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home / news releases / seacor marine announces first quarter 2023 results

SQZ - SEACOR Marine Announces First Quarter 2023 Results

SQZ Biotechnologies Company

HOUSTON, May 03, 2023 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its first quarter ended March 31, 2023.

SEACOR Marine’s consolidated operating revenues for the first quarter of 2023 were $60.0 million, operating income was $0.2 million, and direct vessel profit (“DVP”) (1) was $22.7 million. This compares to consolidated operating revenues of $45.6 million, operating loss of $17.1 million, and DVP of $6.1 million in the first quarter of 2022, and consolidated operating revenues of $57.9 million, operating loss of $10.5 million, and DVP of $13.6 million in the fourth quarter of 2022.

Notable first quarter items include:

  • 31.5% improvement in revenues from the first quarter of 2022 and a 3.5% increase from the fourth quarter of 2022.
  • Average utilization rate of 76%, the highest for a first quarter since 2014, a 6.0% improvement from the first quarter of 2022, and flat from the fourth quarter of 2022.
  • Average day rates of $14,314, the highest since the fourth quarter of 2015, a 26.5% improvement from the first quarter of 2022, and a 3.8% increase from the fourth quarter of 2022.
  • DVP margin increased 272.4% from the first quarter of 2022 and increased 67.1% from the fourth quarter of 2022.

For the first quarter of 2023, net loss was $9.6 million ($0.36 loss per basic and diluted share). This compares to a net loss for the first quarter of 2022 of $14.8 million ($0.56 loss per basic and diluted share). Sequentially, first quarter 2023 results compare to a net loss of $13.3 million ($0.50 loss per basic and diluted share) in the fourth quarter of 2022.

Chief Executive Officer John Gellert commented:

“The Company’s first quarter demonstrated the building momentum in this cyclical recovery and was our fifth consecutive quarter of improved average day rates. Additionally, the first quarter produced higher revenues and DVP than each quarter of 2022, despite being the historically slowest quarterly period of activity.

The increase in DVP was primarily due to higher rates and utilization as well as lower operating expenses. This improvement demonstrates our ability to execute on the re-pricing opportunities in the market as contracts roll off from prior cycle commitments. All business segments and asset classes made positive contributions, despite the seasonally lower levels of activity in the first quarter and one of our premium liftboats in the US remaining offhire for previously reported extended repairs.

On April 21, 2023, the Company announced it was exploring a potential offering of new USD denominated 5-year senior secured bonds. The Company has determined not to pursue the bond offering at this time as the indicative terms and conditions were not sufficiently attractive for the Company. In the third and fourth quarter of 2022 the Company extended the maturity of its main senior secured and unsecured debt facilities to 2026, which has provided us with the flexibility needed to opportunistically pursue refinancing opportunities as the cycle evolves in order to ensure optimal terms and conditions for the Company.

I remain optimistic about 2023, as evidenced by the Company’s performance in the first quarter and the increased demand across all segments of our business.”
___________________

(1
)
Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.


SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com


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

Three Months Ended March 31,
2023
2022
Operating Revenues
$
59,973
$
45,591
Costs and Expenses:
Operating
37,273
39,496
Administrative and general
11,632
9,924
Lease expense
720
1,060
Depreciation and amortization
13,762
14,371
63,387
64,851
Gains on Asset Dispositions and Impairments, Net
3,599
2,139
Operating Income (Loss)
185
(17,121
)
Other Income (Expense):
Interest income
460
29
Interest expense
(8,788
)
(6,627
)
Derivative losses, net
—
(34
)
Foreign currency (losses) gains, net
(825
)
821
(9,153
)
(5,811
)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies
(8,968
)
(22,932
)
Income Tax Expense (Benefit)
1,157
(2,421
)
Loss Before Equity in Earnings of 50% or Less Owned Companies
(10,125
)
(20,511
)
Equity in Earnings of 50% or Less Owned Companies
536
5,674
Net Loss Attributable to SEACOR Marine Holdings Inc.
$
(9,589
)
$
(14,837
)
Net Loss Per Share:
Basic
$
(0.36
)
$
(0.56
)
Diluted
(0.36
)
(0.56
)
Weighted Average Common Stock and Warrants Outstanding:
Basic
26,822,391
26,379,293
Diluted
26,822,391
26,379,293


