico rotate to new customers and decisions are more generally deferred until after the U.S. election.
Looking forward, we currently have $403.9 million of contracted revenue backlog, including options, with an average contract duration of approximately one year. We continue to hit the mark on average day rates and achieve improved pricing as contracts roll off. Despite various capacity challenges, we are well advanced in this year’s maintenance schedule, which should translate into improved utilization for the rest of 2024 and into 2025. Utilization improvement, coupled with the more favorable pricing we are already experiencing, should lead to significant improvements in performance. We also continue to invest in our fleet. Over the next 12 months we will install hybrid battery systems on four of our platform supply vessels (“PSVs”). Once installations are completed, 11 of our 21 PSVs will be hybrid powered, comprising one of the youngest and most technologically advanced PSV fleets in the industry. I am very optimistic about the position of our fleet to benefit from improved market fundamentals.”
___________________(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, 2024 2023 2024 2023 Operating Revenues $ 69,867 $ 68,319 $ 132,637 $ 129,528 Costs and Expenses: Operating 49,520 37,730 97,619 76,239 Administrative and general 10,889 13,704 22,806 25,336 Lease expense 486 698 967 1,418 Depreciation and amortization 12,939 13,575 25,821 27,337 73,834 65,707 147,213 130,330 Gains on Asset Dispositions and Impairments, Net 37 265 36 3,864 Operating (Loss) Income (3,930 ) 2,877 (14,540 ) 3,062 Other Income (Expense): Interest income 445 422 1,038 882 Interest expense (10,190 ) (8,736 ) (20,499 ) (17,524 ) Derivative gains (losses), net 104 — (439 ) — Foreign currency losses, net (560 ) (603 ) (640 ) (1,428 ) Other, net — — (95 ) — (10,201 ) (8,917 ) (20,635 ) (18,070 ) Loss Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies (14,131 ) (6,040 ) (35,175 ) (15,008 ) Income Tax (Benefit) Expense (682 ) (1,096 ) 243 61 Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies (13,449 ) (4,944 ) (35,418 ) (15,069 ) Equity in Earnings (Losses) of 50% or Less Owned Companies 966 373 (134 ) 909 Net Loss $ (12,483 ) $ (4,571 ) $ (35,552 ) $ (14,160 ) Net Loss Per Share: Basic $ (0.45 ) $ (0.17 ) $ (1.29 ) $ (0.52 ) Diluted $ (0.45 ) $ (0.17 ) $ (1.29 ) $ (0.52 ) Weighted Average Common Stock and Warrants Outstanding: Basic 27,729,033 27,137,873 27,536,319 26,981,004 Diluted 27,729,033 27,137,873 27,536,319 26,981,004 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)Three Months Ended Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Time Charter Statistics: Average Rates Per Day $ 19,141 $ 19,042 $ 18,031 $ 18,046 $ 15,250 Fleet Utilization 69 % 62 % 71 % 73 % 78 % Fleet Available Days(2) 4,994 5,005 5,170 5,182 5,096 Operating Revenues: Time charter $ 65,649 $ 59,263 $ 66,498 $ 68,668 $ 60,804 Bareboat charter 364 364 368 368 364 Other marine services 3,854 3,143 6,217 7,864 7,151 69,867 62,770 73,083 76,900 68,319 Costs and Expenses: Operating: Personnel 21,566 21,670 22,080 19,943 19,944 Repairs and maintenance 10,244 9,763 7,604 7,418 5,793 Drydocking 6,210 6,706 2,561 1,768 2,256 Insurance and loss reserves 3,099 1,738 2,944 1,833 2,390 