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SEACOR Marine Announces Third Quarter 2024 Results
Источник: Nasdaq GlobeNewswire / 30 окт 2024 15:27:37 America/Chicago
HOUSTON, Oct. 30, 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 third quarter ended September 30, 2024.
SEACOR Marine’s consolidated operating revenues for the third quarter of 2024 were $68.9 million, operating loss was $6.5 million, and direct vessel profit (“DVP”)(1) was $16.0 million. This compares to 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, and consolidated operating revenues of $69.9 million, operating loss of $3.9 million, and DVP of $20.3 million in the second quarter of 2024.
Notable third quarter items include:
- 10.4% decrease in revenues from the third quarter of 2023 and a 1.4% decrease from the second quarter of 2024.
- Average day rates of $18,879, a 4.6% increase from the third quarter of 2023, and a 1.4% decrease from the second quarter of 2024.
- 67% utilization, a decrease from 73% in the third quarter of 2023 and a decrease from 69% in the second quarter of 2024.
- DVP margin of 23.2%, a decrease from 47.8% in the third quarter of 2023 and a decrease from 29.1% in the second quarter of 2024, due in part to $8.3 million of drydocking and major repairs during the quarter compared to $2.0 million in the third quarter of 2023 and $8.5 million in the second quarter of 2024, all of which are expensed as incurred.
For the third quarter of 2024, net loss was $16.3 million ($0.59 loss per basic and diluted share). This compares to a net loss for the third quarter of 2023 of $0.9 million ($0.03 loss per basic and diluted share). Sequentially, the third quarter 2024 results compare to a net loss of $12.5 million ($0.45 earnings per basic and diluted share) in the second quarter of 2024.
Chief Executive Officer John Gellert commented:
“The third quarter results reflect overall lower utilization driven by our heavy 2024 maintenance schedule and softer than expected demand during the quarter, particularly in the U.S. Gulf of Mexico and the North Sea markets. While we made progress in remarketing and repositioning our available tonnage, these efforts reduced the utilization of these vessels during the quarter. Our utilization figures were also affected by continuing work on drydockings and major repairs, some of which experienced additional delays as a result of ongoing shipyard and vendor capacity issues. We continue to see challenges as shipyards and other vendors expand their support teams, expertise and production capacity to respond to demand growth. In addition to lower utilization, these results also reflect higher operating expenses, driven mostly by 9.9% higher crewing costs and 30.0% higher maintenance costs relative to the year to date third quarter of 2023, both of which we attribute primarily to increased industry demand and vendor capacity constraints. Nevertheless, our average day rates held steady and we continued to add charters that will contribute improvements to our utilization, with contracted revenue backlog, including options, in excess of $360.0 million.
In the near term, one of our premium liftboats located in the U.S. Gulf of Mexico will return to work in early November after being in the shipyard for maintenance since April. We are also seeing a stronger volume of inquiries for decommissioning work for our liftboats in the 2025-2026 timeframe, which is coming from both the U.S. Gulf of Mexico as well as international markets. We own one of the youngest and most fuel efficient and versatile fleets of offshore vessels in the world. Although demand for our services remains highly correlated to the underlying commodity prices, which have been very volatile during 2024, we are well positioned to capture attractive opportunities servicing offshore energy.”
