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SEACOR Marine Announces First Quarter 2023 Results
Источник: Nasdaq GlobeNewswire / 03 май 2023 15:26:48 America/Chicago
HOUSTON, May 03, 2023 (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, 2023.
SEACOR Marine’s consolidated operating revenues for the first quarter of 2023 were $60.0 million, operating income was $0.2 million, and direct vessel profit (“DVP”)(1) was $22.7 million. This compares to consolidated operating revenues of $45.6 million, operating loss of $17.1 million, and DVP of $6.1 million in the first quarter of 2022, and 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.
Notable first quarter items include:
- 31.5% improvement in revenues from the first quarter of 2022 and a 3.5% increase from the fourth quarter of 2022.
- Average utilization rate of 76%, the highest for a first quarter since 2014, a 6.0% improvement from the first quarter of 2022, and flat from the fourth quarter of 2022.
- Average day rates of $14,314, the highest since the fourth quarter of 2015, a 26.5% improvement from the first quarter of 2022, and a 3.8% increase from the fourth quarter of 2022.
- DVP margin increased 272.4% from the first quarter of 2022 and increased 67.1% from the fourth quarter of 2022.
For the first quarter of 2023, net loss was $9.6 million ($0.36 loss per basic and diluted share). This compares to a net loss for the first quarter of 2022 of $14.8 million ($0.56 loss per basic and diluted share). Sequentially, first quarter 2023 results compare to a net loss of $13.3 million ($0.50 loss per basic and diluted share) in the fourth quarter of 2022.
Chief Executive Officer John Gellert commented:
“The Company’s first quarter demonstrated the building momentum in this cyclical recovery and was our fifth consecutive quarter of improved average day rates. Additionally, the first quarter produced higher revenues and DVP than each quarter of 2022, despite being the historically slowest quarterly period of activity.
The increase in DVP was primarily due to higher rates and utilization as well as lower operating expenses. This improvement demonstrates our ability to execute on the re-pricing opportunities in the market as contracts roll off from prior cycle commitments. All business segments and asset classes made positive contributions, despite the seasonally lower levels of activity in the first quarter and one of our premium liftboats in the US remaining offhire for previously reported extended repairs.
On April 21, 2023, the Company announced it was exploring a potential offering of new USD denominated 5-year senior secured bonds. The Company has determined not to pursue the bond offering at this time as the indicative terms and conditions were not sufficiently attractive for the Company. In the third and fourth quarter of 2022 the Company extended the maturity of its main senior secured and unsecured debt facilities to 2026, which has provided us with the flexibility needed to opportunistically pursue refinancing opportunities as the cycle evolves in order to ensure optimal terms and conditions for the Company.
I remain optimistic about 2023, as evidenced by the Company’s performance in the first quarter and the increased demand across all segments of our business.”
