CKH - SEACOR Holdings Announces Results for the Second Quarter Ended June 30 2020

July, 27 2020 07:01 PM SEACOR Holdings Inc.

FORT LAUDERDALE, Fla., July 27, 2020 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the second quarter ended June 30, 2020:

Net income attributable to stockholders for the quarter ended June 30, 2020 was $7.9 million ($0.39 per diluted share) compared with $14.6 million ($0.76 per diluted share) for the quarter ended June 30, 2019. The prior year quarter included $10.5 million ($0.53 per diluted share) of net mark-to-market gains on marketable securities.
Operating income for the quarter ended June 30, 2020 was $13.7 million compared with $11.1 million for the quarter ended June 30, 2019.
“Cash Earnings” for the quarter ended June 30, 2020 were $19.2 million compared with $32.9 million for the quarter ended June 30, 2019. "Cash Earnings" in the current year quarter is net of $7.5 million in cash income taxes, and "Cash Earnings" in the prior year quarter benefited from $13.3 million of unrealized mark-to-market gains on marketable securities.

The Company uses the non-GAAP financial measures "Cash Earnings" and OIBDA in this release; a reconciliation to their closest U.S. GAAP measure is included in "Use of non-GAAP Financial Measures" in this release.

Charles Fabrikant, Executive Chairman, commented on the quarter's results and impact of COVID-19 as follows:

"I am pleased that all of our businesses have continued to perform their essential services in the face of the unprecedented challenges presented by COVID-19. As I stated last quarter, our first and most important operational priority is, at all times and in all circumstances, the safety and well-being of our more than 2,000 employees and those with whom they interact, and, of course, also the environment.

We have begun to see an uptick in activity in some of our businesses that were adversely impacted. SEACOR Island Lines, our liner and logistics support for the Bahamas and Caribbean, began to experience increased demand in the last half of the quarter. Although activity is not back to pre-pandemic levels, it is considerably better than in April. I hope that the recent imposition of travel restrictions limiting access of American flights to the Bahamas does not constitute a setback. Waterman Logistics, our Government Services group, suffered from weaker demand following the U.S. military instituting a moratorium in late March on movements of cargo handled by vessels such as ours. Atypically, there were no cargo movements for our vessels during the entire quarter. We now see the military again shipping cargoes. Seabulk Towing, our harbor ship assist business, was also impacted due to the overall reduction of ship calls in its port network. Activity has improved modestly from mid-April but lags pre-COVID-19 levels. Our inland business performed better this year than last, even after adjusting for the sale of 39 barges. Another positive development was Witt O'Brien's expanding its business, playing a critical role helping over 60 governments, healthcare organizations, and educational institutions to access and deploy federal COVID-19 funds made available through the CARES Act and by FEMA. It has also been supporting our corporate clients worldwide as they manage their pandemic response. It is particularly gratifying that Witt O'Brien's practitioners are helping schools, hospitals and communities cope during these challenging times.

As a management team we continue to monitor the impacts of the pandemic on our operations and adjust as necessary to protect our long-term sustainability."

The "Operating Discussion" below is a comparison of results for the quarter ended June 30, 2020 with the prior year quarter ended June 30, 2019.

Operating Discussion

Ocean Transportation & Logistics Services - Operating income and OIBDA were $9.3 million and $19.6 million in the current year quarter compared with $19.1 million and $23.2 million, respectively. Operating results for SEACOR Island Lines, Waterman Logistics and Seabulk Towing were all negatively impacted by the COVID-19 pandemic.

Freight demand into the Bahamas and the Turks and Caicos saw a sharp decline in early April when "shelter in place" orders were in effect globally. In mid-May, freight demand began to rebound although activity remains below pre-pandemic levels. Waterman Logistics, experienced weaker demand following the U.S. military instituting a cargo moratorium. During the second quarter, there was no new U.S. military cargo movement. In addition, one of Waterman Logistics' PCTC's was dry-docked during the quarter. Harbor towing and bunkering also experienced a reduction in ship calls in its port network.

