SEACOR Marine Announces First Quarter 2024 Results

Source: GlobeNewswire
SEACOR Marine Announces First Quarter 2024 Results

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

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

Notable first quarter items include:

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

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

Chief Executive Officer John Gellert commented:

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

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

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

(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.com

SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)

 
  Three Months Ended March 31, 
  2024  2023 
Operating Revenues $62,770  $61,209 
Costs and Expenses:      
Operating  48,099   38,509 
Administrative and general  11,917   11,632 
Lease expense  481   720 
Depreciation and amortization  12,882   13,762 
   73,379   64,623 
(Losses) Gains on Asset Dispositions and Impairments, Net  (1)  3,599 
Operating (Loss) Income  (10,610)  185 
Other Income (Expense):      
Interest income  593   460 
Interest expense  (10,309)  (8,788)
Derivative losses, net  (543)   
Foreign currency losses, net  (80)  (825)
Other, net  (95)   
   (10,434)  (9,153)
Loss Before Income Tax Expense and Equity in (Losses) Earnings of 50% or Less Owned Companies  (21,044)  (8,968)
Income Tax Expense  925   1,157 
Loss Before Equity in (Losses) Earnings of 50% or Less Owned Companies  (21,969)  (10,125)
Equity in (Losses) Earnings of 50% or Less Owned Companies  (1,100)  536 
Net Loss $(23,069) $(9,589)
       
Net Loss Per Share:      
Basic $(0.84) $(0.36)
Diluted $(0.84) $(0.36)
Weighted Average Common Stock and Warrants Outstanding:      
Basic  27,343,604   26,822,391 
Diluted  27,343,604   26,822,391 


SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
 (in thousands, except statistics and per share data)

  
  Three Months Ended  
  Mar. 31,
2024
  Dec. 31,
2023
  Sep. 30,
2023
  Jun. 30,
2023
  Mar. 31,
2023
  
Time Charter Statistics:                
Average Rates Per Day $19,042  $18,031  $18,046  $15,250  $14,314  
Fleet Utilization  62%  71%  73%  78%  76% 
Fleet Available Days  5,005   5,170   5,182   5,096   5,071  
Operating Revenues:                
Time charter $59,263  $66,498  $68,668  $60,804  $55,415  
Bareboat charter  364   368   368   364   360  
Other marine services  3,143   6,217   7,864   7,151   5,434  
   62,770   73,083   76,900   68,319   61,209  
Costs and Expenses:                
Operating:                
Personnel  21,670   22,080   19,943   19,944   19,803  
Repairs and maintenance  9,763   7,604   7,418   5,793   6,011  
Drydocking  6,706   2,561   1,768   2,256   13  
Insurance and loss reserves  1,738   2,944   1,833   2,390   2,789  
Fuel, lubes and supplies  4,523   3,683   5,047   3,638   4,819  
Other  3,699   4,397   4,133   3,709   5,074  
   48,099   43,269   40,142   37,730   38,509  
Direct Vessel Profit(1)  14,671   29,814   36,758   30,589   22,700  
Other Costs and Expenses:                
Lease expense  481   679   651   698   720  
Administrative and general  11,917   11,547   12,300   13,704   11,632  
Depreciation and amortization  12,882   13,022   13,462   13,575   13,762  
   25,280   25,248   26,413   27,977   26,114  
(Losses) Gains on Asset Dispositions and Impairments, Net  (1)  18,057   (512)  265   3,599  
Operating (Loss) Income  (10,610)  22,623   9,833   2,877   185  
Other Income (Expense):                
Interest income  593   222   340   422   460  
Interest expense  (10,309)  (10,444)  (9,536)  (8,736)  (8,788) 
Derivative (losses) gains, net  (543)  608           
Loss on debt extinguishment        (2,004)       
Foreign currency (losses) gains, net  (80)  (1,276)  571   (603)  (825) 
Other, net  (95)             
   (10,434)  (10,890)  (10,629)  (8,917)  (9,153) 
(Loss) Income Before Income Tax Expense (Benefit) and Equity in (Losses) Earnings of 50% or Less Owned Companies  (21,044)  11,733   (796)  (6,040)  (8,968) 
Income Tax Expense (Benefit)  925   6,378   2,360   (1,096)  1,157  
(Loss) Income Before Equity in (Losses) Earnings of 50% or Less Owned Companies  (21,969)  5,355   (3,156)  (4,944)  (10,125) 
Equity in (Losses) Earnings of 50% or Less Owned Companies  (1,100)  374   2,273   373   536  
Net (Loss) Income $(23,069) $5,729  $(883) $(4,571) $(9,589) 
                 