___________________(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 March 31, 2023 2022 Operating Revenues $ 59,973 $ 45,591 Costs and Expenses: Operating 37,273 39,496 Administrative and general 11,632 9,924 Lease expense 720 1,060 Depreciation and amortization 13,762 14,371 63,387 64,851 Gains on Asset Dispositions and Impairments, Net 3,599 2,139 Operating Income (Loss) 185 (17,121 ) Other Income (Expense): Interest income 460 29 Interest expense (8,788 ) (6,627 ) Derivative losses, net — (34 ) Foreign currency (losses) gains, net (825 ) 821 (9,153 ) (5,811 ) Loss Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies (8,968 ) (22,932 ) Income Tax Expense (Benefit) 1,157 (2,421 ) Loss Before Equity in Earnings of 50% or Less Owned Companies (10,125 ) (20,511 ) Equity in Earnings of 50% or Less Owned Companies 536 5,674 Net Loss Attributable to SEACOR Marine Holdings Inc. $ (9,589 ) $ (14,837 ) Net Loss Per Share: Basic $ (0.36 ) $ (0.56 ) Diluted (0.36 ) (0.56 ) Weighted Average Common Stock and Warrants Outstanding: Basic 26,822,391 26,379,293 Diluted 26,822,391 26,379,293 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)Three Months Ended Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Time Charter Statistics: Average Rates Per Day $ 14,314 $ 13,794 $ 13,340 $ 12,149 $ 11,312 Fleet Utilization 76 % 76 % 79 % 77 % 70 % Fleet Available Days 5,071 5,244 5,336 5,311 5,400 Operating Revenues: Time charter $ 55,415 $ 54,789 $ 56,500 $ 49,504 $ 42,741 Bareboat charter 360 376 332 48 618 Other marine services 4,198 2,761 2,959 4,465 2,232 59,973 57,926 59,791 54,017 45,591 Costs and Expenses: Operating: Personnel 19,803 20,849 20,152 18,346 18,435 Repairs and maintenance 6,011 8,948 7,377 8,380 6,791 Drydocking 13 1,667 5,046 6,474 4,973 Insurance and loss reserves 2,789 3,381 2,850 2,545 1,186 Fuel, lubes and supplies 4,819 5,794 5,416 4,350 3,729 Other 3,838 3,699 3,165 4,050 4,382 37,273 44,338 44,006 44,145 39,496 Direct Vessel Profit (1) 22,700 13,588 15,785 9,872 6,095 Other Costs and Expenses: Lease expense 720 633 1,168 1,008 1,060 Administrative and general 11,632 10,799 9,978 10,210 9,924 Depreciation and amortization 13,762 13,624 13,754 14,208 14,371 26,114 25,056 24,900 25,426 25,355 Gains (Losses) on Asset Dispositions and Impairments, Net 3,599 1,017 (1,783 ) 25 2,139 Operating Income (Loss) 185 (10,451 ) (10,898 ) (15,529 ) (17,121 ) Other Income (Expense): Interest income 460 688 (123 ) 190 29 Interest expense (8,788 ) (8,456 ) (7,634 ) (6,989 ) (6,627 ) Derivative gains (losses), net — — 1 33 (34 ) Gain on debt extinguishment — 10,429 — — — Foreign currency (losses) gains, net (825 ) (2,646 ) 2,314 1,170 821 Other, net — 137 659 (41 ) — (9,153 ) 152 (4,783 ) (5,637 ) (5,811 ) Loss from Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies (8,968 ) (10,299 ) (15,681 ) (21,166 ) (22,932 ) Income Tax Expense (Benefit) 1,157 4,219 8,418 (1,634 ) (2,421 ) Loss from Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies (10,125 ) (14,518 ) (24,099 ) (19,532 ) (20,511 ) Equity in Earnings (Losses) of 50% or Less Owned Companies 536 1,176 (254 ) 415 5,674 Net Loss (9,589 ) (13,342 ) (24,353 ) (19,117 ) (14,837 ) Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries — — (2 ) 3 — Net Loss Attributable to SEACOR Marine Holdings Inc. $ (9,589 ) $ (13,342 ) $ (24,351 ) $ (19,120 ) $ (14,837 ) Net Loss Per Share: Basic $ (0.36 ) $ (0.50 ) $ (0.91 ) $ (0.72 ) $ (0.56 ) Diluted $ (0.36 ) $ (0.50 ) $ (0.91 ) $ (0.72 ) $ (0.56 ) Weighted Average Common Stock and Warrants Outstanding: Basic 26,822 26,728 26,728 26,665 26,379 Diluted 26,822 26,728 26,728 26,665 26,379 Common Shares and Warrants Outstanding at Period End 28,428 28,142 28,142 28,145 28,083 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)Three Months Ended Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 United States, primarily Gulf of Mexico Time Charter Statistics: Average rates per day worked $ 18,359 $ 22,563 $ 21,551 $ 17,792 $ 15,595 Fleet utilization 35 % 57 % 58 % 43 % 38 % Fleet available days 