Operating results for SEA-Vista improved as there was no out-of-service time for its fleet. The improvement was offset by higher repair and maintenance costs and associated downtime for one of the Jones Act dry bulk carriers in advance of two consecutive relief aid voyage charters.

Inland Transportation & Logistics Services - Operating income and OIBDA were $8.4 million and $14.4 million, respectively, in the current year quarter compared with an operating loss of $1.5 million and OIBDA of $4.2 million in the prior year quarter. Operating income and OIBDA included gains on asset dispositions of $8.1 million and $0.3 million in the current year quarter and prior year quarter, respectively. Excluding gains on asset dispositions, operating income increased $2.2 million compared with the prior year quarter.

Operating income for the Company's terminals and fleeting locations was better primarily due to increased activity levels. In the prior year quarter, the St. Louis harbor was closed for 45 days due to flooding, a negative impact on both revenues and operating costs. Operating income for SEACOR AMH, the Company's container on barge operation, also improved primarily due to a reduction in barge logistics and stevedoring costs and savings related to the acquisition of two towboats, which replaced a chartered-in boat. Collectively, these service offerings had a positive incremental contribution of $3.8 million compared with the prior year quarter.

These increases were partially offset by lower operating income from bulk transportation activities. The dry-cargo barge pools continue to be impacted by lower demand for grain movements from continuing trade issues with China, and also depressed commodity prices and the option to take government subsidies, both of which are a disincentive to producers selling to commercial markets. Our international liquid tank barge operation was also hurt by COVID-19, moving less volumes due to a countrywide lockdown.

Witt O’Brien’s - Operating income and OIBDA were $2.8 million and $3.1 million in the current year quarter compared with $1.0 million and $1.2 million, respectively. The improvement was primarily due to lower reserves for bad debts and reduced headcount, which was more effectively utilized.

Capital Commitments - The Company’s capital commitments as of June 30, 2020 were $57.9 million and included four U.S.-flag harbor tugs, the Company's interest in two foreign-flag rail ferries, six inland river dry-cargo barges, one inland river towboat, other equipment and vessel and terminal improvements.

Liquidity and Debt - During the current year quarter, the Company repurchased $12.9 million in principal amount of its 2.5% Convertible Senior Notes for $10.9 million.

As of June 30, 2020, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities totaled $135.9 million. As of June 30, 2020, total outstanding debt was $284.5 million, and the Company had $225.0 million of borrowing capacity under its credit facilities.

Equity - As of June 30, 2020, the total shares outstanding were 20,339,641.

SEACOR Holdings Inc. (“SEACOR”) is a diversified holding company with interests in domestic and international transportation and logistics, crisis and emergency management, and clean fuel and power solutions. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.

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 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, including risks relating to the COVID-19 pandemic, volatility the pandemic has caused in the capital markets and the effects it has had and could continue to have on the global economy, the potential impact of governmental responses to the pandemic on the Company's business, operations and personnel, financial condition, results of operations, cash flows and liquidity, risks relating to weakening demand for the Company’s services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels, increased government legislation and regulation of the Company’s businesses that could increase the cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, decreased demand for the Company’s services as a result of declines in the global economy or the COVID-19 pandemic, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, interest rate fluctuations, availability of credit, inflation rates, changes in laws, trade barriers, commodity prices and currency exchange fluctuations, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Ocean Transportation & Logistics Services, decreased demand for Ocean Transportation & Logistics Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence of Ocean Transportation & Logistics Services and Inland Transportation & Logistics Services on several key customers, consolidation of the Company’s customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company’s Common Stock, operational risks of Ocean Transportation & Logistics Services and Inland Transportation & Logistics Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland Transportation & Logistics Services’ operations, the ability to realize anticipated benefits from acquisitions and other strategic transactions, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company, changes in U.S. and international trade policies and various other matters and factors, many of which are beyond the Company’s control as well as those discussed in Item 1A. (Risk Factors) of the Company’s Annual report on Form 10-K and other reports filed by the Company with the Securities and Exchange Commission (“SEC”). It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Given these 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 SEC, 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.

