Twitter

Link your Twitter Account to Market Wire News


When you linking your Twitter Account Market Wire News Trending Stocks news and your Portfolio Stocks News will automatically tweet from your Twitter account.


Be alerted of any news about your stocks and see what other stocks are trending.

home / news releases / SMHI - SEACOR Marine Announces Fourth Quarter 2023 Results

SMHI - SEACOR Marine Announces Fourth Quarter 2023 Results

SEACOR Marine Holdings Inc.

HOUSTON, Feb. 29, 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 fourth quarter ended December 31, 2023.

SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2023 were $73.1 million, operating income was $22.6 million, and direct vessel profit (“DVP”) (1) was $29.8 million. This compares to 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, and consolidated operating revenues of $76.9 million, operating income of $9.8 million, and DVP of $36.8 million in the third quarter of 2023.

Notable fourth quarter items include:

  • 26.2% improvement in revenues from the fourth quarter of 2022 and a 5.0% decrease from the third quarter of 2023.
  • Average day rates of $18,031, a 30.7% improvement from the fourth quarter of 2022, and essentially flat from the third quarter of 2023.
  • DVP margin of 40.8%, increasing from 23.5% in the fourth quarter of 2022, and declining from 47.8% in the third quarter of 2023.
  • Gross proceeds on the sales of two non-core vessels for total proceeds of $36.5 million and gains of $18.3 million.

For the fourth quarter of 2023, net income was $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share). This compares to a net loss for the fourth quarter of 2022 of $13.3 million ($0.50 loss per basic and diluted share). Sequentially, fourth quarter 2023 results compare to a net loss of $0.9 million ($0.03 loss per basic and diluted share) in the third quarter of 2023.

Chief Executive Officer John Gellert commented:

“I am pleased with the Company’s fourth quarter results, with average day rates holding from the recent high of the third quarter of 2023, and utilization softening marginally as we entered our seasonally lower winter season. DVP for the quarter maintained much of progress made in recent quarters and expanded significantly when compared to the fourth quarter of 2022.

All of our business segments continued to deliver positive results, even as some of our customers paused project activity for the winter, most notably in U.S. windfarms. After completing temporary repairs during this quarter, we also saw the return to service of one of our premium liftboats in the U.S. We expect to have all four large liftboats operating for most of 2024, which should be a meaningful contributor to our revenue generating capacity. Tendering activity remains high, particularly in international markets, and we expect to continue to charter vessels at improved terms and pricing as they roll off their contracts. As planned, we are taking advantage of the winter months for scheduled maintenance and vessel repositioning in order to maximize utilization the rest of the year.

We also completed the sales of a liftboat and a FSV during the fourth quarter, both considered non-core assets. The sales generated total proceeds of $36.5 million and gains of $18.3 million. These assets were not expected to have a meaningful impact on revenues or DVP in 2024, and were sold at compelling values.

Looking forward, we continue to see strong demand for our fleet in 2024. Recent announcements about project cancellations in the Middle East and U.S. wind are not expected to impact our vessels engaged in those areas, and we see growing demand from other regions.

Finally, we recently announced our commitment to acquire four state-of-the-art energy storage systems, which will be used to upgrade four of our newest PSVs to hybrid power. We currently plan to conduct these upgrades as the systems deliver in late 2024 and 2025. Once installed, more than 50% of our PSV fleet will be hybrid powered, furthering our efforts to enhance operational efficiency and reduce the environmental impact of our fleet.”
___________________

