CKH - SEACOR Holdings Announces Results for the Third Quarter Ended September 30 2020

October, 29 2020 05:00 PM SEACOR Holdings Inc.

FORT LAUDERDALE, Fla., Oct. 29, 2020 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the third quarter ended September 30, 2020:

Net income attributable to stockholders for the quarter ended September 30, 2020 was $3.2 million ($0.16 per diluted share) compared with $6.4 million ($0.32 per diluted share) for the quarter ended September 30, 2019.
Operating income for the quarter ended September 30, 2020 was $5.6 million compared with $12.5 million for the quarter ended September 30, 2019.
“Cash Earnings” for the quarter ended September 30, 2020 were $18.0 million compared with $27.7 million for the quarter ended September 30, 2019.

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 and Chief Executive Officer, commented on the quarter's results as follows:

"All of our businesses have continued to operate during these challenging times. We recently, and very carefully, reopened several of our office locations. Fulfilling our commitment to, and success in providing our customers uninterrupted, quality service, is only possible due to the dedication and hard work - and flexibility - of our more than 2,000 employees. It is their safety and well-being which remains our top priority.

Several of our businesses started to recover in July from the severe falloff of activity in the second quarter. Harbor towing enjoyed better results early in the third quarter but major storm activity in August and September caused short term reductions in activity. Activity in October, thus far, has been trending positive again.

Demand for freight services into the Bahamas and Turks & Caicos started to pick up in July. SEACOR Island Lines is positioned to perform even better in the fourth quarter as the Bahamian government is expected to reopen its borders on November 1st in time for the seasonal spike in tourist activity.

Additional good news is China increased imports of U.S. agricultural products late in the third quarter pushing barge rates higher. I hope the better margins will be sustained as exports to China and other destinations pick up with the seasonal harvest.

By way of an update, there are several post quarter events to report. SEA-Vista was able to secure a new multiyear time charter for a chemical-suited tanker, adding approximately $45 million of revenue backlog to the almost $200 million we had as of September 30.

Our inland business, SCF, was also successful in finalizing terms to acquire a strategic center gulf fleeting location. This adds approximately 220 fleeting spaces strategically positioned near grain export elevators allowing us to expedite cycle times of our equipment while improving service to our customers. The acquisition is expected to close in early November. Additionally, SCF, supported by three Port Authorities in the St. Louis region, was awarded a $21 million grant for rail expansion, efficiency upgrades, and safety projects at several of our SCF Lewis & Clark terminal locations.

I am pleased that we have been able to make forward progress but mindful that the pandemic is not yet over."

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

Operating Discussion

Ocean Transportation & Logistics Services - Operating income and OIBDA were $8.4 million and $18.5 million, respectively, in the current year quarter compared with $17.0 million and $26.5 million, respectively.

SEA-Vista's operating results were $4.2 million higher. The improvement was due to lower dry-docking expenses and related out-of-service time, partially offset by lower operating results for one vessel due to the change in contract status from a multiyear time charter to a long-term multiyear bareboat charter.

Operating results for SEACOR Island Lines and Seabulk Towing continue to be negatively impacted by the COVID-19 pandemic. Early in the quarter, demand for freight into the Bahamas and the Turks & Caicos rebounded from the lows in the preceding quarter, although activity remained below pre-pandemic levels. Ship calls into harbor towing's port network were also beginning to recover but were negatively impacted by port closures along the U.S. Gulf Coast as a consequence of hurricane and major storm activity.

Waterman Logistics' operating results were impacted by softer revenues from government cargo voyages and the timing, and non-recurring nature, of certain expenses.

Inland Transportation & Logistics Services - Operating income and OIBDA were $0.8 million and $6.8 million, respectively, in the current year quarter compared with $0.6 million and $6.2 million, respectively.

Barge pool operating results continued to be impacted by idle equipment, as the supply and demand balance was exacerbated by the delayed start to the harvest in the lower Mississippi River region. Fleeting operations suffered from lock maintenance and closures on the Illinois River and less activity in the St. Louis region. Results from the terminal operation improved due to increased activity levels; the prior year quarter was negatively impacted by the lingering effects of flooding in and around the St. Louis harbor.