Net (Loss) Earnings Per Share:                
Basic $(0.84) $0.21  $(0.03) $(0.17) $(0.36) 
Diluted $(0.84) $0.20  $(0.03) $(0.17) $(0.36) 
Weighted Average Common Stock and Warrants Outstanding:                
Basic  27,344   27,182   27,182   27,138   26,822  
Diluted  27,344   28,401   27,182   27,138   26,822  
Common Shares and Warrants Outstanding at Period End  28,906   28,489   28,481   28,481   28,428  

______________________ 

(1) See full description of footnote above.


SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)

 
  Three Months Ended 
  Mar. 31,
2024
  Dec. 31,
2023
  Sep. 30,
2023
  Jun. 30,
2023
  Mar. 31,
2023
 
United States, primarily Gulf of Mexico               
Time Charter Statistics:               
Average rates per day worked $28,156  $22,584  $23,663  $16,115  $18,359 
Fleet utilization  27%  50%  57%  35%  35%
Fleet available days  927   1,152   1,196   1,080   1,015 
Out-of-service days for repairs, maintenance and drydockings  137   61   151   229   112 
Out-of-service days for cold-stacked status(2)  182   254   206   173   211 
Operating Revenues:               
Time charter $6,957  $12,929  $16,236  $6,121  $6,564 
Other marine services  1,026   5,346   5,478   3,004   3,850 
   7,983   18,275   21,714   9,125   10,414 
Direct Costs and Expenses:               
Operating:               
Personnel  5,781   6,906   6,712   5,957   6,535 
Repairs and maintenance  1,404   819   1,560   1,573   1,194 
Drydocking  1,968   303   462   1,506   43 
Insurance and loss reserves  396   1,297   332   1,082   1,041 
Fuel, lubes and supplies  667   1,032   958   924   783 
Other  (171)  475   375   346   231 
   10,045   10,832   10,399   11,388   9,827 
Direct Vessel Profit (Loss)(1) $(2,062) $7,443  $11,315  $(2,263) $587 
Other Costs and Expenses:               
Lease expense $138  $141  $116  $143  $136 
Depreciation and amortization  2,750   3,479   3,810   3,861   3,535 
                
Africa and Europe               
Time Charter Statistics:               
Average rates per day worked $15,197  $15,233  $15,388  $14,982  $12,835 
Fleet utilization  76%  82%  84%  94%  87%
Fleet available days  1,775   1,748   1,748   1,729   1,710 
Out-of-service days for repairs, maintenance and drydockings  238   124   111   58   118 
Out-of-service days for cold-stacked status(3)  91   92   54       
Operating Revenues:               
Time charter $20,555  $21,791  $22,528  $24,414  $18,996 
Other marine services  169   189   1,943   225   225 
   20,724   21,980   24,471   24,639   19,221 
Direct Costs and Expenses:               
Operating:               
Personnel  5,181   6,007   5,089   4,833   4,505 
Repairs and maintenance  3,209   2,807   2,214   2,050   2,553 
Drydocking  2,032   1,298   320   144   1,184 
Insurance and loss reserves  334   416   573   420   318 
Fuel, lubes and supplies  1,287   623   2,573   1,419   2,215 
Other  2,199   2,267   2,448   2,608   2,749 
   14,242   13,418   13,217   11,474   13,524 
Direct Vessel Profit(1) $6,482  $8,562  $11,254  $13,165  $5,697 
Other Costs and Expenses:               
Lease expense $178  $289  $372  $408  $429 
Depreciation and amortization  3,915   3,747   3,821   3,853   3,925 

______________________ 
(1) See full description of footnote above.

(2) Includes one liftboat and one FSV cold-stacked in this region as of March 31, 2024.
(3) Includes one AHTS cold-stacked in this region that is classified as held for sale as of March 31, 2024.