1,015 1,288 1,363 1,277 1,314 Out-of-service days for repairs, maintenance and drydockings 112 108 199 284 205 Out-of-service days for cold-stacked status 211 242 259 313 404 Operating Revenues: Time charter $ 6,564 $ 16,574 $ 17,075 $ 9,759 $ 7,864 Other marine services 3,842 2,916 2,161 2,399 2,052 10,406 19,490 19,236 12,158 9,916 Direct Costs and Expenses: Operating: Personnel 6,535 7,262 7,243 5,773 4,923 Repairs and maintenance 1,194 2,666 2,002 1,280 1,101 Drydocking 43 472 1,549 4,090 2,867 Insurance and loss reserves 1,041 2,022 1,382 1,198 229 Fuel, lubes and supplies 783 746 1,143 794 662 Other 223 416 314 281 224 9,819 13,584 13,633 13,416 10,006 Direct Vessel Profit (Loss) (1) $ 587 $ 5,906 $ 5,603 $ (1,258 ) $ (90 ) Other Costs and Expenses: Lease expense $ 136 $ 138 $ 278 $ 295 $ 287 Depreciation and amortization 3,535 3,912 4,332 4,562 4,638 Africa and Europe Time Charter Statistics: Average rates per day worked $ 12,835 $ 11,241 $ 11,813 $ 11,279 $ 10,006 Fleet utilization 87 % 82 % 91 % 85 % 82 % Fleet available days 1,710 1,656 1,629 1,567 1,499 Out-of-service days for repairs, maintenance and drydockings 118 125 37 58 163 Operating Revenues: Time charter $ 18,996 $ 15,299 $ 17,551 $ 14,930 $ 12,280 Other marine services (834 ) (679 ) 60 1,072 (616 ) 18,162 14,620 17,611 16,002 11,664 Direct Costs and Expenses: Operating: Personnel 4,505 4,680 4,694 3,526 3,536 Repairs and maintenance 2,553 2,902 2,110 2,638 1,579 Drydocking 1,184 678 383 134 1,144 Insurance and loss reserves 318 366 359 329 124 Fuel, lubes and supplies 2,215 2,775 2,284 1,490 1,473 Other 1,690 1,896 1,580 1,871 1,828 12,465 13,297 11,410 9,988 9,684 Direct Vessel Profit (1) $ 5,697 $ 1,323 $ 6,201 $ 6,014 $ 1,980 Other Costs and Expenses: Lease expense $ 429 $ 378 $ 455 $ 456 $ 402 Depreciation and amortization 3,925 3,683 3,461 3,306 3,258 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)Three Months Ended Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Middle East and Asia Time Charter Statistics: Average rates per day worked $ 13,562 $ 11,090 $ 9,507 $ 9,673 $ 9,882 Fleet utilization 82 % 75 % 79 % 87 % 77 % Fleet available days 1,440 1,533 1,564 1,651 1,800 Out-of-service days for repairs, maintenance and drydockings 76 132 252 160 153 Out-of-service days for cold-stacked status — — — — 90 Operating Revenues: Time charter $ 16,028 $ 12,802 $ 11,712 $ 13,906 $ 13,660 Other marine services (142 ) (66 ) 319 460 49 15,886 12,736 12,031 14,366 13,709 Direct Costs and Expenses: Operating: Personnel 4,841 5,270 5,384 5,691 6,031 Repairs and maintenance 677 1,958 1,776 2,545 1,832 Drydocking (1,095 ) 244 3,113 2,250 962 Insurance and loss reserves 1,185 821 762 748 507 Fuel, lubes and supplies 1,142 1,335 1,426 1,318 1,010 Other 1,327 915 878 1,213 1,627 8,077 10,543 13,339 13,765 11,969 Direct Vessel Profit (Loss) (1) $ 7,809 $ 2,193 $ (1,308 ) $ 601 $ 1,740 Other Costs and Expenses: Lease expense $ 76 $ 52 $ 35 $ 38 $ 31 Depreciation and amortization 3,688 3,783 3,974 4,229 4,345 Latin America Time Charter Statistics: Average rates per day worked $ 16,229 $ 14,009 $ 14,010 $ 14,263 $ 13,450 Fleet utilization 94 % 94 % 93 % 94 % 85 % Fleet available days 906 767 780 816 787 Out-of-service days for repairs, maintenance and drydockings 22 14 12 6 59 Operating Revenues: Time charter $ 13,827 $ 10,114 $ 10,162 $ 10,909 $ 8,937 Bareboat charter 360 376 332 48 618 Other marine services 1,332 590 419 534 747 15,519 11,080 10,913 11,491 10,302 Direct Costs and Expenses: Operating: Personnel 3,922 3,637 2,831 3,356 3,945 Repairs and maintenance 1,587 1,422 1,489 1,917 2,279 Drydocking (119 ) 273 1 — — Insurance and loss reserves 245 