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home / news releases / SQZ - SEACOR Marine Announces Fourth Quarter 2022 Results

SQZ - SEACOR Marine Announces Fourth Quarter 2022 Results

SQZ Biotechnologies Company

HOUSTON, March 06, 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 fourth quarter ended December 31, 2022.

SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2022 were $57.9 million, operating loss was $10.5 million, and direct vessel profit (“DVP”) (1) was $13.6 million. This compares to consolidated operating revenues of $48.0 million, operating loss of $14.7 million, and DVP of $12.9 million in the fourth quarter of 2021, and consolidated operating revenues of $59.8 million, operating loss of $10.9 million, and DVP of $15.8 million in the third quarter of 2022.

Notable fourth quarter items include:

  • Extended the maturity of the $125.0 million of senior convertible debt issued to Carlyle in 2015 by three years by exchanging that debt for $90.0 million of new guaranteed unsecured notes and $35.0 million of new convertible notes, both due 2026.
  • Average utilization rate of 76%, the highest for a fourth quarter since 2013, a 3.0% improvement from the fourth quarter of 2021, and a 3.0% decrease from the third quarter of 2022.
  • 20.8% improvement in revenues from the fourth quarter of 2021 and a 3.1% decrease from the third quarter of 2022.
  • DVP margin increased 5.1% from the fourth quarter of 2021 and decreased 13.9% from the third quarter of 2022, inclusive of all drydocking expenses during the periods.

For the fourth quarter of 2022, loss from continuing operations was $13.3 million ($0.50 loss per basic and diluted share). This compares to a loss from continuing operations for the fourth quarter of 2021 of $15.8 million ($0.62 loss per basic and diluted share). Sequentially, fourth quarter 2022 results compare to a loss from continuing operations of $24.4 million ($0.91 loss per basic and diluted share) in the third quarter of 2022.

Chief Executive Officer John Gellert commented:

“The Company’s fourth quarter continued the year-on-year improvement trend in revenues, utilization and average dayrates despite seasonally lower levels of activity, particularly in the North Sea.

The decrease in DVP was primarily due to higher maintenance and repair expenses in our PSV fleet, as well as low utilization of a few fully crewed and available vessels, particularly in the North Sea, in anticipation of improving market dynamics.

The activity of our liftboat fleet during the fourth quarter was particularly encouraging. During the quarter, we started our first offshore wind project in the U.S., and completed the repair of one of our premium liftboats in the Middle East with the vessel able to return to service immediately. These positive contributions were offset by weather related damage to one of our premium liftboats in the U.S., which was safely demobilized. The Company’s efforts are focused on repairing and returning the liftboat to service, although timing is uncertain. The Company has insurance coverage for the repairs as well as for loss-of-hire for this liftboat.

I remain optimistic about the potential for SEACOR Marine in 2023, as evidenced by recent chartering activity for our liftboats and hybrid PSVs. This activity should translate into a stronger DVP conversion rate. In light of these positive industry dynamics, we decided to build upon our industry leading position in hybrid PSVs by committing to upgrade one additional PSV to hybrid propulsion, bringing us to a total of seven hybrid PSVs (representing one-third of our PSV fleet). After this conversion, we will have four additional PSVs that could be upgraded with the same technology. Tendering activity remains healthy and we plan to capture further repricing opportunities as contracts rollover, particularly as our customers engage in additional project startups and seasonality factors improve.”
___________________