___________________(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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Operating Revenues $ 68,916 $ 76,900 $ 201,553 $ 206,428 Costs and Expenses: Operating 52,907 40,142 150,526 116,381 Administrative and general 11,019 12,300 33,825 37,636 Lease expense 364 651 1,331 2,069 Depreciation and amortization 12,928 13,462 38,749 40,799 77,218 66,555 224,431 196,885 Gains (Losses) on Asset Dispositions and Impairments, Net 1,821 (512 ) 1,857 3,352 Operating (Loss) Income (6,481 ) 9,833 (21,021 ) 12,895 Other Income (Expense): Interest income 358 340 1,396 1,222 Interest expense (10,127 ) (9,536 ) (30,626 ) (27,060 ) Loss on debt extinguishment — (2,004 ) — (2,004 ) Derivative gains (losses), net 67 — (372 ) — Foreign currency (losses) gains, net (1,717 ) 571 (2,357 ) (857 ) Other, net 29 — (66 ) — (11,390 ) (10,629 ) (32,025 ) (28,699 ) Loss Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies (17,871 ) (796 ) (53,046 ) (15,804 ) Income Tax (Benefit) Expense (513 ) 2,360 (270 ) 2,421 Loss Before Equity in Earnings of 50% or Less Owned Companies (17,358 ) (3,156 ) (52,776 ) (18,225 ) Equity in Earnings of 50% or Less Owned Companies 1,012 2,273 878 3,182 Net Loss $ (16,346 ) $ (883 ) $ (51,898 ) $ (15,043 ) Net Loss Per Share: Basic $ (0.59 ) $ (0.03 ) $ (1.88 ) $ (0.56 ) Diluted $ (0.59 ) $ (0.03 ) $ (1.88 ) $ (0.56 ) Weighted Average Common Stock and Warrants Outstanding: Basic 27,772,733 27,181,754 27,615,699 27,048,656 Diluted 27,772,733 27,181,754 27,615,699 27,048,656 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)Three Months Ended Sep. 30,
2024Jun. 30,
2024Mar. 31,
2024Dec. 31,
2023Sep. 30,
2023Time Charter Statistics: Average Rates Per Day $ 18,879 $ 19,141 $ 19,042 $ 18,031 $ 18,046 Fleet Utilization 67 % 69 % 62 % 71 % 73 % Fleet Available Days(2) 5,026 4,994 5,005 5,170 5,182 Operating Revenues: Time charter $ 63,313 $ 65,649 $ 59,263 $ 66,498 $ 68,668 Bareboat charter 372 364 364 368 368 Other marine services 5,231 3,854 3,143 6,217 7,864 68,916 69,867 62,770 73,083 76,900 Costs and Expenses: Operating: Personnel 21,940 21,566 21,670 22,080 19,943 Repairs and maintenance 9,945 10,244 9,763 7,604 7,418 Drydocking 6,068 6,210 6,706 2,561 1,768 Insurance and loss reserves 2,584 3,099 1,738 2,944 1,833 Fuel, lubes and supplies 6,574 3,966 4,523 3,683 5,047 Other 5,796 4,435 3,699 4,397 4,133 52,907 49,520 48,099 43,269 40,142 Direct Vessel Profit(1) 16,009 20,347 14,671 29,814 36,758 Other Costs and Expenses: Lease expense 364 486 481 679 651 Administrative and general 11,019 10,889 11,917 11,547 12,300 Depreciation and amortization 12,928 12,939 12,882 13,022 13,462 24,311 24,314 25,280 25,248 26,413 Gains (Losses) on Asset Dispositions and Impairments, Net 1,821 37 (1 ) 18,057 (512 ) Operating (Loss) Income (6,481 ) (3,930 ) (10,610 ) 22,623 9,833 Other Income (Expense): Interest income 358 445 593 222 340 Interest expense (10,127 ) (10,190 ) (10,309 ) (10,444 ) (9,536 ) Derivative gains (losses), net 67 104 (543 ) 608 — Loss on debt extinguishment — — — — (2,004 ) Foreign currency (losses) gains, net (1,717 ) (560 ) (80 ) (1,276 ) 571 Other, net 29 — (95 ) — — (11,390 ) (10,201 ) (10,434 ) (10,890 ) (10,629 ) (Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies (17,871 ) (14,131 ) (21,044 ) 11,733 (796 ) Income Tax (Benefit) Expense (513 ) (682 ) 925 6,378 2,360 (Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies (17,358 ) (13,449 ) (21,969 ) 5,355 (3,156 ) Equity in Earnings (Losses) of 50% or Less Owned Companies 1,012 966 (1,100 ) 374 2,273 Net (Loss) Income $ (16,346 ) $ (12,483 ) $ (23,069 ) $ 5,729 $ (883 ) Net (Loss) Earnings Per Share: Basic $ (0.59 ) $ (0.45 ) $ (0.84 ) $ 0.21 $ (0.03 ) Diluted $ (0.59 ) $ (0.45 ) $ (0.84 ) $ 0.20 $ (0.03 ) Weighted Average Common Stock and Warrants Outstanding: Basic 27,773 27,729 27,344 27,182 27,182 Diluted 27,773 27,729 27,344 28,401 27,182 Common Shares and Warrants Outstanding at Period End 28,950 28,941 28,906 28,489 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 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 United States, primarily Gulf of Mexico Time Charter Statistics: Average rates per day worked $ 17,188 $ 22,356 $ 28,156 $ 22,584 $ 23,663 Fleet utilization 42 % 37 % 27 % 50 % 57 % Fleet available days 920 921 927 1,152 1,196 Out-of-service days for repairs, maintenance and drydockings 116 179 137 61 151 Out-of-service days for cold-stacked status(2) 175 127 182 254 206 Operating Revenues: Time charter $ 6,593 $ 7,697 $ 6,957 $ 12,929 $ 16,236 Other marine services 1,188 480 1,026 5,346 5,478 7,781 8,177 7,983 18,275 21,714 Direct Costs and Expenses: Operating: Personnel 6,297 6,284 5,781 6,906 6,712 Repairs and maintenance 1,655 1,879 1,404 819 1,560 Drydocking 2,615 2,570 1,968 303 462 Insurance and loss reserves 799 943 396 1,297 332 Fuel, lubes and supplies 964 866 667 1,032 958 Other 225 226 (171 ) 475 375 12,555 12,768 10,045 10,832 10,399 Direct Vessel (Loss) Profit(1) $ (4,774 ) $ (4,591 ) $ (2,062 ) $ 7,443 $ 11,315 Other Costs and Expenses: Lease expense $ 140 $ 141 $ 138 $ 141 $ 116 Depreciation and amortization 3,194 3,194 2,750 3,479 3,810 Africa and Europe Time Charter Statistics: Average rates per day worked $ 18,875 $ 18,580 $ 15,197 $ 15,233 $ 15,388 Fleet utilization 77 % 74 % 76 % 82 % 84 % Fleet available days 1,990 1,969 1,775 1,748 1,748 Out-of-service days for repairs, maintenance and drydockings 203 203 238 124 111 Out-of-service days for cold-stacked status 58 91 91 92 54 Operating Revenues: Time charter $ 28,809 $ 27,047 $ 20,555 $ 21,791 $ 22,528 Other marine services 3,048 1,028 169 189 1,943 31,857 28,075 20,724 21,980 24,471 Direct Costs and Expenses: Operating: Personnel 6,083 4,969 5,181 6,007 5,089 Repairs and maintenance 3,455 3,161 3,209 2,807 2,214 Drydocking 681 1,226 2,032 1,298 320 Insurance and loss reserves 599 819 334 416 573 Fuel, lubes and supplies 2,514 1,170 1,287 623 2,573 Other 3,975 2,801 2,199 2,267 2,448 17,307 14,146 14,242 13,418 13,217 Direct Vessel Profit(1) $ 14,550 $ 13,929 $ 6,482 $ 8,562 $ 11,254 Other Costs and Expenses: Lease expense $ 75 $ 172 $ 178 $ 289 $ 372 Depreciation and amortization 4,540 4,565 3,915 3,747 3,821 ____________________
(1) See full description of footnote above.
(2) Includes one liftboat and one FSV cold-stacked in this region as of September 30, 2024.SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)Three Months Ended Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Middle East and Asia Time Charter Statistics: Average rates per day worked $ 17,825 $ 17,083 $ 16,934 $ 17,590 $ 16,313 Fleet utilization 71 % 82 % 71 % 69 % 67 % Fleet available days 1,288 1,296 1,365 1,461 1,472 Out-of-service days for repairs, maintenance and drydockings 229 168 224 360 297 Operating Revenues: Time charter $ 16,411 $ 18,073 $ 16,477 $ 17,729 $ 16,087 Other marine services 375 619 350 539 267 16,786 18,692 16,827 18,268 16,354 Direct Costs and Expenses: Operating: Personnel 5,769 6,930 5,963 5,522 5,157 Repairs and maintenance 3,318 3,443 2,712 2,590 2,623 Drydocking 832 707 1,483 624 1,056 Insurance and loss reserves 927 798 618 1,022 711 Fuel, lubes and supplies 1,043 1,103 1,198 1,242 743 Other 1,131 989 1,000 1,133 943 13,020 13,970 12,974 12,133 11,233 Direct Vessel Profit(1) $ 3,766 $ 4,722 $ 3,853 $ 6,135 $ 5,121 Other Costs and Expenses: Lease expense $ 73 $ 71 $ 85 $ 158 $ 59 Depreciation and