CKH - SEACOR Holdings Announces Results for the Year and Fourth Quarter Ended December 31 2019

February, 28 2020 04:30 PM SEACOR Holdings Inc.

FORT LAUDERDALE, Fla., Feb. 28, 2020 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the year and fourth quarter ended December 31, 2019:

Net income attributable to stockholders for the year ended December 31, 2019 was $26.8 million ($1.38 per diluted share) compared with $58.1 million ($3.04 per diluted share) for the year ended December 31, 2018. The prior year benefited from a net gain of $42.6 million ($2.18 per diluted share) related to the sale of the Company's interest in Hawker Pacific Airservices ("Hawker").
Net loss attributable to stockholders for the quarter ended December 31, 2019 was $1.9 million ($0.10 per diluted share) compared with $4.7 million ($0.26 per diluted share) for the quarter ended December 31, 2018. The prior year quarter benefited from $5.5 million ($0.30 per diluted share) of net income related to the accelerated amortization of non-cash deferred gains. Excluding these non-cash gains, loss per diluted share for the quarter ended December 31, 2019 improved by $0.46 compared with the quarter ended December 31, 2018.
“Cash Earnings” for the year ended December 31, 2019, after expensing all charges for maintenance, were $110.6 million compared with $57.8 million for the year ended December 31, 2018 and were $20.1 million for the quarter ended December 31, 2019 compared with $10.6 million for the same quarter last year.

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 as follows:

"Cash earnings almost doubled in 2019 compared with 2018 as several of our businesses had record performance. SEACOR Island Lines had its best year ever, with growth in demand for shipments into the Bahamas and Caribbean. Waterman Logistics was successful in winning several significant U.S. government cargo moves throughout the year. Our Jones Act dry bulk vessels produced good cash and harbor towing had 5% more ship assists over last year. Unfortunately, the inland business battled severe headwinds. The St. Louis harbor was closed for about 40 days this past year bringing activity to a virtual standstill for our terminals and fleets. The trade war with China severely curtailed grain exports. Witt O'Brien's also had less activity than 2018.

In 2019, we expensed approximately $23 million in dry-docking costs and overhauls to maintain our assets. The related out-of-service time cost us approximately $7 million in lost revenue.”

?The "Operating Discussion" below is a comparison of results for the quarter ended December 31, 2019 with the prior year quarter ended December 31, 2018.

Operating Discussion

Ocean Transportation & Logistics Services - Operating income and OIBDA were $7.6 million and $17.8 million, in the current year quarter compared with $10.8 million and $21.5 million excluding the accelerated amortization of previously deferred gains of $7.0 million in the prior year quarter, respectively. Operating results were impacted by $9.0 million of regulatory dry-docking costs. $2.3 million more than the prior year quarter. During the quarter Ocean Services docked one U.S.-flag petroleum and chemical carrier and one PCTC.

SEACOR Island Lines activity continued to increase in its core markets and it also experienced a boost in demand due to Hurricane Dorian recovery efforts. Waterman Logistics had increased success this quarter winning bids to move specialized cargo for the U.S. government. The dry bulk carrier fleet benefited from steady cargo volumes and a full quarter of operations with no dry-dockings. In the aggregate, these service lines had a positive incremental contribution of $9.9 million compared with the prior year quarter.

Inland Transportation & Logistics Services - Operating income and OIBDA were $1.4 million and $7.5 million in the current year quarter compared with $8.3 million and $13.8 million in the prior year quarter, respectively. U.S. grain exports through the Center Gulf were down 8% compared with the fourth quarter of 2018, reducing demand for barge freight and negatively impacting activity levels at the terminals and fleets on the Mississippi and Illinois Rivers. The primary culprits were the China trade war, U.S. government farm subsidy programs which were a disincentive to exports, and competition from South America. Operating results for Inland Services also continued to be impacted by higher costs due to the prolonged flooding experienced earlier in the year and resulting high-water conditions.

Witt O’Brien’s - Operating loss and negative OIBDA were $(0.7) million and $(0.5) million, respectively, in the current year quarter compared with operating income and OIBDA of $5.9 million and $6.6 million, respectively, in the prior year quarter. The primary factors impacting the current year quarter's results were a lack of activity responding to seasonal storms, lower activity in the U.S. Virgin Islands and a bad debt charge of $0.8 million.