(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 December 31,
Year ended December 31,
2022
2021
2022
2021
Operating Revenues
$
57,926
$
47,967
$
217,325
$
170,941
Costs and Expenses:
Operating
44,338
35,036
171,985
127,406
Administrative and general
10,799
10,742
40,911
37,639
Lease expense
633
2,664
3,869
6,085
Depreciation and amortization
13,624
14,198
55,957
57,395
69,394
62,640
272,722
228,525
Gains on Asset Dispositions and Impairments, Net
1,017
—
1,398
20,436
Operating Loss
(10,451
)
(14,673
)
(53,999
)
(37,148
)
Other Income (Expense):
Interest income
688
57
784
1,302
Interest expense
(8,456
)
(6,380
)
(29,706
)
(28,111
)
SEACOR Holdings guarantee fees
—
—
—
(7
)
Gain on debt extinguishment
10,429
—
10,429
61,994
Derivative gains, net
—
4
—
391
Foreign currency (losses) gains, net
(2,646
)
(357
)
1,659
(1,235
)
Gain from return of investments in 50% or less owned companies and other, net
137
—
755
9,441
152
(6,676
)
(16,079
)
43,775
(Loss) Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies
(10,299
)
(21,349
)
(70,078
)
6,627
Income Tax Expense (Benefit)
4,219
(1,009
)
8,582
11,493
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies
(14,518
)
(20,340
)
(78,660
)
(4,866
)
Equity in Earnings of 50% or Less Owned Companies
1,176
4,494
7,011
15,078
(Loss) Income from Continuing Operations
(13,342
)
(15,846
)
(71,649
)
10,212
Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)
—
—
—
22,925
Net (Loss) Income
(13,342
)
(15,846
)
(71,649
)
33,137
Net Income Attributable to Noncontrolling Interests in Subsidiaries
—
—
1
1
Net (Loss) Income Attributable to SEACOR Marine Holdings Inc.
$
(13,342
)
$
(15,846
)
$
(71,650
)
$
33,136
Net (Loss) Income Per Share from Continuing Operations:
Basic
$
(0.50
)
$
(0.62
)
$
(2.69
)
$
0.40
Diluted
(0.50
)
(0.62
)
(2.69
)
0.40
Net Earnings Per Share from Discontinued Operations:
Basic
$
—
$
—
$
—
$
0.90
Diluted
—
—
—
0.90
Net (Loss) Earnings Per Share:
Basic
$
(0.50
)
$
(0.62
)
$
(2.69
)
$
1.30
Diluted
$
(0.50
)
$
(0.62
)
$
(2.69
)
$
1.30
Weighted Average Common Stock and Warrants Outstanding:
Basic
26,727,864
25,520,034
26,626,179
25,444,693
Diluted
26,727,864
25,520,034
26,626,179
25,495,527

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

Three Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Time Charter Statistics:
Average Rates Per Day
$
13,794
$
13,340
$
12,149
$
11,312
$
11,376
Fleet Utilization
76
%
79
%
77
%
70
%
73
%
Fleet Available Days
5,244
5,336
5,311
5,400
5,060
Operating Revenues:
Time charter
$
54,789
$
56,500
$
49,504
$
42,741
$
42,289
Bareboat charter
376
332
48
618
2,870
Other marine services
2,761
2,959
4,465
2,232
2,808
57,926
59,791
54,017
45,591
47,967
Costs and Expenses:
Operating:
Personnel
20,849
20,152
18,346
18,435
17,098
Repairs and maintenance
8,948
7,377
8,380
6,791
6,782
Drydocking
1,667
5,046
6,474
4,973
567
Insurance and loss reserves
3,381
2,850
2,545
1,186
1,859
Fuel, lubes and supplies
5,794
5,416
4,350
3,729
3,254
Other
3,699
3,165
4,050
4,382
5,476
44,338
44,006
44,145
39,496
35,036
Direct Vessel Profit (1)
13,588
15,785
9,872
6,095
12,931
Other Costs and Expenses:
Lease expense
633
1,168
1,008
1,060
2,664
Administrative and general
10,799
9,978
10,210
9,924
10,742
Depreciation and amortization
13,624
13,754
14,208
14,371
14,198
25,056
24,900
25,426
25,355
27,604
Gains (Losses) on Asset Dispositions and Impairments, Net
1,017
(1,783
)
25
2,139
—
Operating Loss
(10,451
)
(10,898
)
(15,529
)
(17,121
)
(14,673
)
Other Income (Expense):
Interest income
688
(123
)
190
29
57
Interest expense
(8,456
)
(7,634
)
(6,989
)
(6,627
)
(6,380
)
Derivative gains (losses), net
—
1
33
(34
)
4
Gain on debt extinguishment
10,429
—
—
—
—
Foreign currency (losses) gains, net
(2,646
)
2,314
1,170
821
(357
)
Gain (Loss) from return of investments in 50% or less owned companies and other, net
137
659
(41
)
—
—
152
(4,783
)
(5,637
)
(5,811
)
(6,676
)
Loss from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies
(10,299
)
(15,681
)
(21,166
)
(22,932
)
(21,349
)
Income Tax Expense (Benefit)
4,219
8,418
(1,634
)
(2,421
)
(1,009
)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies
(14,518
)
(24,099
)
(19,532
)
(20,511
)
(20,340
)
Equity in Earnings Gains (Losses) of 50% or Less Owned Companies
1,176
(254
)
415
5,674
4,494
Loss from Continuing Operations
(13,342
)
(24,353
)
(19,117
)
(14,837
)
(15,846
)
Net Loss
(13,342
)
(24,353
)
(19,117
)
(14,837
)
(15,846
)
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries
—
(2
)
3
—
—
Net Loss Attributable to SEACOR Marine Holdings Inc.
$
(13,342
)
$
(24,351
)
$
(19,120
)
$
(14,837
)
$
(15,846
)
Net Loss Per Share from Continuing Operations:
Basic
$
(0.50
)
$
(0.91
)
$
(0.72
)
$
(0.56
)
$
(0.62
)
Diluted
(0.50
)
(0.91
)
(0.72
)
(0.56
)
(0.62
)
Net Loss Per Share:
Basic
$
(0.50
)
$
(0.91
)
$
(0.72
)
$
(0.56
)
$
(0.62
)
Diluted
$
(0.50
)
$
(0.91
)
$
(0.72
)
$
(0.56
)
$
(0.62
)
Weighted Average Common Stock and Warrants Outstanding:
Basic
26,728
26,728
26,665
26,379
25,520
Diluted
26,728
26,728
26,665
26,379
25,520
Common Shares and Warrants Outstanding at Period End
28,142
28,142
28,145
28,083
27,432