172 347 270 326 Fuel, lubes and supplies 679 938 563 748 584 Other 598 472 393 685 703 6,912 6,914 5,624 6,976 7,837 Direct Vessel Profit (1) $ 8,607 $ 4,166 $ 5,289 $ 4,515 $ 2,465 Other Costs and Expenses: Lease expense $ 79 $ 65 $ 400 $ 219 $ 340 'Depreciation and amortization 2,614 2,246 1,987 2,111 2,130 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)Three Months Ended Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 AHTS Time Charter Statistics: Average rates per day worked $ 9,244 $ 9,254 $ 8,848 $ 8,887 $ 8,908 Fleet utilization 81 % 80 % 67 % 66 % 66 % Fleet available days 391 460 552 546 540 Out-of-service days for repairs, maintenance and drydockings 45 — 92 56 2 Out-of-service days for cold-stacked status 31 92 92 131 180 Operating Revenues: Time charter $ 2,915 $ 3,406 $ 3,256 $ 3,191 $ 3,188 Other marine services (152 ) (168 ) (183 ) (143 ) (160 ) 2,763 3,238 3,073 3,048 3,028 Direct Costs and Expenses: Operating: Personnel $ 995 $ 1,220 $ 1,022 $ 1,050 $ 1,136 Repairs and maintenance 216 331 304 566 293 Drydocking 420 6 28 (30 ) (7 ) Insurance and loss reserves 68 94 150 146 (137 ) Fuel, lubes and supplies 476 259 399 215 144 Other 295 283 228 435 439 2,470 2,193 2,131 2,382 1,868 Other Costs and Expenses: Lease expense $ 331 $ 300 $ 450 $ 450 $ 449 Depreciation and amortization 298 300 494 495 494 FSV Time Charter Statistics: Average rates per day worked $ 10,609 $ 9,905 $ 9,907 $ 9,201 $ 8,621 Fleet utilization 91 % 86 % 90 % 85 % 80 % Fleet available days 2,070 2,116 2,116 2,126 2,160 Out-of-service days for repairs, maintenance and drydockings 66 146 103 108 167 Out-of-service days for cold-stacked status 90 58 75 91 90 Operating Revenues: Time charter $ 19,988 $ 18,062 $ 18,837 $ 16,525 $ 14,900 Other marine services (377 ) (224 ) (15 ) (174 ) (254 ) 19,611 17,838 18,822 16,351 14,646 Direct Costs and Expenses: Operating: Personnel $ 4,861 $ 5,140 $ 5,289 $ 4,880 $ 5,070 Repairs and maintenance 1,867 2,957 2,738 2,458 1,800 Drydocking 128 1,434 656 (201 ) 1,277 Insurance and loss reserves 334 453 410 372 260 Fuel, lubes and supplies 1,382 1,797 1,572 1,187 1,544 Other 1,236 1,638 1,284 1,311 1,941 9,808 13,419 11,949 10,007 11,892 Other Costs and Expenses: Depreciation and amortization 4,946 4,972 4,972 5,010 4,945 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 PSV Time Charter Statistics: Average rates per day worked $ 14,827 $ 13,519 $ 13,772 $ 13,422 $ 12,188 Fleet utilization 70 % 69 % 78 % 86 % 72 % Fleet available days 1,800 1,840 1,840 1,820 1,800 Out-of-service days for repairs, maintenance and drydockings 124 142 152 26 233 Operating Revenues: Time charter $ 18,800 $ 17,194 $ 19,687 $ 20,983 $ 15,823 Bareboat charter 360 376 332 48 618 Other marine services 840 222 720 575 44 20,000 17,792 20,739 21,606 16,485 Direct Costs and Expenses: Operating: Personnel $ 8,849 $ 8,961 $ 8,427 $ 7,889 $ 8,193 Repairs and maintenance 3,475 2,998 2,839 3,184 3,701 Drydocking 609 770 1,025 (32 ) 1,302 Insurance and loss reserves 419 552 734 551 428 Fuel, lubes and supplies 2,331 2,842 2,038 1,701 1,434 Other 2,314 1,420 1,275 1,631 1,348 17,997 17,543 16,338 14,924 16,406 Other Costs and Expenses: Lease expense $ — $ — $ 332 $ 154 $ 291 Depreciation and amortization 4,262 4,099 3,810 3,785 3,786 Specialty Time Charter Statistics: Fleet available days — — — — 90 Out-of-service days for cold-stacked status — — — — 90 Direct Costs and Expenses: Operating: Personnel $ — $ — $ — $ — $ 1 Insurance and loss reserves — — — — 2 Fuel, lubes and supplies — — — — 2 Other — — — — 11 — — — — 16 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Liftboats Time Charter Statistics: Average rates per