Witt O’Brien’s - Operating income and OIBDA were $2.5 million and $2.8 million in the current year quarter compared with $2.1 million and $2.3 million, respectively. The improvement was primarily due to reduced administrative and general expenses reflecting a cost reduction plan implemented earlier in the year.

Capital Commitments - The Company’s capital commitments as of September 30, 2020 were $55.3 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 redeemed its outstanding 3.0% Convertible Senior Notes for $34.5 million.

As of September 30, 2020, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities totaled $106.7 million. As of September 30, 2020, total outstanding debt was $248.9 million, and the Company had $225.0 million of borrowing capacity under its credit facilities.

Equity - As of September 30, 2020, the total shares outstanding were 20,372,510.

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

Nine Months Ended


September 30,

September 30,


2020

2019

2020

2019
Operating Revenues

$
175,414


$
200,658


$
540,295


$
607,205

Costs and Expenses:








Operating

128,546


147,386


400,752


437,368

Administrative and general

24,560


24,923


76,785


78,383

Depreciation and amortization

17,306


16,975


52,620


51,120



170,412


189,284


530,157


566,871

Gains on Asset Dispositions, Net

618


1,145


9,200


2,259

Operating Income

5,620


12,519


19,338


42,593

Other Income (Expense):








Interest income

1,425


2,198


4,544


5,983

Interest expense

(3,938
)

(4,816
)

(12,587
)

(14,832
)
Debt extinguishment gains (losses), net

(254
)

(777
)

1,348


(2,073
)
Marketable security gains (losses), net

951


144


(567
)

16,496

Foreign currency losses, net

(203
)

(1,877
)

(3,042
)

(1,663
)
Other, net

2,242


505


2,992


(114
)


223


(4,623
)

(7,312
)

3,797

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

5,843


7,896


12,026


46,390

Income Tax Expense (Benefit)

1,552


1,417


(9,384
)

7,012

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

4,291


6,479


21,410


39,378

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

(1,102
)

(618
)

(8,877
)

(3,448
)
Net Income

3,189


5,861


12,533


35,930

Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries

(1
)

(544
)

(8
)

7,239

Net Income Attributable to SEACOR Holdings Inc.

$
3,190


$
6,405


$
12,541


$
28,691








Basic Earnings Per Common Share of SEACOR Holdings Inc.

$
0.16


$
0.33


$
0.63


$
1.54








Diluted Earnings Per Common Share of SEACOR Holdings Inc.

$
0.16


$
0.32


$
0.63


$
1.48










Weighted Average Common Shares Outstanding:








Basic

19,995,413


19,322,423


19,975,635


18,618,613

Diluted

20,017,551


20,738,919


19,993,982


19,984,302










OIBDA ⁽¹⁾

$
22,926


$
29,494


$
71,958


$
93,713

OIBDA Attributable to SEACOR Holdings Inc. ⁽¹⁾

$
22,926


$
28,813


$
71,958


$
77,714


















______________________ 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


Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019
Operating Revenues

$
175,414


$
172,585


$
192,296


$
192,761


$
200,658

Costs and Expenses:










Operating

128,546


126,178


146,028


146,265


147,386

Administrative and general

24,560


23,204


29,021


27,134


24,923

Depreciation and amortization

17,306


17,585


17,729


17,451


16,975



170,412


166,967


192,778


190,850


189,284

Gains on Asset Dispositions, Net

618


8,198


384


651


1,145

Operating Income (Loss)

5,620


13,816


(98
)

2,562


12,519

Other Income (Expense):










Interest income

1,425


1,518


1,601


1,488


2,198

Interest expense

(3,938
)

(4,179
)

(4,470
)

(4,401
)

(4,816
)
Debt extinguishment gains (losses), net

(254
)

1,921


(319
)

(171
)

(777
)
Marketable security gains (losses), net

951


(1,414
)

(104
)

1,898


144

Foreign currency gains (losses), net

(203
)

1,743


(4,582
)