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

Three Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked
$
22,563
$
21,551
$
17,792
$
15,595
$
15,496
Fleet utilization
57
%
58
%
43
%
38
%
33
%
Fleet available days
1,288
1,363
1,277
1,314
1,043
Out-of-service days for repairs, maintenance and drydockings
108
199
284
205
95
Out-of-service days for cold-stacked status
242
259
313
404
399
Operating Revenues:
Time charter
$
16,574
$
17,075
$
9,759
$
7,864
$
5,290
Bareboat charter
—
—
—
—
386
Other marine services
2,916
2,161
2,399
2,052
1,119
19,490
19,236
12,158
9,916
6,795
Direct Costs and Expenses:
Operating:
Personnel
7,262
7,243
5,773
4,923
3,136
Repairs and maintenance
2,666
2,002
1,280
1,101
1,085
Drydocking
472
1,549
4,090
2,867
191
Insurance and loss reserves
2,022
1,382
1,198
229
720
Fuel, lubes and supplies
746
1,143
794
662
501
Other
416
314
281
224
200
13,584
13,633
13,416
10,006
5,833
Direct Vessel Profit (Loss) (1)
$
5,906
$
5,603
$
(1,258
)
$
(90
)
$
962
Other Costs and Expenses:
Lease expense
$
138
$
278
$
295
$
287
$
633
Depreciation and amortization
3,912
4,332
4,562
4,638
4,325
Africa and Europe, Continuing Operations
Time Charter Statistics:
Average rates per day worked
$
11,241
$
11,813
$
11,279
$
10,006
$
9,530
Fleet utilization
82
%
91
%
85
%
82
%
88
%
Fleet available days
1,656
1,629
1,567
1,499
1,411
Out-of-service days for repairs, maintenance and drydockings
125
37
58
163
79
Operating Revenues:
Time charter
$
15,299
$
17,551
$
14,930
$
12,280
$
11,883
Other marine services
(679
)
60
1,072
(616
)
(416
)
14,620
17,611
16,002
11,664
11,467
Direct Costs and Expenses:
Operating:
Personnel
4,680
4,694
3,526
3,536
3,283
Repairs and maintenance
2,902
2,110
2,638
1,579
1,846
Drydocking
678
383
134
1,144
144
Insurance and loss reserves
366
359
329
124
245
Fuel, lubes and supplies
2,775
2,284
1,490
1,473
1,019
Other
1,896
1,580
1,871
1,828
1,740
13,297
11,410
9,988
9,684
8,277
Direct Vessel Profit (1)
$
1,323
$
6,201
$
6,014
$
1,980
$
3,190
Other Costs and Expenses:
Lease expense
$
378
$
455
$
456
$
402
$
371
Depreciation and amortization
3,683
3,461
3,306
3,258
2,948