For additional information, contact SEACOR at (954) 523-2200, e-mail SEACOR at communications@seacorholdings.com or visit SEACOR’s website at www.seacorholdings.com.

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


Three Months Ended

Six Months Ended

June 30,

June 30,

2020

2019

2020

2019
Operating Revenues
$
172,585


$
197,023


$
364,881


$
406,547

Costs and Expenses:







Operating
126,178


142,871


272,206


289,982

Administrative and general
23,204


26,714


52,225


53,460

Depreciation and amortization
17,585


17,009


35,314


34,145


166,967


186,594


359,745


377,587

Gains on Asset Dispositions, Net
8,198


677


8,582


1,114

Operating Income
13,816


11,106


13,718


30,074

Other Income (Expense):







Interest income
1,518


1,885


3,119


3,785

Interest expense
(4,179
)

(4,903
)

(8,649
)

(10,016
)
Debt extinguishment gains (losses), net
1,921


(503
)

1,602


(1,296
)
Marketable security gains (losses), net
(1,414
)

13,284


(1,518
)

16,352

Foreign currency gains (losses), net
1,743


(191
)

(2,839
)

214

Other, net
658


25


750


(619
)

247


9,597


(7,535
)

8,420

Income Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies
14,063


20,703


6,183


38,494

Income Tax Expense (Benefit)
3,206


3,390


(10,936
)

5,595

Income Before Equity in Losses of 50% or Less Owned Companies
10,857


17,313


17,119


32,899

Equity in Losses of 50% or Less Owned Companies, Net of Tax
(2,982
)

(312
)

(7,775
)

(2,830
)
Net Income
7,875


17,001


9,344


30,069

Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries
(9
)

2,448


(7
)

7,783

Net Income Attributable to SEACOR Holdings Inc.
$
7,884


$
14,553


$
9,351


$
22,286








Basic Earnings Per Common Share of SEACOR Holdings Inc.
$
0.39


$
0.80


$
0.47


$
1.22








Diluted Earnings Per Common Share of SEACOR Holdings Inc.
$
0.39


$
0.76


$
0.47


$
1.17









Weighted Average Common Shares Outstanding:







Basic
19,980,830


18,288,879


19,965,637


18,260,876

Diluted
21,099,079


19,633,523


19,986,582


19,599,990









OIBDA⁽¹⁾
$
31,401


$
28,115


$
49,032


$
64,219

OIBDA Attributable to SEACOR Holdings Inc.⁽¹⁾
$
31,401


$
21,905


$
49,032


$
48,901

______________________
1. Non-GAAP Financial Measure. See explanation of use of non-GAAP financial measures included elsewhere in this release.

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


Three Months Ended

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019
Operating Revenues
$
172,585


$
192,296


$
192,761


$
200,658


$
197,023

Costs and Expenses:









Operating
126,178


146,028


146,265


147,386


142,871

Administrative and general
23,204


29,021


27,134


24,923


26,714

Depreciation and amortization
17,585


17,729


17,451


16,975


17,009


166,967


192,778


190,850


189,284


186,594

Gains on Asset Dispositions, Net
8,198


384


651


1,145


677

Operating Income (Loss)
13,816


(98
)

2,562


12,519


11,106

Other Income (Expense):









Interest income
1,518


1,601


1,488


2,198


1,885

Interest expense
(4,179
)

(4,470
)

(4,401
)

(4,816
)

(4,903
)
Debt extinguishment gains (losses), net
1,921


(319
)

(171
)

(777
)

(503
)
Marketable security gains (losses), net
(1,414
)

(104
)

1,898


144


13,284

Foreign currency gains (losses), net
1,743


(4,582
)

1,351


(1,877
)

(191
)
Other, net
658


92


(20
)

505


25


247


(7,782
)

145


(4,623
)