Fuel, lubes and supplies 3,966 4,523 3,683 5,047 3,638 Other 4,435 3,699 4,397 4,133 3,709 49,520 48,099 43,269 40,142 37,730 Direct Vessel Profit(1) 20,347 14,671 29,814 36,758 30,589 Other Costs and Expenses: Lease expense 486 481 679 651 698 Administrative and general 10,889 11,917 11,547 12,300 13,704 Depreciation and amortization 12,939 12,882 13,022 13,462 13,575 24,314 25,280 25,248 26,413 27,977 Gains (Losses) on Asset Dispositions and Impairments, Net 37 (1 ) 18,057 (512 ) 265 Operating (Loss) Income (3,930 ) (10,610 ) 22,623 9,833 2,877 Other Income (Expense): Interest income 445 593 222 340 422 Interest expense (10,190 ) (10,309 ) (10,444 ) (9,536 ) (8,736 ) Derivative gains (losses), net 104 (543 ) 608 — — Loss on debt extinguishment — — — (2,004 ) — Foreign currency (losses) gains, net (560 ) (80 ) (1,276 ) 571 (603 ) Other, net — (95 ) — — — (10,201 ) (10,434 ) (10,890 ) (10,629 ) (8,917 ) (Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies (14,131 ) (21,044 ) 11,733 (796 ) (6,040 ) Income Tax (Benefit) Expense (682 ) 925 6,378 2,360 (1,096 ) (Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies (13,449 ) (21,969 ) 5,355 (3,156 ) (4,944 ) Equity in Earnings (Losses) of 50% or Less Owned Companies 966 (1,100 ) 374 2,273 373 Net (Loss) Income $ (12,483 ) $ (23,069 ) $ 5,729 $ (883 ) $ (4,571 ) Net (Loss) Earnings Per Share: Basic $ (0.45 ) $ (0.84 ) $ 0.21 $ (0.03 ) $ (0.17 ) Diluted $ (0.45 ) $ (0.84 ) $ 0.20 $ (0.03 ) $ (0.17 ) Weighted Average Common Stock and Warrants Outstanding: Basic 27,729 27,344 27,182 27,182 27,138 Diluted 27,729 27,344 28,401 27,182 27,138 Common Shares and Warrants Outstanding at Period End 28,941 28,906 28,489 28,481 28,481 ________________________
(1) See full description of footnote above. (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates. SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)Three Months Ended Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 United States, primarily Gulf of Mexico Time Charter Statistics: Average rates per day worked $ 22,356 $ 28,156 $ 22,584 $ 23,663 $ 16,115 Fleet utilization 37 % 27 % 50 % 57 % 35 % Fleet available days 921 927 1,152 1,196 1,080 Out-of-service days for repairs, maintenance and drydockings 179 137 61 151 229 Out-of-service days for cold-stacked status(2) 127 182 254 206 173 Operating Revenues: Time charter $ 7,697 $ 6,957 $ 12,929 $ 16,236 $ 6,121 Other marine services 480 1,026 5,346 5,478 3,004 8,177 7,983 18,275 21,714 9,125 Direct Costs and Expenses: Operating: Personnel 6,284 5,781 6,906 6,712 5,957 Repairs and maintenance 1,879 1,404 819 1,560 1,573 Drydocking 2,570 1,968 303 462 1,506 Insurance and loss reserves 943 396 1,297 332 1,082 Fuel, lubes and supplies 866 667 1,032 958 924 Other 226 (171 ) 475 375 346 12,768 10,045 10,832 10,399 11,388 Direct Vessel Profit (Loss)(1) $ (4,591 ) $ (2,062 ) $ 7,443 $ 11,315 $ (2,263 ) Other Costs and Expenses: Lease expense $ 141 $ 138 $ 141 $ 116 $ 143 Depreciation and amortization 3,194 2,750 3,479 3,810 3,861 Africa and Europe Time Charter Statistics: Average rates per day worked $ 18,580 $ 15,197 $ 15,233 $ 15,388 $ 14,982 Fleet utilization 74 % 76 % 82 % 84 % 94 % Fleet available days 1,969 1,775 1,748 1,748 1,729 Out-of-service days for repairs, maintenance and