Capital Commitments - The Company’s capital commitments as of December 31, 2019 were $62.2 million and included four U.S.-flag harbor tugs, the Company's interest in two foreign-flag rail ferries, four inland river dry-cargo barges, two inland river towboats, other equipment and vessel and terminal improvements. Subsequent to December 31, 2019, the Company committed to purchase two inland river dry-cargo barges and other equipment for $2.5 million.

Liquidity and Debt - During the current year quarter, the Company repurchased $1.8 million in principal amount of its 3.0% Convertible Senior Notes for $1.8 million. Subsequent to December 31, 2019, the Company repurchased $2.2 million in principal amount of its 3.0% Convertible Senior Notes for $2.2 million.

As of December 31, 2019, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities totaled $86.4 million. As of December 31, 2019, total outstanding debt was $314.5 million and the Company had $225.0 million of borrowing capacity under its credit facilities.

Equity - As of December 31, 2019, the total shares outstanding were 20,176,168.

SEACOR Holdings Inc. (“SEACOR”) is a diversified holding company with interests in domestic and international transportation and logistics and risk management consultancy. 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 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, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change 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 Investor Relations at (954) 627-5278 or visit SEACOR’s website at www.seacorholdings.com.


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


Three Months Ended

Twelve Months Ended

December 31,

December 31,

2019

2018

2019

2018
Operating Revenues
$
192,761


$
213,838


$
799,966


$
835,750

Costs and Expenses:







Operating
146,265


150,374


583,633


591,848

Administrative and general
27,134


26,718


105,517


102,907

Depreciation and amortization
17,451


17,510


68,571


74,579


190,850


194,602


757,721


769,334

Gains on Asset Dispositions, Net
651


6,014


2,910


19,583

Operating Income
2,562


25,250


45,155


85,999

Other Income (Expense):







Interest income
1,488


2,245


7,471


8,730

Interest expense
(4,401
)

(6,181
)

(19,233
)

(31,683
)
Debt extinguishment losses, net
(171
)

(6,017
)

(2,244
)

(11,626
)
Marketable security gains (losses), net
1,898


(11,128
)

18,394


(12,431
)
Foreign currency gains (losses), net
1,351


(2,280
)

(312
)

(2,264
)
Other, net
(20
)

13


(134
)

54,964


145


(23,348
)

3,942


5,690

Income Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies
2,707


1,902


49,097


91,689

Income Tax Expense (Benefit)
2,817


(4,519
)

9,829


8,415

Income (Loss) Before Equity in Losses of 50% or Less Owned Companies
(110
)

6,421


39,268


83,274

Equity in Losses of 50% or Less Owned Companies, Net of Tax
(1,802
)

(1,987
)

(5,250
)

(72
)
Net Income (Loss)
(1,912
)

4,434


34,018


83,202

Net Income Attributable to Noncontrolling Interests in Subsidiaries
5


9,120


7,244


25,054

Net Income (Loss) Attributable to SEACOR Holdings Inc.
$
(1,917
)

$
(4,686
)

$
26,774


$
58,148








Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.
$
(0.10
)

$
(0.26
)

$
1.41


$
3.22








Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.
$
(0.10
)

$
(0.26
)

$
1.38


$
3.04









Weighted Average Common Shares Outstanding:







Basic
19,933,277


18,165,361


18,949,981


18,080,778

Diluted
19,933,277


18,165,361


20,306,332


19,575,689









OIBDA⁽¹⁾
$
20,013


$
42,760


$
113,726


$
160,578

OIBDA Attributable to SEACOR Holdings Inc.⁽¹⁾
$
20,013


$
29,822


$
97,727


$
119,753

______________________

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


Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018
Operating Revenues

$
192,761


$
200,658


$
197,023


$
209,524


$
213,838

Costs and Expenses:










Operating

146,265


147,386


142,871


147,111


150,374

Administrative and general

27,134


24,923


26,714


26,746


26,718

Depreciation and amortization

17,451


16,975


17,009


17,136


17,510



190,850


189,284


186,594


190,993


194,602

Gains on Asset Dispositions, Net

651


1,145


677


437


6,014

Operating Income

2,562


12,519


11,106


18,968


25,250

Other Income (Expense):










Interest income

1,488


2,198


1,885


1,900


2,245

Interest expense

(4,401
)

(4,816
)

(4,903
)

(5,113
)

(6,181
)
Debt extinguishment losses, net

(171
)

(777
)

(503
)

(793
)

(6,017
)
Marketable security gains (losses), net

1,898


144


13,284


3,068


(11,128
)
Foreign currency gains (losses), net

1,351


(1,877
)

(191
)