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

Three Months Ended
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Time Charter Statistics:
Average Rates Per Day
$
14,314
$
13,794
$
13,340
$
12,149
$
11,312
Fleet Utilization
76
%
76
%
79
%
77
%
70
%
Fleet Available Days
5,071
5,244
5,336
5,311
5,400
Operating Revenues:
Time charter
$
55,415
$
54,789
$
56,500
$
49,504
$
42,741
Bareboat charter
360
376
332
48
618
Other marine services
4,198
2,761
2,959
4,465
2,232
59,973
57,926
59,791
54,017
45,591
Costs and Expenses:
Operating:
Personnel
19,803
20,849
20,152
18,346
18,435
Repairs and maintenance
6,011
8,948
7,377
8,380
6,791
Drydocking
13
1,667
5,046
6,474
4,973
Insurance and loss reserves
2,789
3,381
2,850
2,545
1,186
Fuel, lubes and supplies
4,819
5,794
5,416
4,350
3,729
Other
3,838
3,699
3,165
4,050
4,382
37,273
44,338
44,006
44,145
39,496
Direct Vessel Profit (1)
22,700
13,588
15,785
9,872
6,095
Other Costs and Expenses:
Lease expense
720
633
1,168
1,008
1,060
Administrative and general
11,632
10,799
9,978
10,210
9,924
Depreciation and amortization
13,762
13,624
13,754
14,208
14,371
26,114
25,056
24,900
25,426
25,355
Gains (Losses) on Asset Dispositions and Impairments, Net
3,599
1,017
(1,783
)
25
2,139
Operating Income (Loss)
185
(10,451
)
(10,898
)
(15,529
)
(17,121
)
Other Income (Expense):
Interest income
460
688
(123
)
190
29
Interest expense
(8,788
)
(8,456
)
(7,634
)
(6,989
)
(6,627
)
Derivative gains (losses), net
—
—
1
33
(34
)
Gain on debt extinguishment
—
10,429
—
—
—
Foreign currency (losses) gains, net
(825
)
(2,646
)
2,314
1,170
821
Other, net
—
137
659
(41
)
—
(9,153
)
152
(4,783
)
(5,637
)
(5,811
)
Loss from Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies
(8,968
)
(10,299
)
(15,681
)
(21,166
)
(22,932
)
Income Tax Expense (Benefit)
1,157
4,219
8,418
(1,634
)
(2,421
)
Loss from Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies
(10,125
)
(14,518
)
(24,099
)
(19,532
)
(20,511
)
Equity in Earnings (Losses) of 50% or Less Owned Companies
536
1,176
(254
)
415
5,674
Net Loss
(9,589
)
(13,342
)
(24,353
)
(19,117
)
(14,837
)
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries
—
—
(2
)
3
—
Net Loss Attributable to SEACOR Marine Holdings Inc.
$
(9,589
)
$
(13,342
)
$
(24,351
)
$
(19,120
)
$
(14,837
)
Net Loss Per Share:
Basic
$
(0.36
)
$
(0.50
)
$
(0.91
)
$
(0.72
)
$
(0.56
)
Diluted
$
(0.36
)
$
(0.50
)
$
(0.91
)
$
(0.72
)
$
(0.56
)
Weighted Average Common Stock and Warrants Outstanding:
Basic
26,822
26,728
26,728
26,665
26,379
Diluted
26,822
26,728
26,728
26,665
26,379
Common Shares and Warrants Outstanding at Period End
28,428
28,142
28,142
28,145
28,083

