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home / news releases / SMHI - SEACOR Marine Announces First Quarter 2024 Results

SMHI - SEACOR Marine Announces First Quarter 2024 Results

SEACOR Marine Holdings Inc.

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

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

Notable first quarter items include:

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

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

Chief Executive Officer John Gellert commented:

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

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

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

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


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

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

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

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

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


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

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

______________________

(1) See full description of footnote above.


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

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

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


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

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

______________________
(1) See full description of footnote above.


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

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


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

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


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

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


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

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


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

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


SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

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

Stock Information
Company Name: SEACOR Marine Holdings Inc.
Stock Symbol: SMHI
Market: NYSE
Website: seacormarine.com
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