405


(2,280
)
Other, net

(20
)

505


25


(644
)

13



145


(4,623
)

9,597


(1,177
)

(23,348
)
Income Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies

2,707


7,896


20,703


17,791


1,902

Income Tax Expense (Benefit)

2,817


1,417


3,390


2,205


(4,519
)
Income (Loss) Before Equity in Losses of 50% or Less Owned Companies

(110
)

6,479


17,313


15,586


6,421

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

(1,802
)

(618
)

(312
)

(2,518
)

(1,987
)
Net Income (Loss)

(1,912
)

5,861


17,001


13,068


4,434

Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries

5


(544
)

2,448


5,335


9,120

Net Income (Loss) attributable to SEACOR Holdings Inc.

$
(1,917
)

$
6,405


$
14,553


$
7,733


$
(4,686
)











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

$
(0.10
)

$
0.33


$
0.80


$
0.42


$
(0.26
)











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

$
(0.10
)

$
0.32


$
0.76


$
0.41


$
(0.26
)











Weighted Average Common Shares Outstanding:










Basic

19,933


19,322


18,289


18,233


18,165

Diluted

19,933


20,739


19,634


19,571


18,165

Common Shares Outstanding at Period End

20,176


20,179


18,550


18,528


18,330












OIBDA⁽¹⁾

$
20,013


$
29,494


$
28,115


$
36,104


$
42,760

OIBDA attributable to SEACOR Holdings Inc.⁽¹⁾

$
20,013


$
28,813


$
21,905


$
26,996


$
29,822

______________________

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


Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018
Ocean Transportation & Logistics Services










Operating Revenues

$
101,674


$
102,661


$
109,681


$
109,272


$
97,366

Costs and Expenses:










Operating

72,759


66,888


71,230


69,932


64,234

Administrative and general

11,190


9,404


9,423


10,198


10,132

Depreciation and amortization

10,228


10,191


10,230


10,337


10,707



94,177


86,483


90,883


90,467


85,073

Gains on Asset Dispositions, Net

121


804


349


17


5,496

Operating Income

7,618


16,982


19,147


18,822


17,789

Other Income (Expense):










Foreign currency gains (losses), net

52


(104
)

1


(47
)

(17
)
Other, net

6


505


28


(651
)

(15
)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax

(1,238
)

(242
)

700


111


(23
)
Segment Profit⁽¹⁾

$
6,438


$
17,141


$
19,876


$
18,235


$
17,734












OIBDA⁽²⁾

$
17,846


$
27,173


$
29,377


$
29,159


$
28,496

OIBDA⁽²⁾ attributable to stockholders

$
17,846


$
26,492


$
23,167


$
20,051


$
15,558

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

$
8,752


$
4,310


$
1,925


$
1,581


$
6,430

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

76


42


30


15


147

Dry-docking expenditures for all other vessels

$
289


$
1,783


$
1,447


$
1,250


$
269












Inland Transportation & Logistics Services










Operating Revenues

$
68,257


$
72,020


$
61,455


$
65,602


$
77,513

Costs and Expenses:










Operating

57,912


62,775


54,486


54,245


60,801

Administrative and general

3,324


3,327


3,133


3,356


3,381

Depreciation and amortization

6,144


5,694


5,699


5,725


5,490



67,380


71,796


63,318


63,326


69,672

Gains on Asset Dispositions

522


330


330


420


481

Operating Income (Loss)

1,399


554


(1,533
)

2,696


8,322

Other Income (Expense):










Foreign currency gains (losses), net

1,249


(1,729
)

(191
)

459


(2,240
)
Other, net

—


—


—


—


37

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

(2,346
)

(1,084
)

(618
)

(2,472
)

(2,571
)
Segment Profit (Loss)⁽¹⁾

$
302


$
(2,259
)

$
(2,342
)

$
683


$
3,548












OIBDA⁽²⁾

$
7,543


$
6,248


$
4,166


$
8,421


$
13,812


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



Three Months Ended


Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018
Witt O’Brien’s










Operating Revenues

$
20,742


$
24,345


$
23,753


$
32,943


$
37,702

Costs and Expenses:










Operating

14,266


16,323


15,691


21,772


24,258

Administrative and general

7,008


5,718


6,831


6,402


6,876

Depreciation and amortization

210


210


209


206


660



21,484


22,251


22,731


28,380


31,794

Gains on Asset Dispositions

8


10


—


—


—

Operating Income (Loss)

(734
)