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

Three Months Ended
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked
$
18,359
$
22,563
$
21,551
$
17,792
$
15,595
Fleet utilization
35
%
57
%
58
%
43
%
38
%
Fleet available days
1,015
1,288
1,363
1,277
1,314
Out-of-service days for repairs, maintenance and drydockings
112
108
199
284
205
Out-of-service days for cold-stacked status
211
242
259
313
404
Operating Revenues:
Time charter
$
6,564
$
16,574
$
17,075
$
9,759
$
7,864
Other marine services
3,842
2,916
2,161
2,399
2,052
10,406
19,490
19,236
12,158
9,916
Direct Costs and Expenses:
Operating:
Personnel
6,535
7,262
7,243
5,773
4,923
Repairs and maintenance
1,194
2,666
2,002
1,280
1,101
Drydocking
43
472
1,549
4,090
2,867
Insurance and loss reserves
1,041
2,022
1,382
1,198
229
Fuel, lubes and supplies
783
746
1,143
794
662
Other
223
416
314
281
224
9,819
13,584
13,633
13,416
10,006
Direct Vessel Profit (Loss) (1)
$
587
$
5,906
$
5,603
$
(1,258
)
$
(90
)
Other Costs and Expenses:
Lease expense
$
136
$
138
$
278
$
295
$
287
Depreciation and amortization
3,535
3,912
4,332
4,562
4,638
Africa and Europe
Time Charter Statistics:
Average rates per day worked
$
12,835
$
11,241
$
11,813
$
11,279
$
10,006
Fleet utilization
87
%
82
%
91
%
85
%
82
%
Fleet available days
1,710
1,656
1,629
1,567
1,499
Out-of-service days for repairs, maintenance and drydockings
118
125
37
58
163
Operating Revenues:
Time charter
$
18,996
$
15,299
$
17,551
$
14,930
$
12,280
Other marine services
(834
)
(679
)
60
1,072
(616
)
18,162
14,620
17,611
16,002
11,664
Direct Costs and Expenses:
Operating:
Personnel
4,505
4,680
4,694
3,526
3,536
Repairs and maintenance
2,553
2,902
2,110
2,638
1,579
Drydocking
1,184
678
383
134
1,144
Insurance and loss reserves
318
366
359
329
124
Fuel, lubes and supplies
2,215
2,775
2,284
1,490
1,473
Other
1,690
1,896
1,580
1,871
1,828
12,465
13,297
11,410
9,988
9,684
Direct Vessel Profit (1)
$
5,697
$
1,323
$
6,201
$
6,014
$
1,980
Other Costs and Expenses:
Lease expense
$
429
$
378
$
455
$
456
$
402
Depreciation and amortization
3,925
3,683
3,461
3,306
3,258


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

Three Months Ended
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Middle East and Asia
Time Charter Statistics:
Average rates per day worked
$
13,562
$
11,090
$
9,507
$
9,673
$
9,882
Fleet utilization
82
%
75
%
79
%
87
%
77
%
Fleet available days
1,440
1,533
1,564
1,651
1,800
Out-of-service days for repairs, maintenance and drydockings
76
132
252
160
153
Out-of-service days for cold-stacked status
—
—
—
—
90
Operating Revenues:
Time charter
$
16,028
$
12,802
$
11,712
$
13,906
$
13,660
Other marine services
(142
)
(66
)
319
460
49
15,886
12,736
12,031
14,366
13,709
Direct Costs and Expenses:
Operating:
Personnel
4,841
5,270
5,384
5,691
6,031
Repairs and maintenance
677
1,958
1,776
2,545
1,832
Drydocking
(1,095
)
244
3,113
2,250
962
Insurance and loss reserves
1,185
821
762
748
507
Fuel, lubes and supplies
1,142
1,335
1,426
1,318
1,010
Other
1,327
915
878
1,213
1,627
8,077
10,543
13,339
13,765
11,969
Direct Vessel Profit (Loss) (1)
$
7,809
$
2,193
$
(1,308
)
$
601
$
1,740
Other Costs and Expenses:
Lease expense
$
76
$
52
$
35
$
38
$
31
Depreciation and amortization
3,688
3,783
3,974
4,229
4,345
Latin America
Time Charter Statistics:
Average rates per day worked
$
16,229
$
14,009
$
14,010
$
14,263
$
13,450
Fleet utilization
94
%
94
%
93
%
94
%
85
%
Fleet available days
906
767
780
816
787
Out-of-service days for repairs, maintenance and drydockings
22
14
12
6
59
Operating Revenues:
Time charter
$
13,827
$
10,114
$
10,162
$
10,909
$
8,937
Bareboat charter
360
376
332
48
618
Other marine services
1,332
590
419
534
747
15,519
11,080
10,913
11,491
10,302
Direct Costs and Expenses:
Operating:
Personnel
3,922
3,637
2,831
3,356
3,945
Repairs and maintenance
1,587
1,422
1,489
1,917
2,279
Drydocking
(119
)
273
1
—
—
Insurance and loss reserves
245
172
347
270
326
Fuel, lubes and supplies
679
938
563
748
584
Other
598
472
393
685
703
6,912
6,914
5,624
6,976
7,837
Direct Vessel Profit (1)
$
8,607
$
4,166
$
5,289
$
4,515
$
2,465
Other Costs and Expenses:
Lease expense
$
79
$
65
$
400
$
219
$
340
'Depreciation and amortization
2,614
2,246
1,987
2,111
2,130