9,597

Income (Loss) Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies
14,063


(7,880
)

2,707


7,896


20,703

Income Tax Expense (Benefit)
3,206


(14,142
)

2,817


1,417


3,390

Income (Loss) Before Equity in Losses of 50% or Less Owned Companies
10,857


6,262


(110
)

6,479


17,313

Equity in Losses of 50% or Less Owned Companies, Net of Tax
(2,982
)

(4,793
)

(1,802
)

(618
)

(312
)
Net Income (Loss)
7,875


1,469


(1,912
)

5,861


17,001

Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries
(9
)

2


5


(544
)

2,448

Net Income (Loss) attributable to SEACOR Holdings Inc.
$
7,884


$
1,467


$
(1,917
)

$
6,405


$
14,553











Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.
$
0.39


$
0.07


$
(0.10
)

$
0.33


$
0.80











Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.
$
0.39


$
0.07


$
(0.10
)

$
0.32


$
0.76











Weighted Average Common Shares Outstanding:









Basic
19,981


19,950


19,933


19,322


18,289

Diluted
21,099


19,994


19,933


20,739


19,634

Common Shares Outstanding at Period End
20,340


20,333


20,176


20,179


18,550











OIBDA⁽¹⁾
$
31,401


$
17,631


$
20,013


$
29,494


$
28,115

OIBDA attributable to SEACOR Holdings Inc.⁽¹⁾
$
31,401


$
17,631


$
20,013


$
28,813


$
21,905

______________________
1. Non-GAAP Financial Measure. See explanation of use of non-GAAP financial measures included elsewhere in this release.

SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)


Three Months Ended

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019
Ocean Transportation & Logistics Services









Operating Revenues
$
86,111


$
106,115


$
101,674


$
102,661


$
109,681

Costs and Expenses:









Operating
57,827


77,604


72,759


66,888


71,230

Administrative and general
8,780


10,744


11,190


9,404


9,423

Depreciation and amortization
10,270


10,282


10,228


10,191


10,230


76,877


98,630


94,177


86,483


90,883

Gains on Asset Dispositions
113


9


121


804


349

Operating Income
9,347


7,494


7,618


16,982


19,147

Other Income (Expense):









Foreign currency gains (losses), net
83


(78
)

52


(104
)

1

Other, net
(18
)

22


6


505


28

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(1,426
)

(1,357
)

(1,238
)

(242
)

700

Segment Profit⁽¹⁾
$
7,986


$
6,081


$
6,438


$
17,141


$
19,876











OIBDA⁽²⁾
$
19,617


$
17,776


$
17,846


$
27,173


$
29,377

OIBDA⁽²⁾ attributable to stockholders
$
19,617


$
17,776


$
17,846


$
26,492


$
23,167

Dry-docking expenditures for U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s (included in operating costs and expenses)
$
908


$
7,816


$
8,752


$
4,310


$
1,925

Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s
13


38


76


42


30

Dry-docking expenditures for all other vessels
$
292


$
1,704


$
289


$
1,783


$
1,447











Inland Transportation & Logistics Services









Operating Revenues
$
63,513


$
61,311


$
68,257


$
72,020


$
61,455

Costs and Expenses:









Operating
53,915


50,919


57,912


62,775


54,486

Administrative and general
3,292


3,488


3,324


3,327


3,133

Depreciation and amortization
6,016


6,212


6,144


5,694


5,699


63,223


60,619


67,380


71,796


63,318

Gains on Asset Dispositions, Net
8,085


315


522


330


330

Operating Income (Loss)
8,375


1,007


1,399


554


(1,533
)
Other Income (Expense):









Foreign currency gains (losses), net
1,653


(4,478
)

1,249


(1,729
)

(191
)
Other, net
(3
)

—


—


—


—

Equity in Losses of 50% or Less Owned Companies, Net of Tax
(701
)

(3,376
)

(2,346
)

(1,084
)

(618
)
Segment Profit (Loss)⁽¹⁾
$
9,324


$
(6,847
)