1,351


(1,877
)
Other, net

2,242


658


92


(20
)

505



223


247


(7,782
)

145


(4,623
)
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies

5,843


14,063


(7,880
)

2,707


7,896

Income Tax Expense (Benefit)

1,552


3,206


(14,142
)

2,817


1,417

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

4,291


10,857


6,262


(110
)

6,479

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

(1,102
)

(2,982
)

(4,793
)

(1,802
)

(618
)
Net Income (Loss)

3,189


7,875


1,469


(1,912
)

5,861

Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries

(1
)

(9
)

2


5


(544
)
Net Income (Loss) attributable to SEACOR Holdings Inc.

$
3,190


$
7,884


$
1,467


$
(1,917
)

$
6,405












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

$
0.16


$
0.39


$
0.07


$
(0.10
)

$
0.33






















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

$
0.16


$
0.39


$
0.07


$
(0.10
)

$
0.32






















Weighted Average Common Shares Outstanding:




















Basic

19,995


19,981


19,950


19,933


19,322

Diluted

20,018


21,099


19,994


19,933


20,739

Common Shares Outstanding at Period End

20,373


20,340


20,333


20,176


20,179






















OIBDA ⁽¹⁾

$
22,926


$
31,401


$
17,631


$
20,013


$
29,494

OIBDA attributable to SEACOR Holdings Inc. ⁽¹⁾

$
22,926


$
31,401


$
17,631


$
20,013


$
28,813






















______________________ 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


Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019
Ocean Transportation & Logistics Services










Operating Revenues

$
88,771


$
86,111


$
106,115


$
101,674


$
102,661

Costs and Expenses:










Operating

59,985


57,827


77,604


72,759


66,888

Administrative and general

10,436


8,780


10,744


11,190


9,404

Depreciation and amortization

10,124


10,270


10,282


10,228


10,191



80,545


76,877


98,630


94,177


86,483

Gains on Asset Dispositions, Net

191


113


9


121


804

Operating Income

8,417


9,347


7,494


7,618


16,982

Other Income (Expense):










Foreign currency gains (losses), net

213


83


(78
)

52


(104
)
Other, net

5


(18
)

22


6


505

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

505


(1,426
)

(1,357
)

(1,238
)

(242
)
Segment Profit ⁽¹⁾

$
9,140


$
7,986


$
6,081


$
6,438


$
17,141












OIBDA ⁽²⁾

$
18,541


$
19,617


$
17,776


$
17,846


$
27,173

OIBDA ⁽²⁾ attributable to stockholders

$
18,541


$
19,617


$
17,776


$
17,846


$
26,492

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

$
420


$
908


$
7,816


$
8,752


$
4,310

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

9


13


38


76


42

Dry-docking expenditures for all other vessels

$
1,155


$
292


$
1,704


$
289


$
1,783












Inland Transportation & Logistics Services










Operating Revenues

$
64,069


$
63,513


$
61,311


$
68,257


$
72,020

Costs and Expenses:










Operating

54,338


53,915


50,919


57,912


62,775

Administrative and general

3,321


3,292


3,488


3,324


3,327

Depreciation and amortization

6,036


6,016


6,212


6,144


5,694



63,695


63,223


60,619


67,380


71,796

Gains on Asset Dispositions, Net

427


8,085


315


522


330

Operating Income

801


8,375


1,007


1,399


554

Other Income (Expense):










Foreign currency gains (losses), net

(439
)

1,653


(4,478
)

1,249


(1,729
)
Other, net

1,939


(3
)

—


—


—

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

(1,141
)

(701
)

(3,376
)

(2,346
)

(1,084
)
Segment Profit (Loss) ⁽¹⁾

$
1,160


$
9,324


$
(6,847
)

$
302


$
(2,259
)











OIBDA ⁽²⁾

$
6,837


$
14,391


$
7,219


$
7,543


$
6,248






















______________________ 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. SEGMENT INFORMATION (continued) (in thousands, unaudited)





Three Months Ended


Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019
Witt O’Brien’s










Operating Revenues

$
20,518


$
21,173


$
22,506


$
20,742


$
24,345

Costs and Expenses:










Operating

12,793


13,104


15,691


14,266


16,323

Administrative and general

4,913


4,961


7,679


7,008


5,718

Depreciation and amortization

359


356


259


210


210



18,065


18,421


23,629


21,484


22,251

Gains on Asset Dispositions

—


—


—


8


10

Operating Income (Loss)

2,453


2,752


(1,123
)

(734
)

2,104

Other Income (Expense):










Foreign currency gains (losses), net

(18
)

(9
)

12


(1
)

—

Other, net

—


—


70


(457
)

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

130


256


(8
)

333


764

Segment Profit (Loss)

$
2,565


$
2,999


$
(1,049
)

$
(859
)

$
2,867












OIBDA ⁽²⁾

$
2,812


$
3,108


$
(864
)

$
(524
)

$
2,314












Other










Operating Revenues

$
2,069


$
1,798


$
2,399


$
2,099


$
1,635

Costs and Expenses:










Operating

1,442


1,342


1,847


1,335


1,404

Administrative and general

706


877


1,124


967


846

Depreciation and amortization

459


615


619


499


501



2,607


2,834


3,590


2,801


2,751

Gains on Asset Dispositions

—


—


60


—


34

Operating Loss

(538
)

(1,036
)

(1,131
)

(702
)

(1,082
)
Other Income (Expense):










Other, net

1


—


—


431


—

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

(596
)

(1,111
)

(52
)

1,449


(56
)
Segment Profit (Loss) ⁽¹⁾

$
(1,133
)

$
(2,147
)

$
(1,183
)

$
1,178


$
(1,138
)











Corporate and Eliminations










Operating Revenues

$
(13
)

$
(10
)

$
(35
)

$
(11
)

$
(3
)
Costs and Expenses:










Operating

(12
)

(10
)

(33
)

(7
)

(4
)
Administrative and general

5,184


5,294


5,986


4,645


5,628

Depreciation and amortization

328


328


357


370


379



5,500


5,612


6,310


5,008


6,003

Losses on Asset Dispositions

—


—


—


—


(33
)
Operating Loss

$
(5,513
)

$
(5,622
)

$
(6,345
)

$
(5,019
)

$
(6,039
)
Other Income (Expense):










Foreign currency gains (losses), net

$
41


$
16


$
(38
)

$
51


$
(44
)
Other, net

297


679


—


—


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)



Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019
ASSETS










Current Assets:










Cash and cash equivalents

$
98,015


$
128,389


$
76,106


$
77,222


$
76,815

Restricted cash and restricted cash equivalents

1,119


1,119


1,224


1,222


1,221

Marketable securities

7,597


6,418


7,832


7,936


6,038

Receivables:










Trade, net of allowance for doubtful accounts

196,076


179,350


192,350


194,022


199,013

Other

67,862


64,098


67,938


38,881


43,449

Inventories

3,871


3,668


4,050


5,255


5,224

Prepaid expenses and other

6,364


6,705


5,387


6,971


6,130

Total current assets

380,904


389,747


354,887


331,509


337,890

Property and Equipment:










Historical cost

1,442,442


1,439,245


1,441,509


1,442,382


1,424,907

Accumulated depreciation

(663,277
)

(647,400
)

(639,424
)

(624,024
)

(607,727
)
Net property and equipment

779,165


791,845


802,085


818,358


817,180

Operating Lease Right-of-Use Assets

124,855


131,628


136,180


144,539


153,464

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

152,744


152,228


151,568


157,108


154,968

Construction Reserve Funds

—


—


—


—


3,908

Goodwill

32,616


32,626


32,586


32,701


32,668

Intangible Assets, Net

21,041


21,990


22,952


20,996


21,884

Other Assets

8,404


8,718


8,615


7,761


8,284



$
1,499,729


$
1,528,782


$
1,508,873


$
1,512,972


$
1,530,246












LIABILITIES AND EQUITY










Current Liabilities:










Current portion of long-term debt

$
10,845


$
44,819


$
44,495


$
58,854


$
76,426

Current portion of long-term operating lease liabilities

37,124


37,441


35,258


36,011


36,422

Current portion of other long-term financial liabilities

1,479


1,466


—


—


—

Accounts payable and accrued expenses

58,640


46,129


43,663


57,595


54,921

Other current liabilities

77,429


77,901


75,225


57,501


67,603

Total current liabilities

185,517


207,756


198,641


209,961


235,372

Long-Term Debt

238,005


239,698


254,272


255,612


241,408

Long-Term Operating Lease Liabilities

87,579


93,867


100,789


108,295


116,866

Other Long-Term Financial Liabilities

31,701


32,076


—


—


—

Deferred Income Taxes

109,664


113,586


123,054


105,661


103,489

Deferred Gains and Other Liabilities

18,910


19,320


19,103


20,929


20,463

Total liabilities

671,376


706,303


695,859


700,458


717,598

Equity:










SEACOR Holdings Inc. stockholders’ equity:










Preferred stock

—


—


—


—


—

Common stock

410


410


410


408


408

Additional paid-in capital

1,666,218


1,664,617


1,662,938


1,661,002


1,659,428

Retained earnings

529,647


526,457


518,573


517,106


519,023

Shares held in treasury, at cost

(1,365,921
)

(1,366,787
)

(1,366,787
)

(1,365,792
)

(1,365,594
)
Accumulated other comprehensive loss, net of tax

(2,779
)

(2,998
)

(2,909
)

(998
)

(1,400
)


827,575


821,699


812,225


811,726


811,865

Noncontrolling interests in subsidiaries

778


780


789


788


783

Total equity

828,353


822,479


813,014


812,514


812,648



$
1,499,729


$
1,528,782


$
1,508,873


$
1,512,972


$
1,530,246

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 September 30,

Nine Months Ended September 30,


2020

2019

2020

2019
U.S. GAAP Measures








Net Income Attributable to Stockholders

$
3,190


$
6,405


$
12,541


$
28,691

Diluted Earnings Per Common Share ⁽¹⁾

$
0.16


$
0.32


$
0.63


$
1.48


















Reconciliation of non-GAAP Financial Measures
















Operating Income (U.S. GAAP)

$
5,620


$
12,519


$
19,338


$
42,593

(+) Depreciation and amortization

17,306


16,975


52,620


51,120

OIBDA ⁽²⁾

22,926


29,494


71,958


93,713

(–) Amortization of deferred gains ⁽³⁾

(331
)

(330
)

(992
)

(991
)
(–) OIBDA attributable to noncontrolling interests

—


(681
)

—


(15,999
)
(–) Cash interest paid, net ⁽⁴⁾

(177
)

(900
)

(2,983
)

(2,675
)
(–) Income tax obligation

(5,412
)

(6
)

(13,178
)

(19
)
(+/–) Marketable security gains (losses), net

951


144


(567
)

16,496

Cash Earnings (proxy for cash earned)

$
17,957


$
27,721


$
54,238


$
90,525

______________________

Includes diluted earnings per common share of $0.65 for the nine months ended September 30, 2019, related to marking-to-market the Company’s marketable security portfolio.
All references to OIBDA in this release are calculated in the same manner.
Included in gains on asset dispositions.
Amount is net of interest income, excludes capitalized interest, and is net of our partner’s portion of SEA-Vista net interest expense of $0.2 million and $1.2 million for the three and nine months ended September 30, 2019, respectively.


SEACOR HOLDINGS INC. FLEET COUNTS (unaudited)


Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 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
24


25


25


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


8

RORO ⁽³⁾ & deck barges - U.S.-flag
7


7


7


7


7

Rail ferries - Foreign-flag
2


2


2


2


2


73


74


74


73


73











Inland Transportation & Logistics Services









Bulk Transportation Services:









Dry-cargo barges
1,322


1,341


1,372


1,372


1,375

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


19


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


35


32

Towboats:









Less than 3,300 hp
2


2


1


1


—


1,432


1,451


1,481


1,481


1,479

______________________

One line handling and one crew transport vessel.
Pure Car/Truck Carrier.
Roll On/Roll Off.
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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