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SEACOR Marine Announces First Quarter 2021 Results
来源: Nasdaq GlobeNewswire / 06 5月 2021 06:30:01 America/New_York
HOUSTON, May 06, 2021 (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, 2021.
Chief Executive Officer John Gellert provided the following statement: “SEACOR Marine continues to grieve for our crew members, partners and the loved ones of those who were lost in the capsizing of the SEACOR Power. Their memories will live long in our hearts, minds and communities. We are grateful for the efforts of all those involved in our search and rescue efforts. As salvage operations continue, we remain focused on supporting our team members and their families and will keep them in our prayers.”
SEACOR Marine’s consolidated operating revenues from continuing operations for the first quarter of 2021 were $36.5 million, operating loss was $16.6 million, and direct vessel profit (“DVP”)(1) was $10.2 million. This compares to consolidated operating revenues from continuing operations of $35.7 million, operating loss of $23.7 million, and DVP of $14.9 million in the first quarter of 2020. For the first quarter of 2021, net income attributable to SEACOR Marine was $6.0 million ($0.24 income per basic and diluted share), primarily due to a $22.8 million gain on the sale of Windcat Workboat Holdings Ltd. (“Windcat”). For the first quarter of 2021, the net loss attributable to SEACOR Marine’s continuing operations was $16.9 million ($0.67 loss per basic and diluted share). This compares to a net loss from continuing operations for the first quarter of 2020 of $17.9 million ($0.58 loss per basic and diluted share). Sequentially, the first quarter of 2021 results compare to consolidated operating revenues from continuing operations of $36.0 million, operating loss of $16.9 million, and DVP of $10.5 million in the fourth quarter of 2020. For the fourth quarter of 2020 the net loss attributable to SEACOR Marine’s continuing operations was $38.9 million ($1.54 loss per basic and diluted share).
Notable first quarter items include:
- Operating results in the first quarter reflect continued improvement in market conditions across all international regions.
- Reduced operating loss by 30.3% compared to the first quarter of 2020 primarily driven by a reduction in impairments and lower lease expenses.
- Significantly improved liquidity position with $42.2 million of cash proceeds from the Windcat sale net of $1.6 million in transaction costs and other costs, and receipt of $12.5 million in unrestricted cash from tax refund claims under the CARES Act during the quarter.
After the first quarter, an additional aggregate amount of $19.8 million of tax refunds were received by SEACOR Marine completing the receipt of all expected tax refunds under the CARES Act. As a result of the Windcat sale and CARES Act tax refunds, since the beginning of 2021, SEACOR Marine has generated $74.5 million in cash and reduced debt by £20.4 million (equivalent to approximately $28.1 million based on the USD to GBP closing exchange rate on March 31, 2021).
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(1) Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation and interest expense for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company’s 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 and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.