(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,
2023
2022
2023
2022
Operating Revenues
$
73,083
$
57,926
$
279,511
$
217,325
Costs and Expenses:
Operating
43,269
44,338
159,650
171,985
Administrative and general
11,547
10,799
49,183
40,911
Lease expense
679
633
2,748
3,869
Depreciation and amortization
13,022
13,624
53,821
55,957
68,517
69,394
265,402
272,722
Gains on Asset Dispositions and Impairments, Net
18,057
1,017
21,409
1,398
Operating Income (Loss)
22,623
(10,451
)
35,518
(53,999
)
Other Income (Expense):
Interest income
222
688
1,444
784
Interest expense
(10,444
)
(8,456
)
(37,504
)
(29,706
)
Gain (loss) on debt extinguishment
—
10,429
(2,004
)
10,429
Derivative gains, net
608
—
608
—
Foreign currency (losses) gains, net
(1,276
)
(2,646
)
(2,133
)
1,659
Other, net
—
137
—
755
(10,890
)
152
(39,589
)
(16,079
)
Income (Loss) Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies
11,733
(10,299
)
(4,071
)
(70,078
)
Income Tax Expense
6,378
4,219
8,799
8,582
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies
5,355
(14,518
)
(12,870
)
(78,660
)
Equity in Earnings of 50% or Less Owned Companies
374
1,176
3,556
7,011
Net Income (Loss)
5,729
(13,342
)
(9,314
)
(71,649
)
Net Income Attributable to Noncontrolling Interests in Subsidiaries
—
—
—
1
Net Income (Loss) Attributable to SEACOR Marine Holdings Inc.
$
5,729
$
(13,342
)
$
(9,314
)
$
(71,650
)
Net Earnings (Loss) Per Share:
Basic
$
0.21
$
(0.50
)
$
(0.34
)
$
(2.69
)
Diluted
$
0.20
$
(0.50
)
$
(0.34
)
$
(2.69
)
Weighted Average Common Stock and Warrants Outstanding:
Basic
27,182,496
26,727,864
27,082,391
26,626,179
Diluted
28,400,684
26,727,864
27,082,391
26,626,179



SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)
Three Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Time Charter Statistics:
Average Rates Per Day
$
18,031
$
18,046
$
15,250
$
14,314
$
13,794
Fleet Utilization
71
%
73
%
78
%
76
%
76
%
Fleet Available Days
5,170
5,182
5,096
5,071
5,244
Operating Revenues:
Time charter
$
66,498
$
68,668
$
60,804
$
55,415
$
54,789
Bareboat charter
368
368
364
360
376
Other marine services
6,217
7,864
7,151
5,434
2,761
73,083
76,900
68,319
61,209
57,926
Costs and Expenses:
Operating:
Personnel
22,080
19,943
19,944
19,803
20,849
Repairs and maintenance
7,604
7,418
5,793
6,011
8,948
Drydocking
2,561
1,768
2,256
13
1,667
Insurance and loss reserves
2,944
1,833
2,390
2,789
3,381
Fuel, lubes and supplies
3,683
5,047
3,638
4,819
5,794
Other
4,397
4,133
3,709
5,074
3,699
43,269
40,142
37,730
38,509
44,338
Direct Vessel Profit (1)
29,814
36,758
30,589
22,700
13,588
Other Costs and Expenses:
Lease expense
679
651
698
720
633
Administrative and general
11,547
12,300
13,704
11,632
10,799
Depreciation and amortization
13,022
13,462
13,575
13,762
13,624
25,248
26,413
27,977
26,114
25,056
Gains (Losses) on Asset Dispositions and Impairments, Net
18,057
(512
)
265
3,599
1,017
Operating Income (Loss)
22,623
9,833
2,877
185
(10,451
)
Other Income (Expense):
Interest income
222
340
422
460
688
Interest expense
(10,444
)
(9,536
)
(8,736
)
(8,788
)
(8,456
)
Derivative gains, net
608
—
—
—
—
(Loss) gain on debt extinguishment
—
(2,004
)
—
—
10,429
Foreign currency (losses) gains, net
(1,276
)
571
(603
)
(825
)
(2,646
)
Other, net
—
—
—
—
137
(10,890
)
(10,629
)
(8,917
)
(9,153
)
152
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies
11,733
(796
)
(6,040
)
(8,968
)
(10,299
)
Income Tax Expense (Benefit)
6,378
2,360
(1,096
)
1,157
4,219
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies
5,355
(3,156
)
(4,944
)
(10,125
)
(14,518
)
Equity in Earnings of 50% or Less Owned Companies
374
2,273
373
536
1,176
Net Income (Loss)
$
5,729
$
(883
)
$
(4,571
)
$
(9,589
)
$
(13,342
)
Net Earnings (Loss) Per Share:
Basic
$
0.21
$
(0.03
)
$
(0.17
)
$
(0.36
)
$
(0.50
)
Diluted
$
0.20
$
(0.03
)
$
(0.17
)
$
(0.36
)
$
(0.50
)
Weighted Average Common Stock and Warrants Outstanding:
Basic
27,182
27,182
27,138
26,822
26,728
Diluted
28,401
27,182
27,138
26,822
26,728
Common Shares and Warrants Outstanding at Period End
28,489
28,481
28,481
28,428
28,142