amortization 3,261 3,247 3,496 3,643 3,721 Latin America Time Charter Statistics: Average rates per day worked $ 21,984 $ 22,437 $ 28,308 $ 20,745 $ 20,656 Fleet utilization 63 % 71 % 58 % 84 % 87 % Fleet available days(2) 828 808 938 809 766 Out-of-service days for repairs, maintenance and drydockings 94 41 1 — 67 Operating Revenues: Time charter $ 11,500 $ 12,832 $ 15,274 $ 14,049 $ 13,817 Bareboat charter 372 364 364 368 368 Other marine services 620 1,727 1,598 143 176 12,492 14,923 17,236 14,560 14,361 Direct Costs and Expenses: Operating: Personnel 3,791 3,383 4,745 3,645 2,985 Repairs and maintenance 1,517 1,761 2,438 1,388 1,021 Drydocking 1,940 1,707 1,223 336 (70 ) Insurance and loss reserves 259 539 390 209 217 Fuel, lubes and supplies 2,053 827 1,371 786 773 Other 465 419 671 522 367 10,025 8,636 10,838 6,886 5,293 Direct Vessel Profit(1) $ 2,467 $ 6,287 $ 6,398 $ 7,674 $ 9,068 Other Costs and Expenses: Lease expense $ 76 $ 102 $ 80 $ 91 $ 104 Depreciation and amortization 1,933 1,933 2,721 2,153 2,110 _______________
(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 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 AHTS Time Charter Statistics: Average rates per day worked $ 10,316 $ 8,125 $ 8,538 $ 8,937 $ 9,947 Fleet utilization 46 % 49 % 75 % 64 % 50 % Fleet available days 334 364 364 368 368 Out-of-service days for repairs, maintenance and drydockings 87 29 — 41 111 Out-of-service days for cold-stacked status 58 91 91 92 54 Operating Revenues: Time charter $ 1,576 $ 1,459 $ 2,331 $ 2,102 $ 1,831 Other marine services 13 219 — 6 930 1,589 1,678 2,331 2,108 2,761 Direct Costs and Expenses: Operating: Personnel $ 981 $ 1,045 $ 1,064 $ 944 $ 1,019 Repairs and maintenance 239 465 220 612 484 Drydocking 436 280 68 58 747 Insurance and loss reserves 66 97 43 73 88 Fuel, lubes and supplies 90 69 616 375 428 Other 263 230 287 295 378 2,075 2,186 2,298 2,357 3,144 Other Costs and Expenses: Lease expense $ 4 $ 164 $ 171 $ 253 $ 331 Depreciation and amortization 175 175 175 175 249 FSV Time Charter Statistics: Average rates per day worked $ 13,102 $ 12,978 $ 11,834 $ 11,841 $ 11,441 Fleet utilization 81 % 80 % 72 % 74 % 79 % Fleet available days 2,024 2,002 2,002 2,105 2,116 Out-of-service days for repairs, maintenance and drydockings 96 128 216 337 227 Out-of-service days for cold-stacked status 83 36 91 92 69 Operating Revenues: Time charter $ 21,606 $ 20,698 $ 17,081 $ 18,502 $ 19,135 Other marine services 1,012 516 126 163 652 22,618 21,214 17,207 18,665 19,787 Direct Costs and Expenses: Operating: Personnel $ 5,637 $ 5,829 $ 5,649 $ 5,320 $ 5,144 Repairs and maintenance 4,378 4,572 3,093 2,691 2,787 Drydocking 448 457 1,869 1,710 870 Insurance and loss reserves 532 546 277 507 185 Fuel, lubes and supplies 1,962 993 1,051 1,441 1,501 Other 2,238 1,850 1,649 1,632 1,552 15,195 14,247 13,588 13,301 12,039 Other Costs and Expenses: Depreciation and amortization $ 4,744 $ 4,746 $ 4,744 $ 4,879 $ 5,002 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 PSV Time Charter Statistics: Average rates per day worked $ 21,819 $ 20,952 $ 19,133 $ 19,778 $ 19,528 Fleet utilization 58 % 66 % 53 % 77 % 78 % Fleet available days(1) 1,932 1,900 1,911 1,902 1,870 Out-of-service days for repairs, maintenance and drydockings 349 291 307 109 110 Operating Revenues: Time charter $ 24,488 $ 26,390 $ 19,390 $ 29,140 $ 28,580 Bareboat charter 372 364 364 368 368 Other marine services 2,855 2,266 416 595 696 27,715 29,020 20,170 30,103 29,644 Direct Costs and Expenses: Operating: Personnel $ 9,360 $ 8,979 $ 8,850 $ 9,017 $ 8,793 Repairs and maintenance 3,798 3,151 4,393 3,520 2,504 Drydocking 2,629 2,616 3,386 472 232 Insurance and loss reserves 636 1,037 395 690 682 Fuel, lubes and supplies 3,594 1,575 1,889 1,027 2,352 Other 2,821 1,850 1,395 1,922 1,761 22,838 19,208 20,308 16,648 16,324 Other Costs and Expenses: Lease expense $ (3 ) $ 3 $ — $ — $ — Depreciation and amortization 4,117 4,128 4,073 4,073 4,073 ___________________