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.comSEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except share data)Three Months Ended March 31, 2021 2020 Operating Revenues $ 36,512 $ 35,667 Costs and Expenses: Operating 26,307 20,735 Administrative and general 8,611 9,394 Lease expense 1,078 3,325 Depreciation and amortization 14,798 13,362 50,794 46,816 Loss on Asset Dispositions and Impairments, Net (2,273 ) (12,572 ) Operating Loss (16,555 ) (23,721 ) Other Income (Expense): Interest income 986 662 Interest expense (8,018 ) (7,374 ) SEACOR Holdings guarantee fees (7 ) (16 ) Derivative gains, net 355 5,114 Foreign currency (losses) gains, net (466 ) 710 (7,150 ) (904 ) Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies (23,705 ) (24,625 ) Income Tax Benefit (2,688 ) (6,662 ) Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies (21,017 ) (17,963 ) Equity in Earnings of 50% or Less Owned Companies 4,103 25 Loss from Continuing Operations (16,914 ) (17,938 ) Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756) 22,925 (2,054 ) Net Income (Loss) 6,011 (19,992 ) Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries — (4,047 ) Net Income (Loss) attributable to SEACOR Marine Holdings Inc. $ 6,011 $ (15,945 ) Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc. Continuing operations $ (0.67 ) $ (0.58 ) Discontinued operations 0.91 (0.08 ) $ 0.24 $ (0.66 ) Weighted Average Common Shares and Warrants Outstanding: Basic and diluted shares 25,304,661 23,989,029 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except statistics and per share data)Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Mar. 31, 2020 Time Charter Statistics: Average Rates Per Day $ 11,323 $ 10,931 $ 11,052 $ 10,746 $ 10,886 Fleet Utilization 55 % 51 % 54 % 57 % 57 % Fleet Available Days 5,505 5,824 5,807 5,258 5,361 Operating Revenues: Time charter $ 34,290 $ 32,693 $ 34,824 $ 32,389 $ 33,549 Bareboat charter 729 732 677 723 724 Other marine services 1,493 2,619 700 813 1,394 36,512 36,044 36,201 33,925 35,667 Costs and Expenses: Operating: Personnel 13,418 13,057 13,401 10,704 11,186 Repairs and maintenance 3,840 3,445 3,764 3,612 3,840 Drydocking 2,217 1,753 585 566 1,365 Insurance and loss reserves 1,958 1,670 1,764 1,489 840 Fuel, lubes and supplies 2,202 2,081 2,131 2,075 1,841 Other 2,672 3,556 3,074 1,682 1,664 26,307 25,562 24,719 20,128 20,736 Direct Vessel Profit (1) 10,205 10,482 11,482 13,797 14,931 Other Costs and Expenses: Lease expense 1,078 1,798 1,200 1,202 3,325 Administrative and general 8,611 8,556 8,861 13,241 9,393 Depreciation and amortization 14,798 15,247 14,833 13,725 13,362 24,487 25,601 24,894 28,168 26,080 (Losses) Gains on Asset Dispositions and Impairments, Net (2,273 ) (1,796 ) 233 (3,453 ) (12,572 ) Operating Loss (16,555 ) (16,915 ) (13,179 ) (17,824 ) (23,721 ) Other Income (Expense): Interest income 986 61 34 516 662 Interest expense (8,018 ) (8,288 ) (8,312 ) (6,717 ) (7,374 ) SEACOR Holdings guarantee fees (7 ) (11 ) (11 ) (9 ) (16 ) Derivative losses (gains), net 355 (894 ) 5 85 5,114 Foreign currency gains, net (466 ) (1,286 ) (911 ) 193 710 Other, net — (19 ) — — — (7,150 ) (10,437 ) (9,195 ) (5,932 ) (904 ) Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies (23,705 ) (27,352 ) (22,374 ) (23,756 ) (24,625 ) Income Tax (Benefit) Expense (2,688 ) 1,865 (3,120 ) (15,007 ) (6,662 ) Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies (21,017 ) (29,217 ) (19,254 ) (8,749 ) (17,963 ) Equity in Earnings (Losses) of 50% or Less Owned Companies 4,103 (9,681 ) (588 ) 2,081 25 Loss from Continuing Operations (16,914 ) (38,898 ) (19,842 ) (6,668 ) (17,938 ) Income (Loss) from Discontinued Operations, Net of Tax 22,925 51 