drydockings 203 238 124 111 58 Out-of-service days for cold-stacked status(3) 91 91 92 54 — Operating Revenues: Time charter $ 27,047 $ 20,555 $ 21,791 $ 22,528 $ 24,414 Other marine services 1,028 169 189 1,943 225 28,075 20,724 21,980 24,471 24,639 Direct Costs and Expenses: Operating: Personnel 4,969 5,181 6,007 5,089 4,833 Repairs and maintenance 3,161 3,209 2,807 2,214 2,050 Drydocking 1,226 2,032 1,298 320 144 Insurance and loss reserves 819 334 416 573 420 Fuel, lubes and supplies 1,170 1,287 623 2,573 1,419 Other 2,801 2,199 2,267 2,448 2,608 14,146 14,242 13,418 13,217 11,474 Direct Vessel Profit(1) $ 13,929 $ 6,482 $ 8,562 $ 11,254 $ 13,165 Other Costs and Expenses: Lease expense $ 172 $ 178 $ 289 $ 372 $ 408 Depreciation and amortization 4,565 3,915 3,747 3,821 3,853 ________________________
(1) See full description of footnote above. (2) Includes one liftboat cold-stacked in this region as of June 30, 2024. (3) Includes one AHTS cold-stacked in this region that is classified as held for sale as of June 30, 2024. SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)Three Months Ended Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Middle East and Asia Time Charter Statistics: Average rates per day worked $ 17,083 $ 16,934 $ 17,590 $ 16,313 $ 13,245 Fleet utilization 82 % 71 % 69 % 67 % 86 % Fleet available days 1,296 1,365 1,461 1,472 1,456 Out-of-service days for repairs, maintenance and drydockings 168 224 360 297 58 Operating Revenues: Time charter $ 18,073 $ 16,477 $ 17,729 $ 16,087 $ 16,563 Other marine services 619 350 539 267 3,512 18,692 16,827 18,268 16,354 20,075 Direct Costs and Expenses: Operating: Personnel 6,930 5,963 5,522 5,157 5,266 Repairs and maintenance 3,443 2,712 2,590 2,623 1,219 Drydocking 707 1,483 624 1,056 (684 ) Insurance and loss reserves 798 618 1,022 711 720 Fuel, lubes and supplies 1,103 1,198 1,242 743 425 Other 989 1,000 1,133 943 389 13,970 12,974 12,133 11,233 7,335 Direct Vessel Profit(1) $ 4,722 $ 3,853 $ 6,135 $ 5,121 $ 12,740 Other Costs and Expenses: Lease expense $ 71 $ 85 $ 158 $ 59 $ 67 Depreciation and amortization 3,247 3,496 3,643 3,721 3,708 Latin America Time Charter Statistics: Average rates per day worked $ 22,437 $ 28,308 $ 20,745 $ 20,656 $ 18,846 Fleet utilization 71 % 58 % 84 % 87 % 88 % Fleet available days(2) 808 938 809 766 831 Out-of-service days for repairs, maintenance and drydockings 41 1 — 67 79 Operating Revenues: Time charter $ 12,832 $ 15,274 $ 14,049 $ 13,817 $ 13,706 Bareboat charter 364 364 368 368 364 Other marine services 1,727 1,598 143 176 410 14,923 17,236 14,560 14,361 14,480 Direct Costs and Expenses: Operating: Personnel 3,383 4,745 3,645 2,985 3,888 Repairs and maintenance 1,761 2,438 1,388 1,021 951 Drydocking 1,707 1,223 336 (70 ) 1,290 Insurance and loss reserves 539 390 209 217 168 Fuel, lubes and supplies 827 1,371 786 773 870 Other 419 671 522 367 366 8,636 10,838 6,886 5,293 7,533 Direct Vessel Profit(1) $ 6,287 $ 6,398 $ 7,674 $ 9,068 $ 6,947 Other Costs and Expenses: Lease expense $ 102 $ 80 $ 91 $ 104 $ 80 Depreciation and amortization 1,933 2,721 2,153 2,110 2,153 ________________________