(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
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked
$
22,584
$
23,663
$
16,115
$
18,359
$
22,563
Fleet utilization
50
%
57
%
35
%
35
%
57
%
Fleet available days
1,152
1,196
1,080
1,015
1,288
Out-of-service days for repairs, maintenance and drydockings
61
151
229
112
108
Out-of-service days for cold-stacked status (2)
254
206
173
211
242
Operating Revenues:
Time charter
$
12,929
$
16,236
$
6,121
$
6,564
$
16,574
Other marine services
5,346
5,478
3,004
3,850
2,916
18,275
21,714
9,125
10,414
19,490
Direct Costs and Expenses:
Operating:
Personnel
6,906
6,712
5,957
6,535
7,262
Repairs and maintenance
819
1,560
1,573
1,194
2,666
Drydocking
303
462
1,506
43
472
Insurance and loss reserves
1,297
332
1,082
1,041
2,022
Fuel, lubes and supplies
1,032
958
924
783
746
Other
475
375
346
231
416
10,832
10,399
11,388
9,827
13,584
Direct Vessel Profit (Loss) (1)
$
7,443
$
11,315
$
(2,263
)
$
587
$
5,906
Other Costs and Expenses:
Lease expense
$
141
$
116
$
143
$
136
$
138
Depreciation and amortization
3,479
3,810
3,861
3,535
3,912
Africa and Europe
Time Charter Statistics:
Average rates per day worked
$
15,233
$
15,388
$
14,982
$
12,835
$
11,241
Fleet utilization
82
%
84
%
94
%
87
%
82
%
Fleet available days
1,748
1,748
1,729
1,710
1,656
Out-of-service days for repairs, maintenance and drydockings
124
111
58
118
125
Out-of-service days for cold-stacked status (3)
92
54
—
—
—
Operating Revenues:
Time charter
$
21,791
$
22,528
$
24,414
$
18,996
$
15,299
Other marine services
189
1,943
225
225
(679
)
21,980
24,471
24,639
19,221
14,620
Direct Costs and Expenses:
Operating:
Personnel
6,007
5,089
4,833
4,505
4,680
Repairs and maintenance
2,807
2,214
2,050
2,553
2,902
Drydocking
1,298
320
144
1,184
678
Insurance and loss reserves
416
573
420
318
366
Fuel, lubes and supplies
623
2,573
1,419
2,215
2,775
Other
2,267
2,448
2,608
2,749
1,896
13,418
13,217
11,474
13,524
13,297
Direct Vessel Profit (1)
$
8,562
$
11,254
$
13,165
$
5,697
$
1,323
Other Costs and Expenses:
Lease expense
$
289
$
372
$
408
$
429
$
378
Depreciation and amortization
3,747
3,821
3,853
3,925
3,683


  1. See full description of footnote above.
  2. Includes one liftboat and one FSV cold-stacked in this region as of December 31, 2023.
  3. Includes one AHTS cold-stacked in this region that is classified as held for sale as of December 31, 2023.



SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)
Three Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Middle East and Asia
Time Charter Statistics:
Average rates per day worked
$
17,590
$
16,313
$
13,245
$
13,562
$
11,090
Fleet utilization
69
%
67
%
86
%
82
%
75
%
Fleet available days
1,461
1,472
1,456
1,440
1,533
Out-of-service days for repairs, maintenance and drydockings
360
297
58
76
132
Operating Revenues:
Time charter
$
17,729
$
16,087
$
16,563
$
16,028
$
12,802
Other marine services
539
267
3,512
27
(66
)
18,268
16,354
20,075
16,055
12,736
Direct Costs and Expenses:
Operating:
Personnel
5,522
5,157
5,266
4,841
5,270
Repairs and maintenance
2,590
2,623
1,219
677
1,958
Drydocking
624
1,056
(684
)
(1,095
)
244
Insurance and loss reserves
1,022
711
720
1,185
821
Fuel, lubes and supplies
1,242
743
425
1,142
1,335
Other
1,133
943
389
1,496
915
12,133
11,233
7,335
8,246
10,543
Direct Vessel Profit (1)
$
6,135
$
5,121
$
12,740
$
7,809
$
2,193
Other Costs and Expenses:
Lease expense
$
158
$
59
$
67
$
76
$
52
Depreciation and amortization
3,643
3,721
3,708
3,688
3,783
Latin America
Time Charter Statistics:
Average rates per day worked
$
20,745
$
20,656
$
18,846
$
16,229
$
14,009
Fleet utilization
84
%
87
%
88
%
94
%
94
%
Fleet available days
809
766
831
906
767
Out-of-service days for repairs, maintenance and drydockings
—
67
79
22
14
Operating Revenues:
Time charter
$
14,049
$
13,817
$
13,706
$
13,827
$
10,114
Bareboat charter
368
368
364
360
376
Other marine services
143
176
410
1,332
590
14,560
14,361
14,480
15,519
11,080
Direct Costs and Expenses:
Operating:
Personnel
3,645
2,985
3,888
3,922
3,637
Repairs and maintenance
1,388
1,021
951
1,587
1,422
Drydocking
336
(70
)
1,290
(119
)
273
Insurance and loss reserves
209
217
168
245
172
Fuel, lubes and supplies
786
773
870
679
938
Other
522
367
366
598
472
6,886
5,293
7,533
6,912
6,914
Direct Vessel Profit (1)
$
7,674
$
9,068
$
6,947
$
8,607
$
4,166
Other Costs and Expenses:
Lease expense
$
91
$
104
$
80
$
79
$
65
Depreciation and amortization
2,153
2,110
2,153
2,614
2,246

