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UPDATE - SEACOR Marine Announces Fourth Quarter 2021 Results
来源: Nasdaq GlobeNewswire / 10 3月 2022 20:06:30 America/New_York
HOUSTON, March 10, 2022 (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, 2021.
SEACOR Marine’s consolidated operating revenues from continuing operations for the fourth quarter of 2021 were $48.0 million, operating loss was $14.7 million, and direct vessel profit (“DVP”)(1) was $12.9 million. This compares 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.
Notable fourth quarter items include:
- Increased utilization across all regions and asset classes, with average utilization rates of 73%, the highest since the third quarter of 2014.
- The Company was down to five laid-up vessels at the end of 2021.
- 27% and 24% improvement in consolidated DVP compared to the third quarter of 2021 and the fourth quarter of 2020, respectively.
For the fourth quarter of 2021, net loss attributable to SEACOR Marine was $15.8 million ($0.62 loss per basic and diluted share). This compares to a net loss from continuing operations for the fourth quarter of 2020 of $38.8 million ($1.54 loss per basic and diluted share). Sequentially, fourth quarter 2021 results compare to consolidated operating revenues from continuing operations of $43.7 million, operating loss of $14.3 million, and DVP of $10.2 million in the third quarter of 2021. For the third quarter of 2021, net loss attributable to SEACOR Marine’s continuing operations was $5.8 million ($0.23 loss per basic and diluted share), primarily due to gains on asset dispositions and the extinguishment of debt with no similar transactions in the fourth quarter.
Chief Executive Officer John Gellert commented:
“The Company’s business continued to improve during the fourth quarter. Despite our usual seasonally lower activity, we saw very healthy levels of both contracted activity and tendering activity. I am encouraged by the levels of inquiries. Our focus during recent months has been to prepare and position the fleet to participate fully in the market up-cycle. The recent acquisition of an additional five PSVs, which were previously part of an unconsolidated joint venture, are further bolstering our participation in this up-cycle.
Our active efforts over the last three years to simplify our structure and maximize cost efficiencies while expanding our fleet should position us well for an improved market. Strong commodity prices are creating increasing demand for our services.
Finally, I want to address the recent tragic events in Ukraine. The war could disrupt access to a major source of qualified labor in the maritime industry and we are preparing accordingly. The Company employs over 100 mariners from the region and we are working diligently to support them and their families in these troubled times. Our thoughts and prayers are with them.”