(1) See full description of footnote above. (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates. SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)Three Months Ended Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 AHTS Time Charter Statistics: Average rates per day worked $ 8,125 $ 8,538 $ 8,937 $ 9,947 $ 8,916 Fleet utilization 49 % 75 % 64 % 50 % 85 % Fleet available days 364 364 368 368 364 Out-of-service days for repairs, maintenance and drydockings 29 — 41 111 13 Out-of-service days for cold-stacked status 91 91 92 54 — Operating Revenues: Time charter $ 1,459 $ 2,331 $ 2,102 $ 1,831 $ 2,762 Other marine services 219 — 6 930 — 1,678 2,331 2,108 2,761 2,762 Direct Costs and Expenses: Operating: Personnel $ 1,045 $ 1,064 $ 944 $ 1,019 $ 1,069 Repairs and maintenance 465 220 612 484 186 Drydocking 280 68 58 747 131 Insurance and loss reserves 97 43 73 88 78 Fuel, lubes and supplies 69 616 375 428 192 Other 230 287 295 378 329 2,186 2,298 2,357 3,144 1,985 Other Costs and Expenses: Lease expense $ 164 $ 171 $ 253 $ 331 $ 332 Depreciation and amortization 175 175 175 249 298 FSV Time Charter Statistics: Average rates per day worked $ 12,978 $ 11,834 $ 11,841 $ 11,441 $ 11,314 Fleet utilization 80 % 72 % 74 % 79 % 92 % Fleet available days 2,002 2,002 2,105 2,116 2,093 Out-of-service days for repairs, maintenance and drydockings 128 216 337 227 86 Out-of-service days for cold-stacked status 36 91 92 69 82 Operating Revenues: Time charter $ 20,698 $ 17,081 $ 18,502 $ 19,135 $ 21,747 Other marine services 516 126 163 652 71 21,214 17,207 18,665 19,787 21,818 Direct Costs and Expenses: Operating: Personnel $ 5,829 $ 5,649 $ 5,320 $ 5,144 $ 5,083 Repairs and maintenance 4,572 3,093 2,691 2,787 1,134 Drydocking 457 1,869 1,710 870 1,342 Insurance and loss reserves 546 277 507 185 337 Fuel, lubes and supplies 993 1,051 1,441 1,501 1,108 Other 1,850 1,649 1,632 1,552 1,536 14,247 13,588 13,301 12,039 10,540 Other Costs and Expenses: Depreciation and amortization $ 4,746 $ 4,744 $ 4,879 $ 5,002 $ 4,952 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 PSV Time Charter Statistics: Average rates per day worked $ 20,952 $ 19,133 $ 19,778 $ 19,528 $ 17,545 Fleet utilization 66 % 53 % 77 % 78 % 80 % Fleet available days (1) 1,900 1,911 1,902 1,870 1,820 Out-of-service days for repairs, maintenance and drydockings 291 307 109 110 92 Operating Revenues: Time charter $ 26,390 $ 19,390 $ 29,140 $ 28,580 $ 25,458 Bareboat charter 364 364 368 368 364 Other marine services 2,266 416 595 696 584 29,020 20,170 30,103 29,644 26,406 Direct Costs and Expenses: Operating: Personnel $ 8,979 $ 8,850 $ 9,017 $ 8,793 $ 8,738 Repairs and maintenance 3,151 4,393 3,520 2,504 2,998 Drydocking 2,616 3,386 472 232 12 Insurance and loss reserves 1,037 395 690 682 421 Fuel, lubes and supplies 1,575 1,889 1,027 2,352 2,124 Other 1,850 1,395 1,922 1,761 1,405 19,208 20,308 16,648 16,324 15,698 Other Costs and Expenses: Lease expense $ 3 $ — $ — $ — $ — Depreciation and amortization 4,128 4,073 4,073 4,073 4,072 ________________________