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

Three Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Middle East and Asia
Time Charter Statistics:
Average rates per day worked
$
11,090
$
9,507
$
9,673
$
9,882
$
9,612
Fleet utilization
75
%
79
%
87
%
77
%
81
%
Fleet available days
1,533
1,564
1,651
1,800
1,717
Out-of-service days for repairs, maintenance and drydockings
132
252
160
153
38
Out-of-service days for cold-stacked status
—
—
—
90
178
Operating Revenues:
Time charter
$
12,802
$
11,712
$
13,906
$
13,660
$
13,402
Other marine services
(66
)
319
460
49
50
12,736
12,031
14,366
13,709
13,452
Direct Costs and Expenses:
Operating:
Personnel
5,270
5,384
5,691
6,031
5,756
Repairs and maintenance
1,958
1,776
2,545
1,832
1,382
Drydocking
244
3,113
2,250
962
232
Insurance and loss reserves
821
762
748
507
611
Fuel, lubes and supplies
1,335
1,426
1,318
1,010
1,042
Other
915
878
1,213
1,627
2,148
10,543
13,339
13,765
11,969
11,171
Direct Vessel (Loss) Profit (1)
$
2,193
$
(1,308
)
$
601
$
1,740
$
2,281
Other Costs and Expenses:
Lease expense
$
52
$
35
$
38
$
31
$
38
Depreciation and amortization
3,783
3,974
4,229
4,345
4,156
Latin America
Time Charter Statistics:
Average rates per day worked
$
14,009
$
14,010
$
14,263
$
13,450
$
15,944
Fleet utilization
94
%
93
%
94
%
85
%
83
%
Fleet available days
767
780
816
787
889
Out-of-service days for repairs, maintenance and drydockings
14
12
6
59
113
Operating Revenues:
Time charter
$
10,114
$
10,162
$
10,909
$
8,937
$
11,714
Bareboat charter
376
332
48
618
2,484
Other marine services
590
419
534
747
2,055
11,080
10,913
11,491
10,302
16,253
Direct Costs and Expenses:
Operating:
Personnel
3,637
2,831
3,356
3,945
4,923
Repairs and maintenance
1,422
1,489
1,917
2,279
2,469
Drydocking
273
1
—
—
—
Insurance and loss reserves
172
347
270
326
283
Fuel, lubes and supplies
938
563
748
584
692
Other
472
393
685
703
1,388
6,914
5,624
6,976
7,837
9,755
Direct Vessel Profit (1)
$
4,166
$
5,289
$
4,515
$
2,465
$
6,498
Other Costs and Expenses:
Lease expense
$
65
$
400
$
219
$
340
$
1,622
'Depreciation and amortization
2,246
1,987
2,111
2,130
2,769

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

Three Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked
$
9,254
$
8,848
$
8,887
$
8,908
$
8,069
Fleet utilization
80
%
67
%
66
%
66
%
66
%
Fleet available days
460
552
546
540
552
Out-of-service days for repairs, maintenance and drydockings
—
92
56
2
14
Out-of-service days for cold-stacked status
92
92
131
180
92
Operating Revenues:
Time charter
$
3,406
$
3,256
$
3,191
$
3,188
$
2,926
Other marine services
(168
)
(183
)
(143
)
(160
)
(129
)
3,238
3,073
3,048
3,028
2,797
Direct Costs and Expenses:
Operating:
Personnel
$
1,220
$
1,022
$
1,050
$
1,136
$
1,389
Repairs and maintenance
331
304
566
293
608
Drydocking
6
28
(30
)
(7
)
1
Insurance and loss reserves
94
150
146
(137
)
148
Fuel, lubes and supplies
259
399
215
144
321
Other
283
228
435
439
556
2,193
2,131
2,382
1,868
3,023
Other Costs and Expenses:
Lease expense
$
300
$
450
$
450
$
449
$
353
Depreciation and amortization
300
494
495
494
495
Fast support
Time Charter Statistics:
Average rates per day worked
$
9,905
$
9,907
$
9,201
$
8,621
$
8,464
Fleet utilization
86
%
90
%
85
%
80
%
79
%
Fleet available days
2,116
2,116
2,126
2,160
2,208
Out-of-service days for repairs, maintenance and drydockings
146
103
108
167
137
Out-of-service days for cold-stacked status
58
75
91
90
92
Operating Revenues:
Time charter
$
18,062
$
18,837
$
16,525
$
14,900
$
14,857
Bareboat charter
—
—
—
—
386
Other marine services
(224
)
(15
)
(174
)
(254
)
(380
)
17,838
18,822
16,351
14,646
14,863
Direct Costs and Expenses:
Operating:
Personnel
$
5,140
$
5,289
$
4,880
$
5,070
$
5,581
Repairs and maintenance
2,957
2,738
2,458
1,800
2,151
Drydocking
1,434
656
(201
)
1,277
494
Insurance and loss reserves
453
410
372
260
390
Fuel, lubes and supplies
1,797
1,572
1,187
1,544
1,355
Other
1,638
1,284
1,311
1,941
2,156
13,419
11,949
10,007
11,892
12,127
Other Costs and Expenses:
Lease expense
$
—
$
—
$
—
$
—
$
353
Depreciation and amortization
4,972
4,972
5,010
4,945
4,929