___________________(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 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 INCOME (LOSS)
(in thousands, except share data)Three Months Ended December 31, Year ended December 31, 2021 2020 2021 2020 Operating Revenues $ 47,967 $ 36,021 $ 170,941 $ 141,837 Costs and Expenses: Operating 35,036 25,563 127,406 91,145 Administrative and general 10,742 8,531 37,639 40,051 Lease expense 2,664 1,798 6,085 7,525 Depreciation and amortization 14,198 15,247 57,395 57,167 62,640 51,139 228,525 195,888 (Losses) Gains on Asset Dispositions and Impairments, Net — (1,796 ) 20,436 (17,588 ) Operating Loss (14,673 ) (16,914 ) (37,148 ) (71,639 ) Other Income (Expense): Interest income 57 61 1,302 1,273 Interest expense (6,380 ) (8,288 ) (28,111 ) (30,691 ) SEACOR Holdings guarantee fees — (11 ) (7 ) (47 ) Gain on debt extinguishment — — 61,994 — Derivative gains (losses), net 4 (894 ) 391 4,310 Foreign currency (losses), net (357 ) (1,286 ) (1,235 ) (1,294 ) (Loss) Gain from return of investments in 50% or less owned companies and other, net — (19 ) 9,441 (19 ) (6,676 ) (10,437 ) 43,775 (26,468 ) (Loss) Income from Continuing Operations Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies (21,349 ) (27,351 ) 6,627 (98,107 ) Income Tax (Benefit) Expense (1,009 ) 1,865 11,493 (22,924 ) Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies (20,340 ) (29,216 ) (4,866 ) (75,183 ) Equity in Earnings Gains (Losses) of 50% or Less Owned Companies 4,494 (9,681 ) 15,078 (8,163 ) (Loss) Income from Continuing Operations (15,846 ) (38,897 ) 10,212 (83,346 ) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756) — 50 22,925 364 Net (Loss) Income (15,846 ) (38,847 ) 33,137 (82,982 ) Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries — (31 ) 1 (4,067 ) Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. $ (15,846 ) $ (38,816 ) $ 33,136 $ (78,915 ) Net (Loss) Earnings Per Common Share from Continuing Operations: Basic $ (0.62 ) $ (1.54 ) $ 0.40 $ (3.20 ) Diluted (0.62 ) (1.54 ) 0.40 (3.20 ) Net Earnings Per Share from Discontinued Operations: Basic $ — $ — $ 0.90 $ 0.02 Diluted — — 0.90 0.02 Net (Loss) Earnings per Share: Basic $ (0.62 ) $ (1.54 ) $ 1.30 $ (3.18 ) Diluted $ (0.62 ) $ (1.54 ) $ 1.30 $ (3.18 ) Weighted Average Common Stock and Warrants Outstanding: Basic 25,520,034 25,265,812 25,444,693 24,785,744 Diluted 25,520,034 25,265,812 25,495,527 24,785,744 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Time Charter Statistics: Average Rates Per Day $ 11,376 $ 12,120 $ 12,007 $ 11,323 $ 10,931 Fleet Utilization 73 % 68 % 67 % 55 % 51 % Fleet Available Days 5,060 5,108 5,177 5,505 5,824 Operating Revenues: Time charter $ 42,289 $ 41,782 $ 41,474 $ 34,290 $ 32,694 Bareboat charter 2,870 — 434 729 732 Other marine services 2,808 1,881 891 1,493 2,595 47,967 43,663 42,799 36,512 36,021 Costs and Expenses: Operating: Personnel 17,098 15,051 14,353 13,418 13,058 Repairs and maintenance 6,782 6,536 6,959 3,840 3,445 Drydocking 567 771 2,792 2,217 1,753 Insurance and loss reserves 1,859 2,189 2,661 1,958 1,669 Fuel, lubes and supplies 3,254 3,684 2,893 2,202 2,081 Other 5,476 5,217 2,957 2,672 3,557 35,036 33,448 32,615 26,307 25,563 Direct Vessel Profit (1) 12,931 10,215 10,184 10,205 10,458 Other Costs and Expenses: Lease expense 2,664 1,109 1,234 1,078 1,798 Administrative and general 10,742 9,134 9,152 8,611 8,531 Depreciation and amortization 14,198 14,306 14,093 14,798 15,247 27,604 24,549 24,479 24,487 25,576 Gains (Losses) on Asset Dispositions and Impairments, Net — 56 22,653 (2,273 ) (1,796 ) Operating (Loss) Income (14,673 ) (14,278 ) 8,358 (16,555 ) (16,914 ) Other Income (Expense): Interest income 57 124 135 986 61 Interest expense (6,380 ) (6,403 ) (7,310 ) (8,018 ) (8,288 ) SEACOR Holdings guarantee fees — — — (7 ) (11 ) Derivative gains (losses), net 4 2 30 355 (894 ) Gain on debt extinguishment — — 61,994 — — Foreign currency (losses) gains, net (357 ) 245 (657 ) (466 ) (1,286 ) Gain (Loss) from return of investments in 50% or less owned companies and other, net — 9,442 (1 ) — (19 ) (6,676 ) 3,410 54,191 (7,150 ) (10,437 ) (Loss) Income from Continuing Operations Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies (21,349 ) (10,868 ) 62,549 (23,705 ) (27,351 ) Income Tax (Benefit) Expense (1,009 ) (725 ) 15,915 (2,688 ) 1,865 (Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies (20,340 ) (10,143 ) 46,634 (21,017 ) (29,216 ) Equity in Earnings Gains (Losses) of 50% or Less Owned Companies 4,494 4,314 2,167 4,103 (9,681 ) (Loss) Income from Continuing Operations (15,846 ) (5,829 ) 48,801 (16,914 ) (38,897 ) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756) — — — 22,925 50 Net (Loss) Income (15,846 ) (5,829 ) 48,801 6,011 (38,847 ) Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries — — 1 — (31 ) Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. $ (15,846 ) $ (5,829 ) $ 48,800 $ 6,011 $ (38,816 ) Net (Loss) Earnings Per Common Share from Continuing Operations: Basic $ (0.62 ) $ (0.23 ) $ 1.92 $ (0.67 ) $ (1.54 ) Diluted (0.62 ) (0.23 ) 1.79 (0.67 ) (1.54 ) Net Earnings Per Share from Discontinued Operations: Basic $ — $ — $ — $ 0.91 $ — Diluted — — — 0.91 — Net (Loss) Earnings per Share: Basic $ (0.62 ) $ (0.23 ) $ 1.92 $ 0.24 $ (1.54 ) Diluted $ (0.62 ) $ (0.23 ) $ 1.79 $ 0.24 $ (1.54 ) Weighted Average Common Stock and Warrants Outstanding: Basic 25,520 25,516 25,435 25,305 25,265 Diluted 25,520 25,516 28,345 25,305 25,265 Common Shares and Warrants Outstanding at Period End 27,432 25,864 25,869 25,683 24,919 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)Three Months Ended Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 United States, primarily Gulf of Mexico Time Charter Statistics: Average rates per day worked $ 15,496 $ 18,702 $ 17,058 $ 15,910 $ 18,405 Fleet utilization 33 % 27 % 18 % 6 % 7 % Fleet available days 1,043 1,062 1,112 1,518 1,797 Out-of-service days for repairs, maintenance and drydockings 95 246 137 67 45 Out-of-service days for cold-stacked status 399 469 748 1,270 1,472 Operating Revenues: Time charter $ 5,290 $ 5,289 $ 3,419 $ 1,489 $ 2,352 Bareboat charter 386 — 434 729 732 Other marine services 1,119 1,215 727 546 794 6,795 6,504 4,580 2,764 3,878 Direct Costs and Expenses: Operating: Personnel $ 3,136 $ 2,428 $ 1,528 $ 1,744 $ 2,372 Repairs and maintenance 1,085 1,266 389 654 386 Drydocking 191 239 777 875 — Insurance and loss reserves 720 462 923 527 507 Fuel, lubes and supplies 501 259 245 199 208 Other 200 147 224 77 116 5,833 4,801 4,086 4,076 3,589 Direct Vessel Profit (Loss) (1) $ 962 $ 1,703 $ 494 $ (1,312 ) $ 289 Other Costs and Expenses: Lease expense $ 633 $ 621 $ 703 $ 664 $ 677 Depreciation and amortization 4,325 3,936 3,287 4,164 5,854 Africa and Europe, Continuing Operations Time Charter Statistics: Average rates per day worked $ 9,530 $ 9,551 $ 11,231 $ 11,356 $ 10,837 Fleet utilization 88 % 77 % 75 % 68 % 61 % Fleet available days 1,411 1,417 1,365 1,356 1,472 Out-of-service days for repairs, maintenance and drydockings 79 52 65 78 138 Out-of-service days for cold-stacked status — 29 176 346 368 Operating Revenues: Time charter $ 11,883 $ 10,446 $ 11,437 $ 