day worked $ 33,936 $ 31,717 $ 27,447 $ 24,712 $ 22,416 Fleet utilization 50 % 61 % 65 % 44 % 49 % Fleet available days 810 828 828 819 810 Out-of-service days for repairs, maintenance and drydockings 94 90 154 318 179 Out-of-service days for cold-stacked status 90 92 92 91 134 Operating Revenues: Time charter $ 13,712 $ 16,127 $ 14,720 $ 8,805 $ 8,830 Other marine services 2,776 1,842 1,421 3,283 1,463 16,488 17,969 16,141 12,088 10,293 Direct Costs and Expenses: Operating: Personnel $ 5,068 $ 5,520 $ 5,419 $ 4,515 $ 4,035 Repairs and maintenance 499 2,674 1,560 2,132 1,012 Drydocking (1,141 ) (543 ) 3,337 6,737 2,401 Insurance and loss reserves 1,907 2,271 1,552 1,548 1,215 Fuel, lubes and supplies 619 896 1,408 1,230 605 Other (28 ) 359 387 655 644 6,924 11,177 13,663 16,817 9,912 Other Costs and Expenses: Depreciation and amortization 4,214 4,210 4,429 4,870 4,964 Other Activity Operating Revenues: Other marine services $ 1,111 $ 1,089 $ 1,016 $ 924 $ 1,139 1,111 1,089 1,016 924 1,139 Direct Costs and Expenses: Operating: Personnel $ 30 $ 8 $ (5 ) $ 12 $ — Repairs and maintenance (46 ) (12 ) (64 ) 40 (15 ) Drydocking (3 ) — — — — Insurance and loss reserves 61 11 4 (72 ) (582 ) Fuel, lubes and supplies 11 — (1 ) 17 — Other 21 (1 ) (9 ) 18 (1 ) 74 6 (75 ) 15 (598 ) Other Costs and Expenses: Lease expense $ 389 $ 333 $ 386 $ 404 $ 320 Depreciation and amortization 42 43 49 48 182 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 ASSETS Current Assets: Cash and cash equivalents $ 40,570 $ 39,963 $ 47,514 $ 22,608 $ 36,315 Restricted cash 3,082 3,082 3,296 3,296 3,596 Receivables: Trade, net of allowance for credit loss accounts 60,114 54,388 58,572 55,276 49,238 Other 11,913 7,638 6,647 7,437 8,799 Note receivable 10,000 15,000 20,000 — — Tax receivable 445 578 79 79 1,238 Inventories 2,207 2,123 2,059 1,723 1,297 Prepaid expenses and other 3,233 3,054 4,700 5,391 3,724 Assets held for sale — 6,750 6,000 — — Total current assets 131,564 132,576 148,867 95,810 104,207 Property and Equipment: Historical cost 969,328 967,683 992,423 1,000,147 1,006,873 Accumulated depreciation (324,197 ) (310,778 ) (321,898 ) (325,091 ) (316,444 ) 645,131 656,905 670,525 675,056 690,429 Construction in progress 8,540 8,111 8,422 15,576 15,550 Net property and equipment 653,671 665,016 678,947 690,632 705,979 Right-of-use asset - operating leases 5,984 6,206 4,419 5,686 6,238 Right-of-use asset - finance leases 6,654 6,813 6,972 7,131 7,290 Investments, at equity, and advances to 50% or less owned companies 3,594 3,024 1,901 75,923 76,860 Other assets 2,079 1,995 1,887 1,932 2,057 Total assets $ 803,546 $ 815,630 $ 842,993 $ 877,114 $ 902,631 LIABILITIES AND EQUITY Current Liabilities: Current portion of operating lease liabilities $ 1,764 $ 2,358 $ 1,792 $ 2,010 $ 2,073 Current portion of finance lease liabilities 563 468 374 282 190 Current portion of long-term debt 60,523 61,512 57,567 33,398 32,708 Accounts payable and accrued expenses 44,255 37,954 36,248 39,262 32,585 Due to SEACOR Holdings 264 264 264 264 264 Other current liabilities 20,185 18,869 22,032 22,171 23,723 Total current liabilities 127,554 121,425 118,277 97,387 91,543 Long-term operating lease liabilities 4,474 4,739 3,759 4,026 4,420 Long-term finance lease liabilities 6,644 6,781 6,916 7,050 7,183 Long-term debt 254,450 260,119 282,556 318,699 326,264 Conversion option liability on convertible senior notes — — — 1 34 Deferred income taxes 39,120 40,779 39,823 33,743 37,153 Deferred gains and other liabilities 2,264 2,641 2,692 2,701 2,990 Total liabilities 434,506 436,484 454,023 463,607 469,587 Equity: SEACOR Marine Holdings Inc. stockholders’ equity: Common