SEACOR MARINE HOLDINGS INC.
 UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)

 
  Three Months Ended 
  Mar. 31,
2024
  Dec. 31,
2023
  Sep. 30,
2023
  Jun. 30,
2023
  Mar. 31,
2023
 
Middle East and Asia               
Time Charter Statistics:               
Average rates per day worked $16,934  $17,590  $16,313  $13,245  $13,562 
Fleet utilization  71%  69%  67%  86%  82%
Fleet available days  1,365   1,461   1,472   1,456   1,440 
Out-of-service days for repairs, maintenance and drydockings  224   360   297   58   76 
Operating Revenues:               
Time charter $16,477  $17,729  $16,087  $16,563  $16,028 
Other marine services  350   539   267   3,512   27 
   16,827   18,268   16,354   20,075   16,055 
Direct Costs and Expenses:               
Operating:               
Personnel  5,963   5,522   5,157   5,266   4,841 
Repairs and maintenance  2,712   2,590   2,623   1,219   677 
Drydocking  1,483   624   1,056   (684)  (1,095)
Insurance and loss reserves  618   1,022   711   720   1,185 
Fuel, lubes and supplies  1,198   1,242   743   425   1,142 
Other  1,000   1,133   943   389   1,496 
   12,974   12,133   11,233   7,335   8,246 
Direct Vessel Profit(1) $3,853  $6,135  $5,121  $12,740  $7,809 
Other Costs and Expenses:               
Lease expense $85  $158  $59  $67  $76 
Depreciation and amortization  3,496   3,643   3,721   3,708   3,688 
                
Latin America               
Time Charter Statistics:               
Average rates per day worked $28,308  $20,745  $20,656  $18,846  $16,229 
Fleet utilization  58%  84%  87%  88%  94%
Fleet available days  938   809   766   831   906 
Out-of-service days for repairs, maintenance and drydockings        67   79   22 
Operating Revenues:               
Time charter $15,274  $14,049  $13,817  $13,706  $13,827 
Bareboat charter  364   368   368   364   360 
Other marine services  1,598   143   176   410   1,332 
   17,236   14,560   14,361   14,480   15,519 
Direct Costs and Expenses:               
Operating:               
Personnel  4,745   3,645   2,985   3,888   3,922 
Repairs and maintenance  2,438   1,388   1,021   951   1,587 
Drydocking  1,223   336   (70)  1,290   (119)
Insurance and loss reserves  390   209   217   168   245 
Fuel, lubes and supplies  1,371   786   773   870   679 
Other  671   522   367   366   598 
   10,838   6,886   5,293   7,533   6,912 
Direct Vessel Profit(1) $6,398  $7,674  $9,068  $6,947  $8,607 
Other Costs and Expenses:               
Lease expense $80  $91  $104  $80  $79 
Depreciation and amortization  2,721   2,153   2,110   2,153   2,614 

______________________
(1) See full description of footnote above.


SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)

 
  Three Months Ended 
  Mar. 31,
2024
  Dec. 31,
2023
  Sep. 30,
2023
  Jun. 30,
2023
  Mar. 31,
2023
 
AHTS               
Time Charter Statistics:               
Average rates per day worked $8,538  $8,937  $9,947  $8,916  $9,244 
Fleet utilization  75%  64%  50%  85%  81%
Fleet available days  364   368   368   364   391 
Out-of-service days for repairs, maintenance and drydockings     41   111   13   45 
Out-of-service days for cold-stacked status  91   92   54      31 
Operating Revenues:               
Time charter $2,331  $2,102  $1,831  $2,762  $2,915 
Other marine services     6   930       
   2,331   2,108   2,761   2,762   2,915 
Direct Costs and Expenses:               
Operating:               
Personnel $1,064  $944  $1,019  $1,069  $995 
Repairs and maintenance  220   612   484   186   216 
Drydocking  68   58   747   131   420 
Insurance and loss reserves  43   73   88   78   68 
Fuel, lubes and supplies  616   375   428   192   476 
Other  287   295   378   329   448 
   2,298   2,357   3,144   1,985   2,623 
Other Costs and Expenses:               
Lease expense $171  $253  $331  $332  $331 
Depreciation and amortization  175   175   249   298   298 
                