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

Three Months Ended
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
AHTS
Time Charter Statistics:
Average rates per day worked
$
9,244
$
9,254
$
8,848
$
8,887
$
8,908
Fleet utilization
81
%
80
%
67
%
66
%
66
%
Fleet available days
391
460
552
546
540
Out-of-service days for repairs, maintenance and drydockings
45
—
92
56
2
Out-of-service days for cold-stacked status
31
92
92
131
180
Operating Revenues:
Time charter
$
2,915
$
3,406
$
3,256
$
3,191
$
3,188
Other marine services
(152
)
(168
)
(183
)
(143
)
(160
)
2,763
3,238
3,073
3,048
3,028
Direct Costs and Expenses:
Operating:
Personnel
$
995
$
1,220
$
1,022
$
1,050
$
1,136
Repairs and maintenance
216
331
304
566
293
Drydocking
420
6
28
(30
)
(7
)
Insurance and loss reserves
68
94
150
146
(137
)
Fuel, lubes and supplies
476
259
399
215
144
Other
295
283
228
435
439
2,470
2,193
2,131
2,382
1,868
Other Costs and Expenses:
Lease expense
$
331
$
300
$
450
$
450
$
449
Depreciation and amortization
298
300
494
495
494
FSV
Time Charter Statistics:
Average rates per day worked
$
10,609
$
9,905
$
9,907
$
9,201
$
8,621
Fleet utilization
91
%
86
%
90
%
85
%
80
%
Fleet available days
2,070
2,116
2,116
2,126
2,160
Out-of-service days for repairs, maintenance and drydockings
66
146
103
108
167
Out-of-service days for cold-stacked status
90
58
75
91
90
Operating Revenues:
Time charter
$
19,988
$
18,062
$
18,837
$
16,525
$
14,900
Other marine services
(377
)
(224
)
(15
)
(174
)
(254
)
19,611
17,838
18,822
16,351
14,646
Direct Costs and Expenses:
Operating:
Personnel
$
4,861
$
5,140
$
5,289
$
4,880
$
5,070
Repairs and maintenance
1,867
2,957
2,738
2,458
1,800
Drydocking
128
1,434
656
(201
)
1,277
Insurance and loss reserves
334
453
410
372
260
Fuel, lubes and supplies
1,382
1,797
1,572
1,187
1,544
Other
1,236
1,638
1,284
1,311
1,941
9,808
13,419
11,949
10,007
11,892
Other Costs and Expenses:
Depreciation and amortization
4,946
4,972
4,972
5,010
4,945


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

Three Months Ended
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
PSV
Time Charter Statistics:
Average rates per day worked
$
14,827
$
13,519
$
13,772
$
13,422
$
12,188
Fleet utilization
70
%
69
%
78
%
86
%
72
%
Fleet available days
1,800
1,840
1,840
1,820
1,800
Out-of-service days for repairs, maintenance and drydockings
124
142
152
26
233
Operating Revenues:
Time charter
$
18,800
$
17,194
$
19,687
$
20,983
$
15,823
Bareboat charter
360
376
332
48
618
Other marine services
840
222
720
575
44
20,000
17,792
20,739
21,606
16,485
Direct Costs and Expenses:
Operating:
Personnel
$
8,849
$
8,961
$
8,427
$
7,889
$
8,193
Repairs and maintenance
3,475
2,998
2,839
3,184
3,701
Drydocking
609
770
1,025
(32
)
1,302
Insurance and loss reserves
419
552
734
551
428
Fuel, lubes and supplies
2,331
2,842
2,038
1,701
1,434
Other
2,314
1,420
1,275
1,631
1,348
17,997
17,543
16,338
14,924
16,406
Other Costs and Expenses:
Lease expense
$
—
$
—
$
332
$
154
$
291
Depreciation and amortization
4,262
4,099
3,810
3,785
3,786
Specialty
Time Charter Statistics:
Fleet available days
—
—
—
—
90
Out-of-service days for cold-stacked status
—
—
—
—
90
Direct Costs and Expenses:
Operating:
Personnel
$
—
$
—
$
—
$
—
$
1
Insurance and loss reserves
—
—
—
—
2
Fuel, lubes and supplies
—
—
—
—
2
Other
—
—
—
—
11
—
—
—
—
16