$
302


$
(2,259
)

$
(2,342
)










OIBDA⁽²⁾
$
14,391


$
7,219


$
7,543


$
6,248


$
4,166

SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)


Three Months Ended

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019
Witt O’Brien’s









Operating Revenues
$
21,173


$
22,506


$
20,742


$
24,345


$
23,753

Costs and Expenses:









Operating
13,104


15,691


14,266


16,323


15,691

Administrative and general
4,961


7,679


7,008


5,718


6,831

Depreciation and amortization
356


259


210


210


209


18,421


23,629


21,484


22,251


22,731

Gains on Asset Dispositions
—


—


8


10


—

Operating Income (Loss)
2,752


(1,123
)

(734
)

2,104


1,022

Other Income (Expense):









Foreign currency gains (losses), net
(9
)

12


(1
)

—


—

Other, net
—


70


(457
)

(1
)

(2
)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
256


(8
)

333


764


(128
)
Segment Profit (Loss)
$
2,999


$
(1,049
)

$
(859
)

$
2,867


$
892











OIBDA⁽²⁾
$
3,108


$
(864
)

$
(524
)

$
2,314


$
1,231











Other









Operating Revenues
$
1,798


$
2,399


$
2,099


$
1,635


$
2,142

Costs and Expenses:









Operating
1,342


1,847


1,335


1,404


1,472

Administrative and general
877


1,124


967


846


837

Depreciation and amortization
615


619


499


501


493


2,834


3,590


2,801


2,751


2,802

Gains (Losses) on Asset Dispositions
—


60


—


34


(2
)
Operating Loss
(1,036
)

(1,131
)

(702
)

(1,082
)

(662
)
Other Income (Expense):









Other, net
—


—


431


—


—

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
(1,111
)

(52
)

1,449


(56
)

(266
)
Segment Profit (Loss)⁽¹⁾
$
(2,147
)

$
(1,183
)

$
1,178


$
(1,138
)

$
(928
)










Corporate and Eliminations









Operating Revenues
$
(10
)

$
(35
)

$
(11
)

$
(3
)

$
(8
)
Costs and Expenses:









Operating
(10
)

(33
)

(7
)

(4
)

(8
)
Administrative and general
5,294


5,986


4,645


5,628


6,490

Depreciation and amortization
328


357


370


379


378


5,612


6,310


5,008


6,003


6,860

Losses on Asset Dispositions
—


—


—


(33
)

—

Operating Loss
$
(5,622
)

$
(6,345
)

$
(5,019
)

$
(6,039
)

$
(6,868
)
Other Income (Expense):









Foreign currency gains (losses), net
$
16


$
(38
)

$
51


$
(44
)

$
(1
)
Other, net
679


—


—


1


(1
)

______________________
1. Includes amounts attributable to both SEACOR and noncontrolling interests.
2. Non-GAAP Financial Measure. See explanation of use of non-GAAP financial measures included elsewhere in this release.

SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)


Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019
ASSETS









Current Assets:









Cash and cash equivalents
$
128,389


$
76,106


$
77,222


$
76,815


$
138,757

Restricted cash and restricted cash equivalents
1,119


1,224


1,222


1,221


1,221

Marketable securities
6,418


7,832


7,936


6,038


39,368

Receivables:









Trade, net of allowance for doubtful accounts
179,350


192,350


194,022


199,013


164,964

Other
64,098


67,938


38,881


43,449


38,297

Inventories
3,668


4,050


5,255


5,224


5,293

Prepaid expenses and other
6,705


5,387


6,971


6,130


5,640

Total current assets
389,747


354,887


331,509


337,890


393,540

Property and Equipment:









Historical cost
1,439,245


1,441,509


1,442,382


1,424,907


1,416,084

Accumulated depreciation
(647,400
)

(639,424
)

(624,024
)

(607,727
)