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

Three Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
PSV
Time Charter Statistics:
Average rates per day worked
$
13,519
$
13,772
$
13,422
$
12,188
$
11,586
Fleet utilization
69
%
78
%
86
%
72
%
79
%
Fleet available days
1,840
1,840
1,820
1,800
1,380
Out-of-service days for repairs, maintenance and drydockings
142
152
26
233
117
Out-of-service days for cold-stacked status
—
—
—
—
117
Operating Revenues:
Time charter
$
17,194
$
19,687
$
20,983
$
15,823
$
12,675
Bareboat charter
376
332
48
618
—
Other marine services
222
720
575
44
410
17,792
20,739
21,606
16,485
13,085
Direct Costs and Expenses:
Operating:
Personnel
$
8,961
$
8,427
$
7,889
$
8,193
$
6,141
Repairs and maintenance
2,998
2,839
3,184
3,701
2,191
Drydocking
770
1,025
(32
)
1,302
—
Insurance and loss reserves
552
734
551
428
280
Fuel, lubes and supplies
2,842
2,038
1,701
1,434
998
Other
1,420
1,275
1,631
1,348
1,957
17,543
16,338
14,924
16,406
11,567
Other Costs and Expenses:
Lease expense
$
—
$
332
$
154
$
291
$
—
Depreciation and amortization
4,099
3,810
3,785
3,786
3,155
Specialty
Time Charter Statistics:
Fleet available days
—
—
—
90
92
Out-of-service days for cold-stacked status
—
—
—
90
92
Direct Costs and Expenses:
Operating:
Personnel
$
—
$
—
$
—
$
1
$
6
Repairs and maintenance
—
—
—
—
(28
)
Insurance and loss reserves
—
—
—
2
1
Fuel, lubes and supplies
—
—
—
2
2
Other
—
—
—
11
18
—
—
—
16
(1
)

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

Three Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Liftboats
Time Charter Statistics:
Average rates per day worked
$
31,717
$
27,447
$
24,712
$
22,416
$
23,409
Fleet utilization
61
%
65
%
44
%
49
%
61
%
Fleet available days
828
828
819
810
828
Out-of-service days for repairs, maintenance and drydockings
90
154
318
179
58
Out-of-service days for cold-stacked status
92
92
91
134
184
Operating Revenues:
Time charter
$
16,127
$
14,720
$
8,805
$
8,830
$
11,831
Bareboat charter
—
—
—
—
2,484
Other marine services
1,842
1,421
3,283
1,463
1,121
17,969
16,141
12,088
10,293
15,436
Direct Costs and Expenses:
Operating:
Personnel
$
5,520
$
5,419
$
4,515
$
4,035
$
4,068
Repairs and maintenance
2,674
1,560
2,132
1,012
1,859
Drydocking
(543
)
3,337
6,737
2,401
72
Insurance and loss reserves
2,271
1,552
1,548
1,215
1,070
Fuel, lubes and supplies
896
1,408
1,230
605
589
Other
359
387
655
644
856
11,177
13,663
16,817
9,912
8,514
Other Costs and Expenses:
Lease expense
$
—
$
—
$
—
$
—
$
1,569
Depreciation and amortization
4,210
4,429
4,870
4,964
5,171
Other Activity
Operating Revenues:
Other marine services
$
1,089
$
1,016
$
924
$
1,139
$
1,786
1,089
1,016
924
1,139
1,786
Direct Costs and Expenses:
Operating:
Personnel
$
8
$
(5
)
$
12
$
—
$
(87
)
Repairs and maintenance
(12
)
(64
)
40
(15
)
1
Insurance and loss reserves
11
4
(72
)
(582
)
(30
)
Fuel, lubes and supplies
—
(1
)
17
—
(11
)
Other
(1
)
(9
)
18
(1
)
(67
)
6
(75
)
15
(598
)
(194
)
Other Costs and Expenses:
Lease expense
$
333
$
386
$
404
$
320
$
389
Depreciation and amortization
43
49
48
182
448