(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 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Liftboats Time Charter Statistics: Average rates per day worked $ 36,423 $ 43,204 $ 53,506 $ 40,181 $ 39,419 Fleet utilization 58 % 54 % 53 % 52 % 59 % Fleet available days 736 728 728 795 828 Out-of-service days for repairs, maintenance and drydockings 109 143 78 60 111 Out-of-service days for cold-stacked status 92 91 91 162 137 Operating Revenues: Time charter $ 15,643 $ 17,102 $ 20,461 $ 16,754 $ 19,122 Other marine services 1,142 666 1,772 4,666 4,710 16,785 17,768 22,233 21,420 23,832 Direct Costs and Expenses: Operating: Personnel $ 5,926 $ 6,842 $ 6,140 $ 5,316 $ 4,983 Repairs and maintenance 1,531 2,054 2,035 769 1,643 Drydocking 2,555 2,857 1,383 321 (81 ) Insurance and loss reserves 1,334 1,482 1,282 1,554 1,148 Fuel, lubes and supplies 928 1,329 967 838 766 Other 473 519 343 531 445 12,747 15,083 12,150 9,329 8,904 Other Costs and Expenses: Depreciation and amortization 3,866 3,865 3,866 3,867 4,099 Other Activity Operating Revenues: Other marine services $ 209 $ 187 $ 829 $ 787 $ 876 209 187 829 787 876 Direct Costs and Expenses: Operating: Personnel $ 36 $ (1,129 ) $ (33 ) $ 1,483 $ 4 Repairs and maintenance (1 ) 2 22 12 — Insurance and loss reserves 16 (63 ) (259 ) 120 (270 ) Fuel, lubes and supplies — — — 2 — Other 1 (14 ) 25 17 (3 ) 52 (1,204 ) (245 ) 1,634 (269 ) Other Costs and Expenses: Lease expense $ 363 $ 319 $ 310 $ 426 $ 320 Depreciation and amortization 26 25 24 28 39 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 ASSETS Current Assets: Cash and cash equivalents $ 35,601 $ 40,605 $ 59,593 $ 67,455 $ 55,840 Restricted cash 2,263 2,255 2,566 16,676 2,796 Receivables: Trade, net of allowance for credit loss 76,497 70,770 58,272 63,728 63,246 Other 7,841 6,210 12,210 11,049 8,662 Tax receivable 983 983 983 983 445 Inventories 3,139 3,117 2,516 1,609 1,738 Prepaid expenses and other 4,840 5,659 3,425 2,686 2,957 Assets held for sale — 500 500 500 6,093 Total current assets 131,164 130,099 140,065 164,686 141,777 Property and Equipment: Historical cost 921,445 921,443 919,139 918,823 936,520 Accumulated depreciation (362,604 ) (349,799 ) (337,001 ) (324,141 ) (318,549 ) 558,841 571,644 582,138 594,682 617,971 Construction in progress 11,935 11,518 13,410 10,362 9,413 Net property and equipment 570,776 583,162 595,548 605,044 627,384 Right-of-use asset - operating leases 3,575 3,683 3,988 4,291 4,907 Right-of-use asset - finance leases 19 28 29 37 45 Investments, at equity, and advances to 50% or less owned companies 2,046 2,641 3,122 4,125 3,857 Other assets 1,864 1,953 2,094 2,153 2,095 Total assets $ 709,444 $ 721,566 $ 744,846 $ 780,336 $ 780,065 LIABILITIES AND EQUITY Current Liabilities: Current portion of operating lease liabilities $ 494 $ 861 $ 1,285 $ 1,591 $ 1,856 Current portion of finance lease liabilities 17 26 33 35 35 Current portion of long-term debt 28,605 28,605 28,605 28,365 28,005 Accounts payable 22,744 17,790 23,453 27,562 32,468 Other current liabilities 28,808 23,795 21,067 19,533 21,340 Total current liabilities 80,668 71,077 74,443 77,086 83,704 Long-term operating lease liabilities 3,221 3,276 3,390 3,529 3,571 Long-term finance lease liabilities 4 5 — 6 15 Long-term debt 272,325 277,740 281,989 287,544 291,843 Deferred income taxes 26,802 30,083 33,873 35,718 33,078 Deferred gains and other liabilities 1,416 1,447 2,285 2,229 2,217 Total liabilities 384,436 