FSV               
Time Charter Statistics:               
Average rates per day worked $11,834  $11,841  $11,441  $11,314  $10,609 
Fleet utilization  72%  74%  79%  92%  91%
Fleet available days  2,002   2,105   2,116   2,093   2,070 
Out-of-service days for repairs, maintenance and drydockings  216   337   227   86   66 
Out-of-service days for cold-stacked status  91   92   69   82   90 
Operating Revenues:               
Time charter $17,081  $18,502  $19,135  $21,747  $19,988 
Other marine services  126   163   652   71   190 
   17,207   18,665   19,787   21,818   20,178 
Direct Costs and Expenses:               
Operating:               
Personnel $5,649  $5,320  $5,144  $5,083  $4,861 
Repairs and maintenance  3,093   2,691   2,787   1,134   1,867 
Drydocking  1,869   1,710   870   1,342   128 
Insurance and loss reserves  277   507   185   337   334 
Fuel, lubes and supplies  1,051   1,441   1,501   1,108   1,382 
Other  1,649   1,632   1,552   1,536   1,803 
   13,588   13,301   12,039   10,540   10,375 
Other Costs and Expenses:               
Depreciation and amortization $4,744  $4,879  $5,002  $4,952  $4,946 


SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)

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


SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)

 
  Three Months Ended 
  Mar. 31,
2024
  Dec. 31,
2023
  Sep. 30,
2023
  Jun. 30,
2023
  Mar. 31,
2023
 
Liftboats               
Time Charter Statistics:               
Average rates per day worked $53,506  $40,181  $39,419  $35,623  $33,936 
Fleet utilization  53%  52%  59%  37%  50%
Fleet available days  728   795   828   819   810 
Out-of-service days for repairs, maintenance and drydockings  78   60   111   233   94 
Out-of-service days for cold-stacked status  91   162   137   91   90 
Operating Revenues:               
Time charter $20,461  $16,754  $19,122  $10,837  $13,712 
Other marine services  1,772   4,666   4,710   5,495   2,930 
   22,233   21,420   23,832   16,332   16,642 
Direct Costs and Expenses:               
Operating:               
Personnel $6,140  $5,316  $4,983  $5,065  $5,068 
Repairs and maintenance  2,035   769   1,643   1,472   499 
Drydocking  1,383   321   (81)  849   (1,141)
Insurance and loss reserves  1,282   1,554   1,148   1,418   1,907 
Fuel, lubes and supplies  967   838   766   219   619 
Other  343   531   445   441   125 
   12,150   9,329   8,904   9,464   7,077 
Other Costs and Expenses:               
Depreciation and amortization  3,866   3,867   4,099   4,215   4,214 
                
Other Activity               
Operating Revenues:               
Other marine services $829  $787  $876  $1,001  $1,111 
   829   787   876   1,001   1,111 
Direct Costs and Expenses:               
Operating:               
Personnel $(33) $1,483  $4  $(11) $30 
Repairs and maintenance  22   12      3   (46)
Drydocking           (78)  (3)
Insurance and loss reserves  (259)  120   (270)  136   61 
Fuel, lubes and supplies     2      (5)  11 
Other  25   17   (3)  (2)  21 
   (245)  1,634   (269)  43   74 
Other Costs and Expenses:               
Lease expense $310  $426  $320  $366  $389 
Depreciation and amortization  24   28   39   38   42 


SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

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


SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

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


SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

 
  Owned  Leased-in  Managed  Total 
March 31, 2024            
AHTS  3   1      4 
FSV  22      1   23 
PSV  21         21 
Liftboats  8         8 
   54   1   1   56 
December 31, 2023            
AHTS  3   1      4 
FSV  22      3   25 
PSV  21         21 
Liftboats  8         8 
   54   1   3   58