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

Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
ASSETS
Current Assets:
Cash and cash equivalents
$
39,963
$
47,514
$
22,608
$
36,315
$
37,619
Restricted cash
3,082
3,296
3,296
3,596
3,601
Receivables:
Trade, net of allowance for credit loss accounts
54,388
58,572
55,276
49,238
55,544
Other
7,638
6,647
7,437
8,799
6,118
Note receivable
15,000
20,000
—
—
—
Tax receivable
578
79
79
1,238
1,238
Inventories
2,123
2,059
1,723
1,297
928
Prepaid expenses and other
3,054
4,700
5,391
3,724
3,730
Assets held for sale
6,750
6,000
—
—
2,235
Total current assets
132,576
148,867
95,810
104,207
111,013
Property and Equipment:
Historical cost
967,683
992,423
1,000,147
1,006,873
1,008,080
Accumulated depreciation
(310,778
)
(321,898
)
(325,091
)
(316,444
)
(302,328
)
656,905
670,525
675,056
690,429
705,752
Construction in progress
8,111
8,422
15,576
15,550
15,531
Net property and equipment
665,016
678,947
690,632
705,979
721,283
Right-of-use asset - operating leases
6,206
4,419
5,686
6,238
6,608
Right-of-use asset - finance leases
6,813
6,972
7,131
7,290
100
Investments, at equity, and advances to 50% or less owned companies
3,024
1,901
75,923
76,860
71,727
Other assets
1,995
1,887
1,932
2,057
1,771
Total assets
$
815,630
$
842,993
$
877,114
$
902,631
$
912,502
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities
$
2,358
$
1,792
$
2,010
$
2,073
$
1,986
Current portion of finance lease liabilities
468
374
282
190
33
Current portion of long-term debt
61,512
57,567
33,398
32,708
31,602
Accounts payable and accrued expenses
37,954
36,248
39,262
32,585
28,419
Due to SEACOR Holdings
264
264
264
264
274
Other current liabilities
18,869
22,032
22,171
23,723
22,351
Total current liabilities
121,425
118,277
97,387
91,543
84,665
Long-term operating lease liabilities
4,739
3,759
4,026
4,420
4,885
Long-term finance lease liabilities
6,781
6,916
7,050
7,183
76
Long-term debt
260,119
282,556
318,699
326,264
332,762
Conversion option liability on convertible senior notes
—
—
1
34
—
Deferred income taxes
40,779
39,823
33,743
37,153
40,682
Deferred gains and other liabilities
2,641
2,692
2,701
2,990
2,891
Total liabilities
436,484
454,023
463,607
469,587
465,961
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock
272
272
272
269
262
Additional paid-in capital
466,669
465,449
464,222
463,138
461,931
Accumulated deficit
(93,111
)
(79,769
)
(55,418
)
(37,744
)
(22,907
)
Shares held in treasury
(1,852
)
(1,852
)
(1,852
)
(1,792
)
(1,120
)
Accumulated other comprehensive income, net of tax
6,847
4,549
5,960
8,853
8,055
378,825
388,649
413,184
432,724
446,221
Noncontrolling interests in subsidiaries
321
321
323
320
320
Total equity
379,146
388,970
413,507
433,044
446,541
Total liabilities and equity
$
815,630
$
842,993
$
877,114
$
902,631
$
912,502