1,765 602 (2,054 ) Net Income (Loss) 6,011 (38,847 ) (18,077 ) (6,066 ) (19,992 ) Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries — (31 ) 4 7 (4,047 ) Net Income (Loss) attributable to SEACOR Marine Holdings Inc. $ 6,011 $ (38,816 ) $ (18,081 ) $ (6,073 ) $ (15,945 ) Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc. Continuing operations $ (0.67 ) $ (1.54 ) $ (0.79 ) $ (0.26 ) $ (0.58 ) Discontinued operations 0.91 — 0.07 0.02 (0.08 ) $ 0.24 $ (1.54 ) $ (0.72 ) $ (0.24 ) $ (0.66 ) Weighted Average Common Shares and Warrants Outstanding: Basic and Diluted 25,305 25,265 24,989 24,851 23,989 Common Shares and Warrants Outstanding at Period End 25,683 24,919 24,996 24,899 24,854 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION
(in thousands, except statistics)Three Months Ended Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Mar. 31, 2020 United States, primarily Gulf of Mexico Time Charter Statistics: Average rates per day worked $ 15,910 $ 18,405 $ 19,397 $ 15,574 $ 20,988 Fleet utilization 6 % 7 % 5 % 5 % 11 % Fleet available days 1,518 1,797 1,871 1,842 1,864 Out-of-service days for repairs, maintenance and drydockings 67 45 37 32 116 Out-of-service days for cold-stacked status 1,270 1,472 1,576 1,465 1,301 Operating Revenues: Time charter $ 1,489 $ 2,352 $ 1,668 $ 1,478 $ 4,375 Bareboat charter 729 732 731 723 724 Other marine services 546 794 473 513 642 2,764 3,878 2,872 2,714 5,741 Direct Costs and Expenses: Operating: Personnel 1,744 2,372 2,481 2,284 2,928 Repairs and maintenance 654 386 338 314 617 Drydocking 875 — — 110 1,057 Insurance and loss reserves 527 507 778 354 135 Fuel, lubes and supplies 199 208 251 189 524 Other 77 116 85 93 79 4,076 3,589 3,933 3,344 5,340 Direct Vessel (Loss) Profit (1) $ (1,312 ) $ 289 $ (1,061 ) $ (630 ) $ 401 Other Costs and Expenses: Lease expense $ 664 $ 677 $ 716 $ 741 $ 2,138 Depreciation and amortization 4,164 5,854 4,961 5,254 5,358 Africa and Europe, Continuing Operations Time Charter Statistics: Average rates per day worked $ 11,356 $ 10,837 $ 10,801 $ 10,918 $ 10,856 Fleet utilization 68 % 61 % 68 % 86 % 90 % Fleet available days 1,356 1,472 1,472 1,395 1,437 Out-of-service days for repairs, maintenance and drydockings 78 138 45 90 56 Out-of-service days for cold-stacked status 346 368 216 — — Operating Revenues: Time charter $ 10,502 $ 9,796 $ 10,861 $ 13,055 $ 14,010 Bareboat charter — — (54 ) — — Other marine services (269 ) 343 (279 ) (382 ) 184 10,233 10,139 10,528 12,673 14,194 Direct Costs and Expenses: Operating: Personnel 3,220 3,510 3,407 3,248 3,232 Repairs and maintenance 1,191 1,437 1,158 1,463 1,585 Drydocking 304 1,269 481 256 8 Insurance and loss reserves 433 512 397 600 297 Fuel, lubes and supplies 572 853 1,091 799 517 Other 579 (674 ) 774 647 596 6,299 6,907 7,308 7,013 6,235 Direct Vessel Profit (1) $ 3,934 $ 3,232 $ 3,220 $ 5,660 $ 7,959 Other Costs and Expenses: Lease expense $ 356 $ 1,056 $ 430 $ 420 $ 1,133 Depreciation and amortization 3,307 2,964 3,784 3,600 3,315 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except statistics)Three Months Ended Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Mar. 31, 2020 Middle East and Asia Time Charter Statistics: Average rates per day worked $ 9,308 $ 9,455 $ 9,670 $ 10,245 $ 9,634 Fleet utilization 73 % 75 % 78 % 82 % 73 % Fleet available days 1,852 1,840 1,809 1,613 1,671 Out-of-service days for repairs, maintenance and drydockings 115 68 89 113 200 Out-of-service days for cold-stacked status 239 169 76 61 48 Operating Revenues: Time charter $ 12,575 $ 13,008 $ 13,672 $ 13,605 $ 11,767 Other marine services 360 927 296 514 420 12,935 13,935 13,968 14,119 12,187 Direct Costs and Expenses: Operating: Personnel 5,208 5,411 5,171 3,795 3,811 Repairs and maintenance 903 842 1,564 1,580 1,246 Drydocking 1,066 41 104 200 414 Insurance and loss reserves 702 501 451 430 339 Fuel, lubes and supplies 559 604 482 955 665 Other 1,144 3,618 1,771 819 683 9,582 11,017 9,543 7,779 7,158 Direct Vessel Profit (1) $ 3,353 $ 2,918 $ 4,425 $ 6,340 $ 5,029 Other Costs and Expenses: Lease expense $ 22 $ 47 $ 46 $ 32 $ 45 Depreciation and amortization 4,710 4,505 4,379 3,921 3,790 Latin America Time Charter Statistics: Average rates per day worked $ 14,751 $ 12,921 $ 13,355 $ 10,752 $ 9,397 Fleet utilization 85 % 82 % 99 % 97 % 93 % Fleet available days 779 716 655 408 389 Out-of-service days for repairs, maintenance and drydockings 94 66 7 — 3 Out-of-service days for cold-stacked status — — — — — Operating Revenues: Time charter $ 9,724 $ 7,538 $ 8,621 $ 4,251 $ 3,396 Bareboat charter — — — — — Other marine services 856 555 212 168 149 10,580 8,093 8,833 4,419 3,545 Direct Costs and Expenses: Operating: Personnel 3,246 1,764 2,342 1,377 1,215 Repairs and maintenance 1,092 780 704 255 392 Drydocking (28 ) 443 — — (114 ) Insurance and loss reserves 296 150 138 105 69 Fuel, lubes and supplies 872 416 307 132 135 Other 872 497 444 123 305 6,350 4,050 3,935 1,992 2,002 Direct Vessel Profit (1) $ 4,230 $ 4,043 $ 4,898 $ 2,427 $ 1,543 Other Costs and Expenses: Lease expense $ 36 $ 18 $ 9 $ 9 $ 9 Depreciation and amortization 2,617 1,924 1,708 950 899 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS
(in thousands, except statistics)Three Months Ended Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Mar. 31, 2020 Anchor handling towing supply Time Charter Statistics: Average rates per day worked $ 7,778 $ 7,967 $ 7,388 $ 8,383 $ 8,012 Fleet utilization 67 % 44 % 54 % 43 % 39 % Fleet available days 540 641 644 667 709 Out-of-service days for repairs, maintenance and drydockings — 133 21 76 74 Out-of-service days for cold-stacked status 180 228 276 273 273 Operating Revenues: Time charter $ 2,801 $ 2,236 $ 2,564 $ 2,413 $ 2,225 Other marine services (130 ) 433 (147 ) (137 ) 559 2,671 2,669 2,417 2,276 2,784 Direct Costs and Expenses: Operating: Personnel 984 1,149 950 853 892 Repairs and maintenance 241 542 432 679 408 Drydocking 54 847 (2 ) (19 ) 22 Insurance and loss reserves 194 199 139 159 45 Fuel, lubes and supplies 139 258 148 168 216 Other 270 535 370 341 259 1,882 3,530 2,037 2,181 1,842 Direct Vessel Profit (Loss) (1) $ 789 $ (861 ) $ 380 $ 95 $ 942 Other Costs and Expenses: Lease expense $ 400 $ 1,127 $ 505 $ 518 $ 1,216 Depreciation and amortization 494 494 495 500 561 Fast support Time Charter Statistics: Average rates per day worked $ 7,888 $ 8,074 $ 8,421 $ 8,590 $ 8,472 Fleet utilization 61 % 60 % 63 % 72 % 76 % Fleet available days 2,207 2,300 2,300 2,426 2,521 Out-of-service days for repairs, maintenance and drydockings 182 155 71 137 156 Out-of-service days for cold-stacked status 584 549 421 285 273 Operating Revenues: Time charter $ 10,657 $ 11,151 $ 12,212 $ 15,078 $ 16,284 Bareboat charter 729 732 731 723 724 Other marine services (218 ) (283 ) (256 ) (372 ) (355 ) 11,168 11,600 12,687 15,429 16,653 Direct Costs and Expenses: Operating: Personnel 4,041 4,409 4,180 4,166 4,659 Repairs and maintenance 1,535 1,604 1,642 1,922 2,278 Drydocking 1,178 912 587 274 36 Insurance and loss reserves 466 471 353 304 332 Fuel, lubes and supplies 726 836 976 1,180 904 Other 1,141 2,085 1,489 1,203 