2,104


1,022


4,563


5,908

Other Income (Expense):










Foreign currency losses, net

(1
)

—


—


—


(1
)
Other, net

(457
)

(1
)

(2
)

(3
)

—

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

333


764


(128
)

(67
)

113

Segment Profit (Loss)

$
(859
)

$
2,867


$
892


$
4,493


$
6,020












OIBDA⁽²⁾

$
(524
)

$
2,314


$
1,231


$
4,769


$
6,568












Other










Operating Revenues

$
2,099


$
1,635


$
2,142


$
1,805


$
1,290

Costs and Expenses:










Operating

1,335


1,404


1,472


1,253


1,106

Administrative and general

967


846


837


839


551

Depreciation and amortization

499


501


493


489


237



2,801


2,751


2,802


2,581


1,894

Gains (Losses) on Asset Dispositions

—


34


(2
)

—


37

Operating Loss

(702
)

(1,082
)

(662
)

(776
)

(567
)
Other Income (Expense):










Foreign currency losses, net

—


—


—


—


(4
)
Other, net

431


—


—


—


(105
)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax

1,449


(56
)

(266
)

(90
)

494

Segment Profit (Loss)⁽¹⁾

$
1,178


$
(1,138
)

$
(928
)

$
(866
)

$
(182
)











Corporate and Eliminations










Operating Revenues

$
(11
)

$
(3
)

$
(8
)

$
(98
)

$
(33
)
Costs and Expenses:










Operating

(7
)

(4
)

(8
)

(91
)

(25
)
Administrative and general

4,645


5,628


6,490


5,951


5,778

Depreciation and amortization

370


379


378


379


416



5,008


6,003


6,860


6,239


6,169

Losses on Asset Dispositions

—


(33
)

—


—


—

Operating Loss

$
(5,019
)

$
(6,039
)

$
(6,868
)

$
(6,337
)

$
(6,202
)
Other Income (Expense):










Foreign currency gains (losses), net

$
51


$
(44
)

$
(1
)

$
(7
)

$
(18
)
Other, net

—


1


(1
)

10


96

______________________

Includes amounts attributable to both SEACOR and noncontrolling interests.
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)



Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018
ASSETS










Current Assets:










Cash and cash equivalents

$
77,222


$
76,815


$
138,757


$
141,152


$
144,221

Restricted cash and restricted cash equivalents

1,222


1,221


1,221


2,992


2,991

Marketable securities

7,936


6,038


39,368


33,384


30,316

Receivables:










Trade, net of allowance for doubtful accounts

194,022


199,013


164,964


174,278


171,828

Other

38,881


43,449


38,297


32,635


38,881

Inventories

5,255


5,224


5,293


4,914


4,530

Prepaid expenses and other

6,971


6,130


5,640


5,809


5,382

Total current assets

331,509


337,890


393,540


395,164


398,149

Property and Equipment:










Historical cost

1,442,382


1,424,907


1,416,084


1,413,488


1,407,329

Accumulated depreciation

(624,024
)

(607,727
)

(593,168
)

(577,136
)

(560,819
)
Net property and equipment

818,358


817,180


822,916


836,352


846,510

Operating Lease Right-of-Use Assets

144,539


153,464


161,518


167,325


—

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

157,108


154,968


155,645


155,290


156,886

Construction Reserve Funds

—


3,908


3,908


3,908


3,908

Goodwill

32,701


32,668


32,714


32,720


32,708

Intangible Assets, Net

20,996


21,884


22,773


23,662


24,551

Other Assets

7,761


8,284


10,376


7,385


8,312



$
1,512,972


$
1,530,246


$
1,603,390


$
1,621,806


$
1,471,024












LIABILITIES AND EQUITY










Current Liabilities:










Current portion of long-term debt

$
58,854


$
76,426


$
78,301


$
8,308


$
8,497

Current portion of long-term operating lease liabilities

36,011


36,422


36,171


35,540


—

Accounts payable and accrued expenses

57,595


54,921


35,132


50,097


59,607

Other current liabilities

57,501


67,603


64,796


67,456


55,659

Total current liabilities

209,961


235,372


214,400


161,401


123,763

Long-Term Debt

255,612


241,408


234,445


315,303


346,128

Long-Term Operating Lease Liabilities

108,295


116,866


125,182


131,862


—

Deferred Income Taxes

105,661


103,489


99,938


97,758


94,420

Deferred Gains and Other Liabilities

20,929


20,463


20,768


20,688


52,871

Total liabilities

700,458


717,598


694,733


727,012


617,182

Equity:










SEACOR Holdings Inc. stockholders’ equity:










Preferred stock

—


—


—


—


—

Common stock

408


408


392


392


390

Additional paid-in capital

1,661,002


1,659,428


1,600,838


1,598,804


1,596,642

Retained earnings

517,106


519,023


512,618


498,065


474,809

Shares held in treasury, at cost

(1,365,792
)

(1,365,594
)

(1,366,432
)

(1,366,267
)

(1,366,773
)
Accumulated other comprehensive loss, net of tax

(998
)

(1,400
)

(995
)

(903
)

(914
)


811,726


811,865


746,421


730,091


704,154

Noncontrolling interests in subsidiaries

788


783


162,236


164,703


149,688

Total equity

812,514


812,648


908,657


894,794


853,842



$
1,512,972


$
1,530,246


$
1,603,390


$
1,621,806


$
1,471,024

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 December 31,

Twelve Months Ended December 31,

2019

2018

2019

2018
U.S. GAAP Measures







Net Income (Loss) Attributable to Stockholders
$
(1,917
)

$
(4,686
)

$
26,774


$
58,148

Diluted Earnings (Loss) Per Common Share⁽¹⁾
$
(0.10
)

$
(0.26
)

$
1.38


$
3.04









Reconciliation of non-GAAP Financial Measures







Operating Income (U.S. GAAP)
$
2,562


$
25,250


$
45,155


$
85,999

(+) Depreciation and amortization
17,451


17,510


68,571


74,579

OIBDA⁽²⁾
20,013


42,760


113,726


160,578

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

(9,759
)

(1,322
)

(25,737
)
(–) OIBDA less amortization of deferred gains attributable to noncontrolling interests
—


(8,593
)

(15,999
)

(30,292
)
(–) Cash interest paid, net⁽⁴⁾
(1,459
)

(1,581
)

(4,220
)

(15,408
)
(–) Income tax obligation
(6
)

(1,068
)

(25
)

(18,915
)
(+/–) Marketable security gains (losses), net
1,898


(11,128
)

18,394


(12,431
)
Cash Earnings
20,116


10,631


110,554


57,795

(–) Make-whole premium to redeem the 7.375% notes
—


—


—


(5,601
)
(+) Return from sale of Hawker Pacific Airservices, Limited⁽⁵⁾
—


—


—


51,000

Proxy for cash earned
$
20,116


$
10,631


$
110,554


$
103,194

______________________

Includes diluted earnings (loss) per common share of $0.08 and $(0.48) for the quarter ended December 31, 2019 and 2018, respectively, related to marking-to-market the Company’s marketable security portfolio. Includes diluted earnings (loss) per common share of $0.72 and $(0.50) for the twelve months ended December 31, 2019 and 2018, respectively, related to marking-to-market the Company’s marketable security portfolio.
All references to OIBDA in this release are calculated in the same manner.
For the three and twelve months ended December 31, 2019, amortization of deferred gains is included in gains on asset dispositions. For the three and twelve months ended December 31, 2018, amortization of deferred gains may be included in operating expenses as a reduction to rental expense and/or 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 $0.6 million for the three months ended December 31, 2018 and $1.2 million and $2.7 million for the twelve months ended December 31, 2019 and 2018, respectively.
Cash profit from the sale of the Company's 34.2% interest in Hawker Pacific Airservices, Limited in April 2018.


SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)



Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018
Ocean Transportation & Logistics Services










Bulk Transportation Services:










Petroleum and chemical carriers - U.S.-flag

9

9

9

9

10
Bulk carriers - U.S.-flag

2

2

2

2

2
Port & Infrastructure Services:










Harbor tugs - U.S.-flag

24

24

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

1

—
Logistics Services:










PCTC⁽²⁾ - U.S.-flag

4

4

4

4

4
Short-sea container/RORO⁽³⁾ vessels - Foreign-flag

8

8

9

9

9
RORO⁽³⁾ & deck barges - U.S.-flag

7

7

7

7

7
Rail ferries - Foreign-flag

2

2

2

2

2


73

73

74

73

73











Inland Transportation & Logistics Services










Bulk Transportation Services:










Dry-cargo barges

1,372

1,375

1,372

1,374

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

18

18

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

32

35

33

35
Towboats:










Less than 3,300 hp

1

—

—

—

—


1,481

1,479

1,479

1,479

1,479

______________________

One line handling vessel and one crew transportation 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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