stock 279 272 272 272 269 Additional paid-in capital 467,896 466,669 465,449 464,222 463,138 Accumulated deficit (102,700 ) (93,111 ) (79,769 ) (55,418 ) (37,744 ) Shares held in treasury (4,119 ) (1,852 ) (1,852 ) (1,852 ) (1,792 ) Accumulated other comprehensive income, net of tax 7,363 6,847 4,549 5,960 8,853 368,719 378,825 388,649 413,184 432,724 Noncontrolling interests in subsidiaries 321 321 321 323 320 Total equity 369,040 379,146 388,970 413,507 433,044 Total liabilities and equity $ 803,546 $ 815,630 $ 842,993 $ 877,114 $ 902,631 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)Three Months Ended Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Jun. 30, 2022 Mar. 31, 2022 Cash Flows from Operating Activities: Net Loss $ (9,589 ) $ (13,342 ) $ (24,353 ) $ (19,117 ) $ (14,837 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation and amortization 13,762 13,624 13,754 14,208 14,371 Deferred financing costs amortization 418 (997 ) 350 364 291 Stock-based compensation expense 1,227 1,220 1,227 1,076 1,074 Debt discount amortization 1,558 1,449 1,817 1,736 1,691 Allowance for credit losses (104 ) 11 (53 ) 701 (170 ) (Gain) loss from equipment sales, retirements or impairments (3,599 ) (1,017 ) 1,783 (25 ) (2,139 ) Gain on debt extinguishment — (12,700 ) — — — Derivative losses (gains) — — (1 ) (33 ) 34 Interest on finance lease 72 73 73 73 25 Settlements on derivative transactions, net 154 33 (131 ) (278 ) (373 ) Currency losses (gains) 825 2,646 (2,314 ) (1,170 ) (821 ) Deferred income taxes (1,659 ) 957 6,079 (3,410 ) (3,529 ) Equity (earnings) losses (536 ) (1,176 ) 254 (415 ) (5,674 ) Dividends received from equity investees — 74 1,096 1,162 725 Changes in Operating Assets and Liabilities: Accounts receivables (9,857 ) 2,304 (2,384 ) (4,476 ) 3,904 Other assets 45 3,296 966 (1,539 ) (164 ) Accounts payable and accrued liabilities 6,731 769 (4,900 ) 4,925 6,707 Net cash (used in) provided by operating activities (552 ) (2,776 ) (6,737 ) (6,218 ) 1,115 Cash Flows from Investing Activities: Purchases of property and equipment (470 ) (185 ) (240 ) (17 ) (20 ) Proceeds from disposition of property and equipment 7,611 53 — 1,371 5,310 Net investing activities in property and equipment 7,141 (132 ) (240 ) 1,354 5,290 Principal payments on notes due from equity investees — — 177 175 176 Proceeds from sale of investment in equity investees — — 66,000 — — Notes due from others — — (28,831 ) — — Principal payments on notes due from others 5,000 5,000 8,831 — — Net cash provided by investing activities 12,141 4,868 45,937 1,529 5,466 Cash Flows from Financing Activities: Payments on long-term debt (8,608 ) (7,470 ) (14,182 ) (9,152 ) (7,348 ) Payments on debt extinguishment cost — (2,271 ) — — — Payments on finance leases (114 ) (114 ) (114 ) (114 ) (9 ) Proceeds from exercise of stock options 6 — — 11 140 Tax withholdings on restricted stock vesting and director share awards (2,266 ) — — (60 ) (672 ) Net cash used in financing activities (10,982 ) (9,855 ) (14,296 ) (9,315 ) (7,889 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents — (2 ) 2 (3 ) (1 ) Net Change in Cash, Cash Equivalents and Restricted Cash 607 (7,765 ) 24,906 (14,007 ) (1,309 ) Cash, Restricted Cash and Cash Equivalents, Beginning of Period 43,045 50,810 25,904 39,911 41,220 Cash, Restricted Cash and Cash Equivalents, End of Period $ 43,652 $ 43,045 $ 50,810 $ 25,904 $ 39,911 SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTSOwned Leased-in Managed Total March 31, 2023 AHTS 3 1 — 4 FSV 22 1 2 25 PSV 21 — — 21 Liftboats 9 — — 9 55 2 2 59 December 31, 2022 AHTS 3 2 — 5 FSV 22 1 2 25 PSV 21 — — 21 Liftboats 9 — — 9 55 3 2 60 