1,000 9,087 10,317 9,227 9,049 9,209 Direct Vessel Profit (1) $ 2,081 $ 1,283 $ 3,460 $ 6,380 $ 7,444 Other Costs and Expenses: Lease expense $ 352 $ 352 $ 351 $ 352 $ 352 Depreciation and amortization 5,096 5,113 5,105 5,405 5,118 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Mar. 31, 2020 Supply Time Charter Statistics: Average rates per day worked $ 12,110 $ 11,373 $ 11,355 $ 8,477 $ 7,360 Fleet utilization 63 % 63 % 74 % 83 % 79 % Fleet available days 1,319 1,360 1,257 527 433 Out-of-service days for repairs, maintenance and drydockings 105 12 23 13 3 Out-of-service days for cold-stacked status 315 353 229 61 — Operating Revenues: Time charter $ 10,082 $ 9,714 $ 10,541 $ 3,713 $ 2,520 Bareboat charter — — (55 ) — — Other marine services 346 482 92 (53 ) (69 ) 10,428 10,196 10,578 3,660 2,451 Direct Costs and Expenses: Operating: Personnel 4,158 3,364 3,821 1,591 1,206 Repairs and maintenance 1,135 735 968 375 348 Drydocking 110 (2 ) — 197 — Insurance and loss reserves 474 238 230 106 67 Fuel, lubes and supplies 1,003 622 601 219 119 Other 880 1,205 1,022 246 397 7,760 6,162 6,642 2,734 2,137 Direct Vessel Profit (1) $ 2,668 $ 4,034 $ 3,936 $ 926 $ 314 Other Costs and Expenses: Lease expense $ — $ — $ — $ — $ — Depreciation and amortization 2,977 3,060 2,673 1,000 787 Specialty Time Charter Statistics: Average rates per day worked $ 1,890 $ 2,025 $ 2,025 $ 2,025 $ 1,982 Fleet utilization 100 % 100 % 69 % 50 % 38 % Fleet available days 90 92 134 182 242 Out-of-service days for cold-stacked status — — 42 91 139 Operating Revenues: Time charter $ 170 187 187 184 180 Other marine services 12 1 (9 ) (10 ) (19 ) 182 188 178 174 161 Direct Costs and Expenses: Operating: Personnel 89 69 72 47 85 Repairs and maintenance 8 34 51 102 103 Drydocking — (3 ) - - - Insurance and loss reserves 4 (2 ) 13 16 20 Fuel, lubes and supplies 8 3 (2 ) 8 26 Other 26 18 56 90 111 135 119 190 263 345 Direct Vessel Profit (Loss) (1) $ 47 $ 69 $ (12 ) $ (89 ) $ (184 ) Other Costs and Expenses: Depreciation and amortization $ — $ 1,541 $ 89 $ 189 $ 206 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Mar. 31, 2020 Liftboats Time Charter Statistics: Average rates per day worked $ 26,792 $ 24,561 $ 27,947 $ 24,894 $ 27,513 Fleet utilization 29 % 27 % 23 % 30 % 31 % Fleet available days 1,350 1,432 1,472 1,456 1,456 Out-of-service days for repairs, maintenance and drydockings 67 18 64 9 141 Out-of-service days for cold-stacked status 776 880 899 816 664 Operating Revenues: Time charter $ 10,580 $ 9,406 $ 9,319 $ 11,001 $ 12,339 Other marine services 797 395 316 306 250 11,377 9,801 9,635 11,307 12,589 Direct Costs and Expenses: Operating: Personnel 3,806 3,742 3,963 3,545 4,097 Repairs and maintenance 894 524 624 407 650 Drydocking 875 (1 ) — 111 1,307 Insurance and loss reserves 719 690 1,055 893 679 Fuel, lubes and supplies 320 349 370 343 490 Other 677 1,642 538 219 147 7,291 6,946 6,550 5,518 7,370 Direct Vessel Profit (1) $ 4,086 $ 2,855 $ 3,085 $ 5,789 $ 5,219 Other Costs and Expenses: Lease expense $ 12 $ 19 $ 31 $ 44 $ 1,497 Depreciation and amortization 5,659 6,009 5,980 6,081 6,128 Other Activity Operating Revenues: Other marine services $ 686 $ 1,591 $ 720 $ 1,056 $ 1,029 686 1,591 720 1,056 1,029 Direct Costs and Expenses: Operating: Personnel 340 324 415 502 247 Repairs and maintenance 27 6 47 128 53 Insurance and loss reserves 101 74 (26 ) 11 (303 ) Fuel, lubes and supplies 6 13 38 157 86 Other (322 ) (1,928 ) (401 ) (417 ) (251 ) 152 (1,511 ) 73 381 (168 ) Direct Vessel Profit (1) $ 534 $ 3,102 $ 647 $ 675 $ 1,197 Other