(1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Liftboats Time Charter Statistics: Average rates per day worked $ 43,204 $ 53,506 $ 40,181 $ 39,419 $ 35,623 Fleet utilization 54 % 53 % 52 % 59 % 37 % Fleet available days 728 728 795 828 819 Out-of-service days for repairs, maintenance and drydockings 143 78 60 111 233 Out-of-service days for cold-stacked status 91 91 162 137 91 Operating Revenues: Time charter $ 17,102 $ 20,461 $ 16,754 $ 19,122 $ 10,837 Other marine services 666 1,772 4,666 4,710 5,495 17,768 22,233 21,420 23,832 16,332 Direct Costs and Expenses: Operating: Personnel $ 6,842 $ 6,140 $ 5,316 $ 4,983 $ 5,065 Repairs and maintenance 2,054 2,035 769 1,643 1,472 Drydocking 2,857 1,383 321 (81 ) 849 Insurance and loss reserves 1,482 1,282 1,554 1,148 1,418 Fuel, lubes and supplies 1,329 967 838 766 219 Other 519 343 531 445 441 15,083 12,150 9,329 8,904 9,464 Other Costs and Expenses: Depreciation and amortization 3,865 3,866 3,867 4,099 4,215 Other Activity Operating Revenues: Other marine services $ 187 $ 829 $ 787 $ 876 $ 1,001 187 829 787 876 1,001 Direct Costs and Expenses: Operating: Personnel $ (1,129 ) $ (33 ) $ 1,483 $ 4 $ (11 ) Repairs and maintenance 2 22 12 — 3 Drydocking — — — — (78 ) Insurance and loss reserves (63 ) (259 ) 120 (270 ) 136 Fuel, lubes and supplies — — 2 — (5 ) Other (14 ) 25 17 (3 ) (2 ) (1,204 ) (245 ) 1,634 (269 ) 43 Other Costs and Expenses: Lease expense $ 319 $ 310 $ 426 $ 320 $ 366 Depreciation and amortization 25 24 28 39 38 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 ASSETS Current Assets: Cash and cash equivalents $ 40,605 $ 59,593 $ 67,455 $ 55,840 $ 40,750 Restricted cash 2,255 2,566 16,676 2,796 2,796 Receivables: Trade, net of allowance for credit loss 70,770 58,272 63,728 63,246 60,022 Other 6,210 12,210 11,049 8,662 12,032 Note receivable — — — — 5,000 Tax receivable 983 983 983 445 445 Inventories 3,117 2,516 1,609 1,738 1,653 Prepaid expenses and other 5,659 3,425 2,686 2,957 3,112 Assets held for sale 500 500 500 6,093 — Total current assets 130,099 140,065 164,686 141,777 125,810 Property and Equipment: Historical cost 921,443 919,139 918,823 936,520 966,338 Accumulated depreciation (349,799 ) (337,001 ) (324,141 ) (318,549 ) (334,678 ) 571,644 582,138 594,682 617,971 631,660 Construction in progress 11,518 13,410 10,362 9,413 8,876 Net property and equipment 583,162 595,548 605,044 627,384 640,536 Right-of-use asset - operating leases 3,683 3,988 4,291 4,907 5,703 Right-of-use asset - finance leases 28 29 37 45 6,495 Investments, at equity, and advances to 50% or less owned companies 2,641 3,122 4,125 3,857 3,253 Other assets 1,953 2,094 2,153 2,095 2,139 Total assets $ 721,566 $ 744,846 $ 780,336 $ 780,065 $ 783,936 LIABILITIES AND EQUITY Current Liabilities: Current portion of operating lease liabilities $ 861 $ 1,285 $ 1,591 $ 1,856 $ 1,792 Current portion of finance lease liabilities 26 33 35 35 611 Current portion of long-term debt 28,605 28,605 28,365 28,005 63,959 Accounts payable 17,790 23,453 27,562 32,468 39,013 Other current liabilities 23,795 21,067 19,533 21,340 21,027 Total current liabilities 71,077 74,443 77,086 83,704 126,402 Long-term operating lease liabilities 3,276 3,390 3,529 3,571 4,030 Long-term finance lease liabilities 5 — 6 15 6,462 Long-term debt 277,740 281,989 287,544 291,843 243,960 Deferred income taxes 30,083 33,873 35,718 33,078 34,038 Deferred gains and other liabilities 1,447 2,285 2,229 2,217 2,189 Total liabilities 383,628 395,980 406,112 414,428 417,081 Equity: SEACOR Marine Holdings Inc. stockholders’ equity: Common stock 286 286 280 280 280 Additional paid-in capital 476,020 474,433 472,692 