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

Three Months Ended
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Liftboats
Time Charter Statistics:
Average rates per day worked
$
33,936
$
31,717
$
27,447
$
24,712
$
22,416
Fleet utilization
50
%
61
%
65
%
44
%
49
%
Fleet available days
810
828
828
819
810
Out-of-service days for repairs, maintenance and drydockings
94
90
154
318
179
Out-of-service days for cold-stacked status
90
92
92
91
134
Operating Revenues:
Time charter
$
13,712
$
16,127
$
14,720
$
8,805
$
8,830
Other marine services
2,776
1,842
1,421
3,283
1,463
16,488
17,969
16,141
12,088
10,293
Direct Costs and Expenses:
Operating:
Personnel
$
5,068
$
5,520
$
5,419
$
4,515
$
4,035
Repairs and maintenance
499
2,674
1,560
2,132
1,012
Drydocking
(1,141
)
(543
)
3,337
6,737
2,401
Insurance and loss reserves
1,907
2,271
1,552
1,548
1,215
Fuel, lubes and supplies
619
896
1,408
1,230
605
Other
(28
)
359
387
655
644
6,924
11,177
13,663
16,817
9,912
Other Costs and Expenses:
Depreciation and amortization
4,214
4,210
4,429
4,870
4,964
Other Activity
Operating Revenues:
Other marine services
$
1,111
$
1,089
$
1,016
$
924
$
1,139
1,111
1,089
1,016
924
1,139
Direct Costs and Expenses:
Operating:
Personnel
$
30
$
8
$
(5
)
$
12
$
—
Repairs and maintenance
(46
)
(12
)
(64
)
40
(15
)
Drydocking
(3
)
—
—
—
—
Insurance and loss reserves
61
11
4
(72
)
(582
)
Fuel, lubes and supplies
11
—
(1
)
17
—
Other
21
(1
)
(9
)
18
(1
)
74
6
(75
)
15
(598
)
Other Costs and Expenses:
Lease expense
$
389
$
333
$
386
$
404
$
320
Depreciation and amortization
42
43
49
48
182


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

Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents
$
40,570
$
39,963
$
47,514
$
22,608
$
36,315
Restricted cash
3,082
3,082
3,296
3,296
3,596
Receivables:
Trade, net of allowance for credit loss accounts
60,114
54,388
58,572
55,276
49,238
Other
11,913
7,638
6,647
7,437
8,799
Note receivable
10,000
15,000
20,000
—
—
Tax receivable
445
578
79
79
1,238
Inventories
2,207
2,123
2,059
1,723
1,297
Prepaid expenses and other
3,233
3,054
4,700
5,391
3,724
Assets held for sale
—
6,750
6,000
—
—
Total current assets
131,564
132,576
148,867
95,810
104,207
Property and Equipment:
Historical cost
969,328
967,683
992,423
1,000,147
1,006,873
Accumulated depreciation
(324,197
)
(310,778
)
(321,898
)
(325,091
)
(316,444
)
645,131
656,905
670,525
675,056
690,429
Construction in progress
8,540
8,111
8,422
15,576
15,550
Net property and equipment
653,671
665,016
678,947
690,632
705,979
Right-of-use asset - operating leases
5,984
6,206
4,419
5,686
6,238
Right-of-use asset - finance leases
6,654
6,813
6,972
7,131
7,290
Investments, at equity, and advances to 50% or less owned companies
3,594
3,024
1,901
75,923
76,860
Other assets
2,079
1,995
1,887
1,932
2,057
Total assets
$
803,546
$
815,630
$
842,993
$
877,114
$
902,631
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities
$
1,764
$
2,358
$
1,792
$
2,010
$
2,073
Current portion of finance lease liabilities
563
468
374
282
190
Current portion of long-term debt
60,523
61,512
57,567
33,398
32,708
Accounts payable and accrued expenses
44,255
37,954
36,248
39,262
32,585
Due to SEACOR Holdings
264
264
264
264
264
Other current liabilities
20,185
18,869
22,032
22,171
23,723
Total current liabilities
127,554
121,425
118,277
97,387
91,543
Long-term operating lease liabilities
4,474
4,739
3,759
4,026
4,420
Long-term finance lease liabilities
6,644
6,781
6,916
7,050
7,183
Long-term debt
254,450
260,119
282,556
318,699
326,264
Conversion option liability on convertible senior notes
—
—
—
1
34
Deferred income taxes
39,120
40,779
39,823
33,743
37,153
Deferred gains and other liabilities
2,264
2,641
2,692
2,701
2,990
Total liabilities
434,506
436,484
454,023
463,607
469,587
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock
279
272
272
272
269
Additional paid-in capital
467,896
466,669
465,449
464,222
463,138
Accumulated deficit
(102,700
)
(93,111
)
(79,769
)
(55,418
)
(37,744
)
Shares held in treasury
(4,119
)
(1,852
)
(1,852
)
(1,852
)
(1,792
)
Accumulated other comprehensive income, net of tax
7,363
6,847
4,549
5,960
8,853
368,719
378,825
388,649
413,184
432,724
Noncontrolling interests in subsidiaries
321
321
321
323
320
Total equity
369,040
379,146
388,970
413,507
433,044
Total liabilities and equity
$
803,546
$
815,630
$
842,993
$
877,114
$
902,631