Costs and Expenses: Lease expense $ 314 $ 300 $ 335 $ 241 $ 260 Depreciation and amortization 572 (970 ) 545 553 562 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Mar. 31, 2020 ASSETS Current Assets: Cash and cash equivalents $ 68,409 $ 32,666 $ 42,314 $ 51,888 $ 67,441 Restricted cash 3,352 3,352 3,352 3,352 3,353 Receivables: Trade, net of allowance for doubtful accounts 42,680 45,325 48,294 52,169 43,602 Other 11,265 10,924 18,365 13,814 27,249 Receivables from SEACOR Holdings 19,332 18,832 18,814 14,394 — Tax Receivable 1,498 13,556 11,770 — — Inventories 572 576 573 1,409 1,575 Prepaid expenses and other 2,326 3,230 3,438 2,835 2,092 Other Current Assets 423 — — — — Discontinued operations — 50,235 46,768 44,616 54,182 Total current assets 149,857 178,696 193,688 184,477 199,494 Property and Equipment: Historical cost 1,000,430 1,012,873 996,370 987,741 857,118 Accumulated depreciation (297,792 ) (291,538 ) (280,468 ) (271,097 ) (264,365 ) 702,638 721,335 715,902 716,644 592,753 Construction in progress 32,530 32,327 51,969 52,456 49,186 Net property and equipment 735,168 753,662 767,871 769,100 641,939 Right-of-Use Asset - Operating Leases 7,046 7,134 7,670 8,148 8,286 Right-of-Use Asset - Finance Lease 121 129 137 — — Investments, at Equity, and Advances to 50% or Less Owned Companies 79,000 75,308 84,701 87,177 109,844 Construction Reserve Funds — — — — 3,745 Other Assets 2,624 2,734 3,108 3,200 3,227 $ 973,816 $ 1,017,663 $ 1,057,175 $ 1,052,102 $ 966,535 LIABILITIES AND EQUITY Current Liabilities: Current portion of operating lease liabilities $ 5,139 $ 7,030 $ 9,446 $ 11,579 $ 13,167 Current lease liability - Finance 46 36 27 - — Current portion of long-term debt 34,888 32,377 52,108 51,793 37,084 Accounts payable and accrued expenses 21,428 29,967 28,888 21,323 30,064 Due to SEACOR Holdings — — — — 66 Other current liabilities 29,719 31,467 29,548 29,642 29,154 Discontinued operations — 30,927 28,555 28,882 27,392 Total current liabilities 91,220 131,804 148,572 143,219 136,927 Long-Term Operating Lease Liabilities 4,778 4,345 5,239 6,067 7,352 Long-Term Finance Lease Liabilities 97 105 113 — — Long-Term Debt 431,849 440,510 426,711 422,569 333,121 Conversion Option Liability on Convertible Senior Notes 37 2 1 6 91 Deferred Income Taxes 31,766 35,822 36,075 23,740 25,793 Deferred Gains and Other Liabilities 4,910 3,239 3,810 5,137 7,940 Total liabilities 564,657 615,827 620,521 600,738 511,224 Equity: SEACOR Marine Holdings Inc. stockholders’ equity: Common stock 243 235 235 232 231 Additional paid-in capital 452,290 451,179 450,320 449,116 447,425 (Accumulated Deficit) Retained earnings (50,029 ) (51,839 ) (13,023 ) 5,058 11,131 Shares held in treasury (1,110 ) (848 ) (848 ) (847 ) (844 ) Accumulated other comprehensive loss, net of tax 7,446 2,790 (380 ) (2,541 ) (2,971 ) 408,840 401,517 436,304 451,018 454,972 Noncontrolling interests in subsidiaries 319 319 350 346 339 Total equity 409,159 401,836 436,654 451,364 455,311 $ 973,816 $ 1,017,663 $ 1,057,175 $ 1,052,102 $ 966,535 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)Three Months Ended Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Mar. 31, 2020 Cash Flows from Continuing Operating Activities: Net Income (Loss) $ 6,011 $ (38,922 ) $ (19,818 ) $ (6,668 ) $ (17,938 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 14,798 15,247 14,833 13,725 13,362 Deferred financing costs amortization 260 266 278 284 279 Amortization of employee share awards 1,111 859 1,204 937 1,069 Restricted stock vesting (262 ) — — (3 ) (175 ) Director share