383,628 395,980 406,112 414,428 Equity: SEACOR Marine Holdings Inc. stockholders’ equity: Common stock 287 286 286 280 280 Additional paid-in capital 477,661 476,020 474,433 472,692 471,158 Accumulated deficit (154,374 ) (138,028 ) (125,609 ) (102,425 ) (108,154 ) Shares held in treasury (8,110 ) (8,110 ) (8,071 ) (4,221 ) (4,221 ) Accumulated other comprehensive income, net of tax 9,223 7,449 7,506 7,577 6,253 324,687 337,617 348,545 373,903 365,316 Noncontrolling interests in subsidiaries 321 321 321 321 321 Total equity 325,008 337,938 348,866 374,224 365,637 Total liabilities and equity $ 709,444 $ 721,566 $ 744,846 $ 780,336 $ 780,065 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)Three Months Ended Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Cash Flows from Operating Activities: Net (Loss) Income $ (16,346 ) $ (12,483 ) $ (23,069 ) $ 5,729 $ (883 ) Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 12,928 12,939 12,882 13,022 13,462 Deferred financing costs amortization 298 297 295 279 459 Stock-based compensation expense 1,604 1,587 1,645 1,510 1,540 Debt discount amortization 2,061 1,993 1,926 1,862 1,714 Allowance for credit losses 101 39 3 266 594 (Gain) loss from equipment sales, retirements or impairments (1,821 ) (37 ) 1 (18,057 ) 512 Losses on debt extinguishment — — — — 177 Derivative (gains) losses (67 ) (104 ) 543 (608 ) — Interest on finance lease — 1 — 1 59 Settlements on derivative transactions, net — — 164 — 197 Currency losses (gains) 1,717 560 80 1,276 (571 ) Deferred income taxes (3,281 ) (3,790 ) (1,845 ) 2,640 (960 ) Equity (earnings) losses (1,012 ) (966 ) 1,100 (374 ) (2,273 ) Dividends received from equity investees 1,498 1,418 — 166 1,031 Changes in Operating Assets and Liabilities: Accounts receivables (7,411 ) (6,928 ) 4,291 (3,472 ) (747 ) Other assets 1,032 (2,395 ) (1,290 ) 733 493 Accounts payable and accrued liabilities 9,325 (4,378 ) (3,895 ) (6,456 ) (7,705 ) Net cash provided by (used in) operating activities 626 (12,247 ) (7,169 ) (1,483 ) 7,099 Cash Flows from Investing Activities: Purchases of property and equipment (210 ) (658 ) (3,416 ) (3,644 ) (6,455 ) Proceeds from disposition of property and equipment 2,331 86 — 36,692 — Net investing activities in property and equipment 2,121 (572 ) (3,416 ) 33,048 (6,455 ) Principal payments on notes due from others — — — — 5,000 Net cash provided by (used in) investing activities 2,121 (572 ) (3,416 ) 33,048 (1,455 ) Cash Flows from Financing Activities: Payments on long-term debt (7,770 ) (6,533 ) (7,530 ) (6,173 ) (4,901 ) Payments on debt extinguishment — — — — (104,832 ) Payments on debt extinguishment cost — — — — (1,827 ) Proceeds from issuance of long-term debt, net of issue costs — — — 87 121,207 Payments on finance leases (10 ) (9 ) (9 ) (9 ) (204 ) Proceeds from issuance of common stock, net of issue costs — — — 24 — Proceeds from exercise of stock options 38 102 — — — Tax withholdings on restricted stock vesting — (39 ) (3,850 ) — — Net cash (used in) provided by financing activities (7,742 ) (6,479 ) (11,389 ) (6,071 ) 9,443 Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents (1 ) (1 ) 2 1 3 Net Change in Cash, Restricted Cash and Cash Equivalents (4,996 ) (19,299 ) (21,972 ) 25,495 15,090 Cash, Restricted Cash and Cash Equivalents, Beginning of Period 42,860 62,159 84,131 58,636 43,546 Cash, Restricted Cash and Cash Equivalents, End of Period $ 37,864 $ 42,860 $ 62,159 $ 84,131 $ 58,636 SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTSOwned Leased-in Managed Total September 30, 2024 AHTS 2 1 — 3 FSV 22 — 1 23 PSV 21 — — 21 Liftboats 8 — — 8 53 1 1 55 December 31, 2023 AHTS 3 1 — 4 FSV 22 — 3 25 PSV 21 — — 21 Liftboats 8 — — 8 54 1 3 58 