(593,168
)
Net property and equipment
791,845


802,085


818,358


817,180


822,916

Operating Lease Right-of-Use Assets
131,628


136,180


144,539


153,464


161,518

Investments, at Equity, and Advances to 50% or Less Owned Companies
152,228


151,568


157,108


154,968


155,645

Construction Reserve Funds
—


—


—


3,908


3,908

Goodwill
32,626


32,586


32,701


32,668


32,714

Intangible Assets, Net
21,990


22,952


20,996


21,884


22,773

Other Assets
8,718


8,615


7,761


8,284


10,376


$
1,528,782


$
1,508,873


$
1,512,972


$
1,530,246


$
1,603,390











LIABILITIES AND EQUITY









Current Liabilities:









Current portion of long-term debt
$
44,819


$
44,495


$
58,854


$
76,426


$
78,301

Current portion of long-term operating lease liabilities
37,441


35,258


36,011


36,422


36,171

Current portion of other long-term financial liabilities
1,466


—


—


—


—

Accounts payable and accrued expenses
46,129


43,663


57,595


54,921


35,132

Other current liabilities
77,901


75,225


57,501


67,603


64,796

Total current liabilities
207,756


198,641


209,961


235,372


214,400

Long-Term Debt
239,698


254,272


255,612


241,408


234,445

Long-Term Operating Lease Liabilities
93,867


100,789


108,295


116,866


125,182

Other Long-Term Financial Liabilities
32,076


—


—


—


—

Deferred Income Taxes
113,586


123,054


105,661


103,489


99,938

Deferred Gains and Other Liabilities
19,320


19,103


20,929


20,463


20,768

Total liabilities
706,303


695,859


700,458


717,598


694,733

Equity:









SEACOR Holdings Inc. stockholders’ equity:









Preferred stock
—


—


—


—


—

Common stock
410


410


408


408


392

Additional paid-in capital
1,664,617


1,662,938


1,661,002


1,659,428


1,600,838

Retained earnings
526,457


518,573


517,106


519,023


512,618

Shares held in treasury, at cost
(1,366,787
)

(1,366,787
)

(1,365,792
)

(1,365,594
)

(1,366,432
)
Accumulated other comprehensive loss, net of tax
(2,998
)

(2,909
)

(998
)

(1,400
)

(995
)

821,699


812,225


811,726


811,865


746,421

Noncontrolling interests in subsidiaries
780


789


788


783


162,236

Total equity
822,479


813,014


812,514


812,648


908,657


$
1,528,782


$
1,508,873


$
1,512,972


$
1,530,246


$
1,603,390

Use of non-GAAP Financial Measures

The information furnished in this release includes non-GAAP financial measures that differ from measures calculated in accordance with U.S. GAAP, including OIBDA and Cash Earnings.

The Company defines OIBDA as operating income (loss) plus depreciation and amortization. The Company includes maintenance and repair costs, including major overhauls and regulatory dry-dockings, and gains or losses (or impairments) on asset dispositions in OIBDA. The Company defines Cash Earnings as OIBDA further adjusted to exclude the amortization of non-cash deferred gains and amounts attributable to its minority partner in SEA-Vista as well as the gain or loss associated with marking-to-market securities held for investment, accrued net cash expense associated with interest on debt obligations, and the Company’s estimate of cash taxes. Other companies may calculate OIBDA and Cash Earnings differently than the Company, which may limit their usefulness as comparative measures. In addition, each of these measures does not necessarily represent funds available for discretionary use and are not measures of the Company’s ability to fund its cash needs. OIBDA and Cash Earnings are each financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to Company officers and other shore-based employees; and (iii) to compare to the OIBDA and Cash Earnings of other companies when evaluating potential acquisitions. In addition, the Company believes Cash Earnings is meaningful to investors because it assists in evaluating the Company’s results of operations and net cash generated by business activities across previous and subsequent accounting periods and to better understand the long-term performance of the Company. The Company views OIBDA and Cash Earnings as measures of operating performance not liquidity.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

The following tables reconcile these non-GAAP measures to their most closely comparable U.S. GAAP measures (amounts in thousands, except per share data).