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

Three Months Ended
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Cash Flows from Operating Activities:
Net Loss
$
(9,589
)
$
(13,342
)
$
(24,353
)
$
(19,117
)
$
(14,837
)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization
13,762
13,624
13,754
14,208
14,371
Deferred financing costs amortization
418
(997
)
350
364
291
Stock-based compensation expense
1,227
1,220
1,227
1,076
1,074
Debt discount amortization
1,558
1,449
1,817
1,736
1,691
Allowance for credit losses
(104
)
11
(53
)
701
(170
)
(Gain) loss from equipment sales, retirements or impairments
(3,599
)
(1,017
)
1,783
(25
)
(2,139
)
Gain on debt extinguishment
—
(12,700
)
—
—
—
Derivative losses (gains)
—
—
(1
)
(33
)
34
Interest on finance lease
72
73
73
73
25
Settlements on derivative transactions, net
154
33
(131
)
(278
)
(373
)
Currency losses (gains)
825
2,646
(2,314
)
(1,170
)
(821
)
Deferred income taxes
(1,659
)
957
6,079
(3,410
)
(3,529
)
Equity (earnings) losses
(536
)
(1,176
)
254
(415
)
(5,674
)
Dividends received from equity investees
—
74
1,096
1,162
725
Changes in Operating Assets and Liabilities:
Accounts receivables
(9,857
)
2,304
(2,384
)
(4,476
)
3,904
Other assets
45
3,296
966
(1,539
)
(164
)
Accounts payable and accrued liabilities
6,731
769
(4,900
)
4,925
6,707
Net cash (used in) provided by operating activities
(552
)
(2,776
)
(6,737
)
(6,218
)
1,115
Cash Flows from Investing Activities:
Purchases of property and equipment
(470
)
(185
)
(240
)
(17
)
(20
)
Proceeds from disposition of property and equipment
7,611
53
—
1,371
5,310
Net investing activities in property and equipment
7,141
(132
)
(240
)
1,354
5,290
Principal payments on notes due from equity investees
—
—
177
175
176
Proceeds from sale of investment in equity investees
—
—
66,000
—
—
Notes due from others
—
—
(28,831
)
—
—
Principal payments on notes due from others
5,000
5,000
8,831
—
—
Net cash provided by investing activities
12,141
4,868
45,937
1,529
5,466
Cash Flows from Financing Activities:
Payments on long-term debt
(8,608
)
(7,470
)
(14,182
)
(9,152
)
(7,348
)
Payments on debt extinguishment cost
—
(2,271
)
—
—
—
Payments on finance leases
(114
)
(114
)
(114
)
(114
)
(9
)
Proceeds from exercise of stock options
6
—
—
11
140
Tax withholdings on restricted stock vesting and director share awards
(2,266
)
—
—
(60
)
(672
)
Net cash used in financing activities
(10,982
)
(9,855
)
(14,296
)
(9,315
)
(7,889
)
Effects of Exchange Rate Changes on Cash and Cash Equivalents
—
(2
)
2
(3
)
(1
)
Net Change in Cash, Cash Equivalents and Restricted Cash
607
(7,765
)
24,906
(14,007
)
(1,309
)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period
43,045
50,810
25,904
39,911
41,220
Cash, Restricted Cash and Cash Equivalents, End of Period
$
43,652
$
43,045
$
50,810
$
25,904
$
39,911


SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

Owned
Leased-in
Managed
Total
March 31, 2023
AHTS
3
1
—
4
FSV
22
1
2
25
PSV
21
—
—
21
Liftboats
9
—
—
9
55
2
2
59
December 31, 2022
AHTS
3
2
—
5
FSV
22
1
2
25
PSV
21
—
—
21
Liftboats
9
—
—
9
55
3
2
60



Stock Information
Company Name: SQZ Biotechnologies Company
Stock Symbol: SQZ
Market: NYSE
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