(1) See full description of footnote above.



SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)
Three Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
AHTS
Time Charter Statistics:
Average rates per day worked
$
8,937
$
9,947
$
8,916
$
9,244
$
9,254
Fleet utilization
64
%
50
%
85
%
81
%
80
%
Fleet available days
368
368
364
391
460
Out-of-service days for repairs, maintenance and drydockings
41
111
13
45
—
Out-of-service days for cold-stacked status
92
54
—
31
92
Operating Revenues:
Time charter
$
2,102
$
1,831
$
2,762
$
2,915
$
3,406
Other marine services
6
930
—
—
(168
)
2,108
2,761
2,762
2,915
3,238
Direct Costs and Expenses:
Operating:
Personnel
$
944
$
1,019
$
1,069
$
995
$
1,220
Repairs and maintenance
612
484
186
216
331
Drydocking
58
747
131
420
6
Insurance and loss reserves
73
88
78
68
94
Fuel, lubes and supplies
375
428
192
476
259
Other
295
378
329
448
283
2,357
3,144
1,985
2,623
2,193
Other Costs and Expenses:
Lease expense
$
253
$
331
$
332
$
331
$
300
Depreciation and amortization
175
249
298
298
300
FSV
Time Charter Statistics:
Average rates per day worked
$
11,841
$
11,441
$
11,314
$
10,609
$
9,905
Fleet utilization
74
%
79
%
92
%
91
%
86
%
Fleet available days
2,105
2,116
2,093
2,070
2,116
Out-of-service days for repairs, maintenance and drydockings
337
227
86
66
146
Out-of-service days for cold-stacked status
92
69
82
90
58
Operating Revenues:
Time charter
$
18,502
$
19,135
$
21,747
$
19,988
$
18,062
Other marine services
163
652
71
190
(224
)
18,665
19,787
21,818
20,178
17,838
Direct Costs and Expenses:
Operating:
Personnel
$
5,320
$
5,144
$
5,083
$
4,861
$
5,140
Repairs and maintenance
2,691
2,787
1,134
1,867
2,957
Drydocking
1,710
870
1,342
128
1,434
Insurance and loss reserves
507
185
337
334
453
Fuel, lubes and supplies
1,441
1,501
1,108
1,382
1,797
Other
1,632
1,552
1,536
1,803
1,638
13,301
12,039
10,540
10,375
13,419
Other Costs and Expenses:
Depreciation and amortization
4,879
5,002
4,952
4,946
4,972



SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
Three Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
PSV
Time Charter Statistics:
Average rates per day worked
$
19,778
$
19,528
$
17,545
$
14,827
$
13,519
Fleet utilization
77
%
78
%
80
%
70
%
69
%
Fleet available days
1,902
1,870
1,820
1,800
1,840
Out-of-service days for repairs, maintenance and drydockings
109
110
92
124
142
Operating Revenues:
Time charter
$
29,140
$
28,580
$
25,458
$
18,800
$
17,194
Bareboat charter
368
368
364
360
376
Other marine services
595
696
584
1,203
222
30,103
29,644
26,406
20,363
17,792
Direct Costs and Expenses:
Operating:
Personnel
$
9,017
$
8,793
$
8,738
$
8,849
$
8,961
Repairs and maintenance
3,520
2,504
2,998
3,475
2,998
Drydocking
472
232
12
609
770
Insurance and loss reserves
690
682
421
419
552
Fuel, lubes and supplies
1,027
2,352
2,124
2,331
2,842
Other
1,922
1,761
1,405
2,677
1,420
16,648
16,324
15,698
18,360
17,543
Other Costs and Expenses:
Depreciation and amortization
4,073
4,073
4,072
4,262
4,099



SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
Three Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Liftboats
Time Charter Statistics:
Average rates per day worked
$
40,181
$
39,419
$
35,623
$
33,936
$
31,717
Fleet utilization
52
%
59
%
37
%
50
%
61
%
Fleet available days
795
828
819
810
828
Out-of-service days for repairs, maintenance and drydockings
60
111
233
94
90
Out-of-service days for cold-stacked status
162
137
91
90
92
Operating Revenues:
Time charter
$
16,754
$
19,122
$
10,837
$
13,712
$
16,127
Other marine services
4,666
4,710
5,495
2,930
1,842
21,420
23,832
16,332
16,642
17,969
Direct Costs and Expenses:
Operating:
Personnel
$
5,316
$
4,983
$
5,065
$
5,068
$
5,520
Repairs and maintenance
769
1,643
1,472
499
2,674
Drydocking
321
(81
)
849
(1,141
)
(543
)
Insurance and loss reserves
1,554
1,148
1,418
1,907
2,271
Fuel, lubes and supplies
838
766
219
619
896
Other
531
445
441
125
359
9,329
8,904
9,464
7,077
11,177
Other Costs and Expenses:
Depreciation and amortization
3,867
4,099
4,215
4,214
4,210
Other Activity
Operating Revenues:
Other marine services
$
787
$
876
$
1,001
$
1,111
$
1,089
787
876
1,001
1,111
1,089
Direct Costs and Expenses:
Operating:
Personnel
$
1,483
$
4
$
(11
)
$
30
$
8
Repairs and maintenance
12
—
3
(46
)
(12
)
Drydocking
—
—
(78
)
(3
)
—
Insurance and loss reserves
120
(270
)
136
61
11
Fuel, lubes and supplies
2
—
(5
)
11
—
Other
17
(3
)
(2
)
21
(1
)
1,634
(269
)
43
74
6
Other Costs and Expenses:
Lease expense
$
426
$
320
$
366
$
389
$
333
Depreciation and amortization
28
39
38
42
43



SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents
$
67,455
$
55,840
$
40,750
$
40,570
$
39,963
Restricted cash
16,676
2,796
2,796
3,082
3,082
Receivables:
Trade, net of allowance for credit loss accounts
63,728
63,246
60,022
60,114
54,388
Other
11,049
8,662
12,032
11,650
7,375
Note receivable
—
—
5,000
10,000
15,000
Tax receivable
983
445
445
445
578
Inventories
1,609
1,738
1,653
2,207
2,123
Prepaid expenses and other
2,686
2,957
3,112
3,233
3,054
Assets held for sale
500
6,093
—
—
6,750
Total current assets
164,686
141,777
125,810
131,301
132,313
Property and Equipment:
Historical cost
918,823
936,520
966,338
969,328
967,683
Accumulated depreciation
(324,141
)
(318,549
)
(334,678
)
(324,197
)
(310,778
)
594,682
617,971
631,660
645,131
656,905
Construction in progress
10,362
9,413
8,876
8,540
8,111
Net property and equipment
605,044
627,384
640,536
653,671
665,016
Right-of-use asset - operating leases
4,291
4,907
5,703
5,984
6,206
Right-of-use asset - finance leases
37
45
6,495
6,654
6,813
Investments, at equity, and advances to 50% or less owned companies
4,125
3,857
3,253
3,594
3,024
Other assets
2,153
2,095
2,139
2,079
1,995
Total assets
$
780,336
$
780,065
$
783,936
$
803,283
$
815,367
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities
$
1,591
$
1,856
$
1,792
$
1,764
$
2,358
Current portion of finance lease liabilities
35
35
611
563
468
Current portion of long-term debt
28,365
28,005
63,959
60,523
61,512
Accounts payable and accrued expenses
27,562
32,468
39,013
44,256
37,955
Other current liabilities
19,533
21,340
21,027
20,185
18,869
Total current liabilities
77,086
83,704
126,402
127,291
121,162
Long-term operating lease liabilities
3,529
3,571
4,030
4,474
4,739
Long-term finance lease liabilities
6
15
6,462
6,644
6,781
Long-term debt
287,544
291,843
243,960
254,450
260,119
Deferred income taxes
35,718
33,078
34,038
39,120
40,779
Deferred gains and other liabilities
2,229
2,217
2,189
2,264
2,641
Total liabilities
406,112
414,428
417,081
434,243
436,221
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock
280
280
280
279
272
Additional paid-in capital
472,692
471,158
469,618
467,896
466,669
Accumulated deficit
(102,425
)
(108,154
)
(107,271
)
(102,700
)
(93,111
)
Shares held in treasury
(4,221
)
(4,221
)
(4,221
)
(4,119
)
(1,852
)
Accumulated other comprehensive income, net of tax
7,577
6,253
8,128
7,363
6,847
373,903
365,316
366,534
368,719
378,825
Noncontrolling interests in subsidiaries
321
321
321
321
321
Total equity
374,224
365,637
366,855
369,040
379,146
Total liabilities and equity
$
780,336
$
780,065
$
783,936
$
803,283
$
815,367



SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:
Net Income (Loss)
$
5,729
$
(883
)
$
(4,571
)
$
(9,589
)
$
(13,342
)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization
13,022
13,462
13,575
13,762
13,624
Deferred financing costs amortization
279
459
423
418
(997
)
Stock-based compensation expense
1,510
1,540
1,723
1,227
1,220
Debt discount amortization
1,862
1,714
1,627
1,558
1,449
Allowance for credit losses
266
594
2,763
(104
)
11
(Gain) loss from equipment sales, retirements or impairments
(18,057
)
512
(265
)
(3,599
)
(1,017
)
(Gains) losses on debt extinguishment
—
177
—
—
(12,700
)
Derivative gains
(608
)
—
—
—
—
Interest on finance lease
1
59
70
72
73
Settlements on derivative transactions, net
—
197
226
154
33
Currency losses (gains)
1,276
(571
)
603
825
2,646
Deferred income taxes
2,640
(960
)
(5,082
)
(1,659
)
957
Equity earnings
(374
)
(2,273
)
(373
)
(536
)
(1,176
)
Dividends received from equity investees
166
1,031
1,044
—
74
Changes in Operating Assets and Liabilities:
Accounts receivables
(3,472
)
(747
)
(3,139
)
(9,857
)
2,304
Other assets
733
493
1,017
45
3,296
Accounts payable and accrued liabilities
(6,456
)
(7,705
)
(5,758
)
6,731
769
Net cash (used in) provided by operating activities
(1,483
)
7,099
3,883
(552
)
(2,776
)
Cash Flows from Investing Activities:
Purchases of property and equipment
(3,644
)
(6,455
)
(35
)
(470
)
(185
)
Proceeds from disposition of property and equipment
36,692
—
427
7,611
53
Net investing activities in property and equipment
33,048
(6,455
)
392
7,141
(132
)
Principal payments on notes due from others
—
5,000
5,000
5,000
5,000
Net cash provided by (used in) investing activities
33,048
(1,455
)
5,392
12,141
4,868
Cash Flows from Financing Activities:
Payments on long-term debt
(6,173
)
(4,901
)
(9,483
)
(8,608
)
(7,470
)
Payments on debt extinguishment
—
(104,832
)
(26,772
)
—
(2,271
)
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
)
(204
)
(204
)
(114
)
(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 and director share awards
—
—
(102
)
(2,266
)
—
Net cash (used in) provided by financing activities
(6,071
)
9,443
(9,380
)
(10,982
)
(9,855
)
Effects of Exchange Rate Changes on Cash and Cash Equivalents
1
3
(1
)
—
(2
)
Net Change in Cash, Cash Equivalents and Restricted Cash
25,495
15,090
(106
)
607
(7,765
)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period
58,636
43,546
43,652
43,045
50,810
Cash, Restricted Cash and Cash Equivalents, End of Period
$
84,131
$
58,636
$
43,546
$
43,652
$
43,045



SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS
Owned
Leased-in
Managed
Total
December 31, 2023
AHTS
3
1
—
4
FSV
22
—
3
25
PSV
21
—
—
21
Liftboats
8
—
—
8
54
1
3
58
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: SEACOR Marine Holdings Inc.
Stock Symbol: SMHI
Market: NYSE
Website: seacormarine.com
Menu
SMHI SMHI Quote SMHI Short SMHI News SMHI Articles SMHI Message Board
Get SMHI Alerts

News, Short Squeeze, Breakout and More Instantly...