Three Months Ended June 30,

Six Months Ended June 30,

2020

2019

2020

2019
U.S. GAAP Measures







Net Income Attributable to Stockholders
$
7,884


$
14,553


$
9,351


$
22,286

Diluted Earnings Per Common Share⁽¹⁾
$
0.39


$
0.76


$
0.47


$
1.17









Reconciliation of non-GAAP Financial Measures







Operating Income (U.S. GAAP)
$
13,816


$
11,106


$
13,718


$
30,074

(+) Depreciation and amortization
17,585


17,009


35,314


34,145

OIBDA⁽²⁾
31,401


28,115


49,032


64,219

(–) Amortization of deferred gains⁽³⁾
(330
)

(330
)

(661
)

(661
)
(–) OIBDA attributable to noncontrolling interests
—


(6,210
)

—


(15,318
)
(–) Cash interest paid, net⁽⁴⁾
(2,948
)

(864
)

(2,806
)

(1,776
)
(–) Income tax obligation
(7,521
)

(1,112
)

(7,766
)

(3,192
)
(+/–) Marketable security gains (losses), net
(1,414
)

13,284


(1,518
)

16,352

Cash Earnings (proxy for cash earned)
$
19,188


$
32,883


$
36,281


$
59,624

______________________
1. Includes diluted earnings per common share of $0.53 and $0.66 for the three and six months ended June 30, 2019, respectively, related to marking-to-market the Company’s marketable security portfolio.
2. All references to OIBDA in this release are calculated in the same manner.
3. Included in gains on asset dispositions.
4. Amount is net of interest income, excludes capitalized interest, and is net of our partner’s portion of SEA-Vista net interest expense of $0.5 million and $1.1 million for the three and six months ended June 30, 2019, respectively.

SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)


Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019
Ocean Transportation & Logistics Services









Bulk Transportation Services:









Petroleum and chemical carriers - U.S.-flag
9


9


9


9


9

Bulk carriers - U.S.-flag
2


2


2


2


2

Port & Infrastructure Services:









Harbor tugs - U.S.-flag
25


25


24


24


24

Harbor tugs - Foreign-flag
8


8


8


8


8

Offshore tug - U.S.-flag
1


1


1


1


1

Ocean liquid tank barges - U.S.-flag
5


5


5


5


5

Ocean liquid tank barges - Foreign-flag
1


1


1


1


1

Specialty vessels - Foreign-flag⁽¹⁾
2


2


2


2


2

Logistics Services:









PCTC⁽²⁾ - U.S.-flag
4


4


4


4


4

Short-sea container/RORO⁽³⁾ vessels - Foreign-flag
8


8


8


8


9

RORO⁽³⁾ & deck barges - U.S.-flag
7


7


7


7


7

Rail ferries - Foreign-flag
2


2


2


2


2


74


74


73


73


74











Inland Transportation & Logistics Services









Bulk Transportation Services:









Dry-cargo barges
1,341


1,372


1,372


1,375


1,372

Liquid tank barges
20


20


20


20


20

Specialty barges⁽⁴⁾
5


5


5


5


5

Towboats:









4,000 hp - 6,600 hp
19


19


19


18


18

3,300 hp - 3,900 hp
3


3


3


3


3

Less than 3,300 hp
2


2


2


2


2

Port & Infrastructure Services:









Harbor boats:









1,100 hp - 2,000 hp
18


18


18


18


18

Less than 1,100 hp
6


6


6


6


6

Logistics Services:









Dry-cargo barges
35


35


35


32


35

Towboats:









Less than 3,300 hp
2


1


1


—


—


1,451


1,481


1,481


1,479


1,479

______________________
1. One line handling and one crew transport vessel.
2. Pure Car/Truck Carrier.
3. Roll On/Roll Off.
4. Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges.

Company Name:	SEACOR Holdings Inc.
Stock Symbol:	CKH
Market:	NYSE
Website:	seacorholdings.com

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