471,158 469,618 Accumulated deficit (138,028 ) (125,609 ) (102,425 ) (108,154 ) (107,271 ) Shares held in treasury (8,110 ) (8,071 ) (4,221 ) (4,221 ) (4,221 ) Accumulated other comprehensive income, net of tax 7,449 7,506 7,577 6,253 8,128 337,617 348,545 373,903 365,316 366,534 Noncontrolling interests in subsidiaries 321 321 321 321 321 Total equity 337,938 348,866 374,224 365,637 366,855 Total liabilities and equity $ 721,566 $ 744,846 $ 780,336 $ 780,065 $ 783,936 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)Three Months Ended Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Cash Flows from Operating Activities: Net (Loss) Income $ (12,483 ) $ (23,069 ) $ 5,729 $ (883 ) $ (4,571 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation and amortization 12,939 12,882 13,022 13,462 13,575 Deferred financing costs amortization 297 295 279 459 423 Stock-based compensation expense 1,587 1,645 1,510 1,540 1,723 Debt discount amortization 1,993 1,926 1,862 1,714 1,627 Allowance for credit losses 39 3 266 594 2,763 (Gain) loss from equipment sales, retirements or impairments (37 ) 1 (18,057 ) 512 (265 ) Losses on debt extinguishment — — — 177 — Derivative (gains) losses (104 ) 543 (608 ) — — Interest on finance lease 1 — 1 59 70 Settlements on derivative transactions, net — 164 — 197 226 Currency losses (gains) 560 80 1,276 (571 ) 603 Deferred income taxes (3,790 ) (1,845 ) 2,640 (960 ) (5,082 ) Equity (earnings) losses (966 ) 1,100 (374 ) (2,273 ) (373 ) Dividends received from equity investees 1,418 — 166 1,031 1,044 Changes in Operating Assets and Liabilities: Accounts receivables (6,928 ) 4,291 (3,472 ) (747 ) (3,139 ) Other assets (2,395 ) (1,290 ) 733 493 1,017 Accounts payable and accrued liabilities (4,378 ) (3,895 ) (6,456 ) (7,705 ) (5,758 ) Net cash (used in) provided by operating activities (12,247 ) (7,169 ) (1,483 ) 7,099 3,883 Cash Flows from Investing Activities: Purchases of property and equipment (658 ) (3,416 ) (3,644 ) (6,455 ) (35 ) Proceeds from disposition of property and equipment 86 — 36,692 — 427 Net investing activities in property and equipment (572 ) (3,416 ) 33,048 (6,455 ) 392 Principal payments on notes due from others — — — 5,000 5,000 Net cash (used in) provided by investing activities (572 ) (3,416 ) 33,048 (1,455 ) 5,392 Cash Flows from Financing Activities: Payments on long-term debt (6,533 ) (7,530 ) (6,173 ) (4,901 ) (9,483 ) 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 ) (9 ) (204 ) (204 ) Proceeds from issuance of common stock, net of issue costs — — 24 — — Proceeds from exercise of stock options 102 — — — — Tax withholdings on restricted stock vesting (39 ) (3,850 ) — — (102 ) Net cash (used in) provided by financing activities (6,479 ) (11,389 ) (6,071 ) 9,443 (9,380 ) Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents (1 ) 2 1 3 (1 ) Net Change in Cash, Restricted Cash and Cash Equivalents (19,299 ) (21,972 ) 25,495 15,090 (106 ) Cash, Restricted Cash and Cash Equivalents, Beginning of Period 62,159 84,131 58,636 43,546 43,652 Cash, Restricted Cash and Cash Equivalents, End of Period $ 42,860 $ 62,159 $ 84,131 $ 58,636 $ 43,546 SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTSOwned Leased-in Managed Total June 30, 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 