awards — — — 755 — Debt discount amortization 1,892 1,917 1,797 1,480 1,478 Bad debt recoveries (expense) 24 (146 ) 185 271 (80 ) Loss from equipment sales, retirements or impairments 2,273 1,796 (233 ) 3,453 12,572 Gain on the Sale of Windcat Workboats (22,756 ) — — — — Derivative (gains) losses (355 ) 894 (5 ) (85 ) (5,114 ) Cash settlement payments on derivative transactions, net (919 ) (441 ) (426 ) (265 ) (199 ) Currency losses (gains) 466 1,286 911 (193 ) (710 ) Deferred income taxes (4,056 ) (254 ) 12,333 (2,053 ) (7,768 ) Equity (Earnings) Losses (4,103 ) 9,681 588 (2,081 ) (25 ) Dividends received from equity investees — — 2,117 — — Changes in Operating Assets and Liabilities: Accounts receivables 11,345 7,668 (17,737 ) (8,326 ) (11,770 ) Other assets 1,192 604 656 6,163 (893 ) Accounts payable and accrued liabilities (10,296 ) (2,806 ) 886 (21,197 ) 4,774 Net cash used in operating activities (3,375 ) (2,351 ) (2,431 ) (13,803 ) (11,138 ) Cash Flows from Continuing Investing Activities: Purchases of property and equipment (2,724 ) (2,500 ) (2,833 ) (7,019 ) (8,456 ) Proceeds from disposition of property and equipment 3,266 — 3,539 14,030 3,105 Proceeds from Sale of WWH, net cash sold 38,715 — — — — Construction reserve funds transferred to short-term cash — — — 3,745 — Purchase of subsidiary from joint venture — — — (8,445 ) — Construction reserve funds used — — — — 9,148 Net investing activities in property and equipment 39,257 (2,500 ) 706 2,311 3,797 Investments in and advances to 50% or less owned companies (736 ) (1,248 ) (713 ) — (245 ) Principal payments on notes due from equity investees 919 1,225 490 — — Net cash provided by (used in) investing activities 39,440 (2,523 ) 483 2,311 3,552 Cash Flows from Continuing Financing Activities: Payments on long-term debt (8,302 ) (5,780 ) (8,246 ) (3,506 ) (5,069 ) Proceeds from issuance of debt, net of offering costs — 1 (1 ) — — Interest on Finance Lease 2 1 — — — Proceeds from exercise of stock options and Warrants 8 — 2 — — Net cash used in financing activities (8,292 ) (5,778 ) (8,245 ) (3,506 ) (5,069 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents 4,621 1,004 619 (557 ) (1,037 ) Net Change in Cash, Cash Equivalents and Restricted Cash 32,394 (9,648 ) (9,574 ) (15,554 ) (13,692 ) Cash Flows from Discontinued Operations Operating Activities (171 ) 1,895 1,518 2,255 2,549 Investing Activities — (1,436 ) (2,527 ) (1,567 ) (2,788 ) Financing Activities — — 1,090 4 (153 ) Effects of FX Rate Changes on Cash and Cash Equivalents — 196 (26 ) 339 (390 ) Net (Decrease) Increase in Cash and Cash Equivalents from Discontinued Operations: (171 ) 655 55 1,031 (782 ) Net Change in Cash, Cash Equivalents and Restricted Cash 32,223 (8,993 ) (9,519 ) (14,523 ) (14,474 ) Cash, Restricted Cash and Cash Equivalents, Beginning of Period 39,538 48,531 58,050 72,573 87,047 Cash, Restricted Cash and Cash Equivalents, End of Period $ 71,761 $ 39,538 $ 48,531 $ 58,050 $ 72,573 SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTSOwned Joint Ventured Leased-in Managed Total March 31, 2021 AHTS 4 — 2 — 6 FSV 24 5 1 1 31 Supply 14 26 — — 40 Specialty (1) 1 3 — — 4 Liftboats 14 — 1 — 15 57 34 4 1 96 December 31, 2020 AHTS 4 — 2 — 6 FSV 26 5 1 1 33 Supply 15 27 — 1 43 Specialty — 3 — — 3 Liftboats 14 — 1 — 15 Crew Transfer Assets Held for Sale 40 5 — — 45 Crew transfer Continuing Operations 1 — — — 1 100 40 4 2 146 (1) One owned vessel classified as a Crew Transfer Continuing Operations as of December 31, 2020 was reclassified as a Specialty Vessel as of March 31, 2021.