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

Three Months Ended
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Cash Flows from Continuing Operating Activities:
Net (Loss) Income
$
(13,342
)
$
(24,353
)
$
(19,117
)
$
(14,837
)
$
(15,846
)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization
13,624
13,754
14,208
14,371
14,198
Deferred financing costs amortization
(997
)
350
364
291
328
Stock-based compensation expense
1,220
1,227
1,076
1,074
1,243
Debt discount amortization
1,449
1,817
1,736
1,691
1,614
Allowance for credit losses
11
(53
)
701
(170
)
585
(Gain) loss from equipment sales, retirements or impairments
(1,017
)
1,783
(25
)
(2,139
)
—
Gain on debt extinguishment
(12,700
)
—
—
—
—
Derivative (gains) losses
—
(1
)
(33
)
34
(4
)
Interest on finance lease
73
73
73
25
1
Cash settlement payments on derivative transactions, net
33
(131
)
(278
)
(373
)
(403
)
Currency losses (gains)
2,646
(2,314
)
(1,170
)
(821
)
357
Deferred income taxes
957
6,079
(3,410
)
(3,529
)
(2,781
)
Equity (earnings) losses
(1,176
)
254
(415
)
(5,674
)
(4,494
)
Dividends received from equity investees
74
1,096
1,162
725
817
Changes in Operating Assets and Liabilities:
Accounts receivables
2,304
(2,384
)
(4,476
)
3,904
(1,157
)
Other assets
3,296
966
(1,539
)
(164
)
1,656
Accounts payable and accrued liabilities
769
(4,900
)
4,925
6,707
7,915
Net cash (used in) provided by operating activities
(2,776
)
(6,737
)
(6,218
)
1,115
4,029
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment
(185
)
(240
)
(17
)
(20
)
(443
)
Proceeds from disposition of property and equipment
53
—
1,371
5,310
—
Net investing activities in property and equipment
(132
)
(240
)
1,354
5,290
(443
)
Investments in and advances to 50% or less owned companies
—
—
—
—
(2,272
)
Principal payments on notes due from equity investees
—
177
175
176
(630
)
Cash received from acquisition of 50% or less owned company
—
—
—
—
172
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
8,831
—
—
—
Net cash provided by (used in) investing activities
4,868
45,937
1,529
5,466
(3,173
)
Cash Flows from Continuing Financing Activities:
Payments on long-term debt
(7,470
)
(14,182
)
(9,152
)
(7,348
)
(5,981
)
Payments on debt extinguishment cost
(2,271
)
—
—
—
—
Payments on finance leases
(114
)
(114
)
(114
)
(9
)
(9
)
Proceeds from exercise of stock options
—
—
11
140
—
Acquisition of common shares for tax withholding obligations
—
—
(60
)
(672
)
—
Exercise of warrants
—
—
—
—
1
Net cash used in financing activities
(9,855
)
(14,296
)
(9,315
)
(7,889
)
(5,989
)
Effects of Exchange Rate Changes on Cash and Cash Equivalents
(2
)
2
(3
)
(1
)
(1
)
Net Change in Cash, Cash Equivalents and Restricted Cash
(7,765
)
24,906
(14,007
)
(1,309
)
(5,134
)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period
50,810
25,904
39,911
41,220
46,354
Cash, Restricted Cash and Cash Equivalents, End of Period
$
43,045
$
50,810
$
25,904
$
39,911
$
41,220

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

Owned
Joint Ventured (1)
Leased-in
Managed
Total
December 31, 2022
AHTS
3
—
2
—
5
FSV
22
—
1
2
25
PSV
21
—
—
—
21
Liftboats
9
—
—
—
9
55
—
3
2
60
December 31, 2021
AHTS
4
—
2
—
6
FSV
23
5
1
1
30
PSV
20
15
—
—
35
Specialty (2)
1
—
—
—
1
Liftboats (3)
9
—
—
—
9
57
20
3
1
81

(1) On September 29, 2022, the Company sold its equity interests in MexMar and OVH and acquired 100% of the equity interest in SEACOR Marlin LLC, resulting in the Company no longer operating joint-ventured vessels.
(2) One owned vessel classified as a CTV Operations as of December 31, 2020 was reclassified as a specialty vessel as of January 12, 2021 and removed from service in the second quarter of 2022. Removed from service vessels are not counted in active fleet count.
(3) In the second quarter of 2021, the Company removed from service four liftboats. Removed from service vessels are not counted in active fleet count.


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