10,502 $ 9,796 Bareboat charter — — — — — Other marine services (416 ) (429 ) (224 ) (269 ) 319 11,467 10,017 11,213 10,233 10,115 Direct Costs and Expenses: Operating: Personnel $ 3,283 $ 3,147 $ 4,253 $ 3,220 $ 3,511 Repairs and maintenance 1,846 1,540 2,195 1,191 1,437 Drydocking 144 337 374 304 1,269 Insurance and loss reserves 245 323 352 433 511 Fuel, lubes and supplies 1,019 1,631 887 572 853 Other 1,740 1,424 2,072 579 (674 ) 8,277 8,402 10,133 6,299 6,907 Direct Vessel Profit (1) $ 3,190 $ 1,615 $ 1,080 $ 3,934 $ 3,208 Other Costs and Expenses: Lease expense $ 371 $ 284 $ 270 $ 356 $ 1,056 Depreciation and amortization 2,948 3,296 3,305 3,307 2,964 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)Three Months Ended Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Middle East and Asia Time Charter Statistics: Average rates per day worked $ 9,612 $ 10,374 $ 9,292 $ 9,308 $ 9,455 Fleet utilization 81 % 73 % 81 % 73 % 75 % Fleet available days 1,717 1,780 1,820 1,852 1,840 Out-of-service days for repairs, maintenance and drydockings 38 134 105 115 68 Out-of-service days for cold-stacked status 178 214 116 239 169 Operating Revenues: Time charter $ 13,402 $ 13,417 $ 13,752 $ 12,575 $ 13,008 Other marine services 50 85 31 360 927 13,452 13,502 13,783 12,935 13,935 Direct Costs and Expenses: Operating: Personnel $ 5,756 $ 5,849 $ 5,378 $ 5,208 $ 5,411 Repairs and maintenance 1,382 1,610 2,806 903 842 Drydocking 232 156 1,185 1,066 41 Insurance and loss reserves 611 707 461 702 501 Fuel, lubes and supplies 1,042 777 1,081 559 604 Other 2,148 2,823 43 1,144 3,618 11,171 11,922 10,954 9,582 11,017 Direct Vessel Profit (1) $ 2,281 $ 1,580 $ 2,829 $ 3,353 $ 2,918 Other Costs and Expenses: Lease expense $ 38 $ 377 $ 35 $ 22 $ 47 Depreciation and amortization 4,156 4,456 4,663 4,710 4,505 Latin America Time Charter Statistics: Average rates per day worked $ 15,944 $ 16,240 $ 17,034 $ 14,751 $ 12,921 Fleet utilization 83 % 92 % 86 % 85 % 82 % Fleet available days 889 849 880 779 716 Out-of-service days for repairs, maintenance and drydockings 113 58 117 94 66 Operating Revenues: Time charter $ 11,714 $ 12,630 $ 12,866 $ 9,724 $ 7,538 Bareboat charter 2,484 — — — — Other marine services 2,055 1,010 357 856 555 16,253 13,640 13,223 10,580 8,093 Direct Costs and Expenses: Operating: Personnel $ 4,923 $ 3,627 $ 3,194 $ 3,246 $ 1,764 Repairs and maintenance 2,469 2,120 1,569 1,092 780 Drydocking — 39 456 (28 ) 443 Insurance and loss reserves 283 697 925 296 150 Fuel, lubes and supplies 692 1,017 680 872 416 Other 1,388 823 618 872 497 9,755 8,323 7,442 6,350 4,050 Direct Vessel Profit (1) $ 6,498 $ 5,317 $ 5,781 $ 4,230 $ 4,043 Other Costs and Expenses: Lease expense $ 1,622 $ (173 ) $ 226 $ 36 $ 18 'Depreciation and amortization 2,769 2,618 2,838 2,617 1,924 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)Three Months Ended Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Anchor handling towing supply Time Charter Statistics: Average rates per day worked $ 8,069 $ 14,346 $ 11,268 $ 7,778 $ 7,967 Fleet utilization 66 % 66 % 59 % 67 % 44 % Fleet available days 552 552 546 540 641 Out-of-service days for repairs, maintenance and drydockings 14 61 105 — 133 Out-of-service days for cold-stacked status 92 92 118 180 228 Operating Revenues: Time charter $ 2,926 $ 5,224 $ 3,640 $ 2,801 $ 2,236 Other marine services (129 ) (151 ) (157 ) (130 ) 433 2,797 5,073 3,483 2,671 2,669 Direct Costs and Expenses: Operating: Personnel $ 1,389 $ 1,584 $ 1,513 $ 984 $ 1,149 Repairs and maintenance 608 1,044 471 241 542 Drydocking 1 (217 ) 1,322 54 847 Insurance and loss reserves 148 193 99 194 199 Fuel, lubes and supplies 321 388 344 139 258 Other 556 408 444 270 535 3,023 3,400 4,193 1,882 3,530 Other Costs and Expenses: Lease expense $ 353 $ 354 $ 362 $ 400 $ 1,127 Depreciation and amortization 495 494 495 494 494 Fast support Time Charter Statistics: Average rates per day worked $ 8,464 $ 8,455 $ 7,962 $ 7,888 $ 8,074 Fleet utilization 79 % 70 % 71 % 61 % 60 % Fleet available days 2,208 2,208 2,100 2,207 2,300 Out-of-service days for repairs, maintenance and drydockings 137 300 226 182 155 Out-of-service days for cold-stacked status 92 178 314 584 549 Operating Revenues: Time charter $ 14,857 $ 13,007 $ 11,827 $ 10,657 $ 11,151 Bareboat charter 386 — 434 729 732 Other marine services (380 ) (121 ) (249 ) (218 ) (283 ) 14,863 12,886 12,012 11,168 11,600 Direct Costs and Expenses: Operating: Personnel $ 5,581 $ 4,588 $ 4,802 $ 4,041 $ 4,409 Repairs and maintenance 2,151 2,313 3,618 1,535 1,604 Drydocking 494 965 1,178 1,178 912 Insurance and loss reserves 390 328 507 466 471 Fuel, lubes and supplies 1,355 1,390 1,154 726 836 Other 2,156 2,021 1,640 1,141 2,085 12,127 11,605 12,899 9,087 10,317 Other Costs and Expenses: Lease expense $ 353 $ 693 $ 352 $ 352 $ 352 Depreciation and amortization 4,929 4,929 4,931 5,096 5,113 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Supply Time Charter Statistics: Average rates per day worked $ 11,586 $ 11,631 $ 11,921 $ 12,110 $ 11,373 Fleet utilization 79 % 77 % 80 % 63 % 63 % Fleet available days 1,380 1,372 1,274 1,319 1,360 Out-of-service days for repairs, maintenance and drydockings 117 64 11 105 12 Out-of-service days for cold-stacked status 117 174 91 315 353 Operating Revenues: Time charter $ 12,675 $ 12,317 $ 12,179 $ 10,082 $ 9,714 Other marine services 410 221 117 346 482 13,085 12,538 12,296 10,428 10,196 Direct Costs and Expenses: Operating: Personnel $ 6,141 $ 4,738 $ 4,044 $ 4,158 $ 3,364 Repairs and maintenance 2,191 2,078 2,039 1,135 735 Drydocking — 23 180 110 (2 ) Insurance and loss reserves 280 595 436 474 238 Fuel, lubes and supplies 998 1,221 1,034 1,003 622 Other 1,957 988 884 880 1,205 11,567 9,643 8,617 7,760 6,162 Other Costs and Expenses: Depreciation and amortization 3,155 3,149 2,936 2,977 3,060 Specialty Time Charter Statistics: Average rates per day worked $ — $ — $ 1,571 $ 1,890 $ 2,025 Fleet utilization — % — % 92 % 100 % 100 % Fleet available days 92 92 91 90 92 Out-of-service days for repairs, maintenance and drydockings — 65 8 — — Out-of-service days for cold-stacked status 92 — — — — Operating Revenues: Time charter $ — $ — $ 131 $ 170 $ 187 Other marine services — — 23 12 (23 ) — — 154 182 164 Direct Costs and Expenses: Operating: Personnel $ 6 $ 35 $ 99 $ 89 $ 70 Repairs and maintenance (28 ) 7 104 8 34 Drydocking — — — — (3 ) Insurance and loss reserves 1 3 5 4 (3 ) Fuel, lubes and supplies 2 6 5 8 3 Other 18 28 33 26 18 (1 ) 79 246 135 119 Other Costs and Expenses: Depreciation and amortization $ — $ — $ — $ — $ 1,541 SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Liftboats Time Charter Statistics: Average rates per day worked $ 23,409 $ 23,137 $ 25,334 $ 26,792 $ 24,561 Fleet utilization 61 % 55 % 46 % 29 % 27 % Fleet available days 828 884 1,167 1,350 1,432 Out-of-service days for repairs, maintenance and drydockings 58 65 75 67 18 Out-of-service days for cold-stacked status 184 202 517 776 880 Operating Revenues: Time charter $ 11,831 $ 11,234 $ 13,697 $ 10,580 $ 9,406 Bareboat charter 2,484 — — — — Other marine services 1,121 997 688 797 395 15,436 12,231 14,385 11,377 9,801 Direct Costs and Expenses: Operating: Personnel $ 4,068 $ 4,033 $ 3,916 $ 3,806 $ 3,742 Repairs and maintenance 1,859 1,104 716 894 524 Drydocking 72 — 112 875 (1 ) Insurance and loss reserves 1,070 1,170 1,752 719 690 Fuel, lubes and supplies 589 668 353 320 349 Other 856 1,672 (58 ) 677 1,642 8,514 8,647 6,791 7,291 6,946 Other Costs and Expenses: Lease expense $ 1,569 $ (200 ) $ 205 $ 12 $ 19 Depreciation and amortization 5,171 5,170 5,171 5,659 6,009 Other Activity Operating Revenues: Other marine services $ 1,786 $ 935 $ 469 $ 686 $ 1,591 1,786 935 469 686 1,591 Direct Costs and Expenses: Operating: Personnel $ (87 ) $ 73 $ (21 ) $ 340 $ 324 Repairs and maintenance 1 (10 ) 11 27 6 Insurance and loss reserves (30 ) (100 ) (138 ) 101 74 Fuel, lubes and supplies (11 ) 11 3 6 13 Other (67 ) 100 14 (322 ) (1,928 ) (194 ) 74 (131 ) 152 (1,511 ) Other Costs and Expenses: Lease expense $ 389 $ 262 $ 315 $ 314 $ 300 Depreciation and amortization 448 564 560 572 (970 ) SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 ASSETS Current Assets: Cash and cash equivalents $ 37,619 $ 42,194 $ 45,446 $ 68,409 $ 32,666 Restricted cash 3,601 4,160 5,855 3,352 3,352 Receivables: Trade, net of allowance for credit loss accounts 55,544 50,343 47,082 42,680 45,325 Other 6,118 13,750 12,152 11,265 10,924 Receivables from SEACOR Holdings — — — 19,332 18,832 Tax receivable 1,238 101 1,497 1,498 13,556 Inventories 928 476 425 572 576 Prepaid expenses and other 3,730 3,851 4,527 2,326 3,230 Other current assets — — — 423 — Assets held for sale — — — — 50,235 Total current assets 108,778 114,875 116,984 149,857 178,696 Property and Equipment: Historical cost 1,025,284 989,910 972,267 1,000,430 1,012,873 Accumulated depreciation (317,297 ) (303,178 ) (288,882 ) (297,792 ) (291,538 ) 707,987 686,732 683,385 702,638 721,335 Construction in progress 15,531 15,577 32,903 32,530 32,327 Net property and equipment 723,518 702,309 716,288 735,168 753,662 Right-of-use asset - operating leases 6,608 4,670 5,469 7,046 7,134 Right-of-use asset - finance leases 100 108 116 121 129 Investments, at equity, and advances to 50% or less owned companies 71,727 77,426 77,539 79,000 75,308 Other assets 1,771 2,672 2,781 2,624 2,734 Total assets $ 912,502 $ 902,060 $ 919,177 $ 973,816 $ 1,017,663 LIABILITIES AND EQUITY Current Liabilities: Current portion of operating lease liabilities $ 1,986 $ 1,269 $ 2,885 $ 5,139 $ 7,030 Current portion of finance lease liabilities 33 32 32 46 36 Current portion of long-term debt 31,602 28,875 28,419 34,888 32,377 Accounts payable and accrued expenses 28,419 23,578 27,163 21,428 29,967 Due to SEACOR Holdings 274 276 277 — — Other current liabilities 22,351 21,109 26,886 29,719 31,467 Discontinued operations — — — — 30,927 Total current liabilities 84,665 75,139 85,662 91,220 131,804 Long-term operating lease liabilities 4,885 4,000 4,072 4,778 4,345 Long-term finance lease liabilities 76 84 92 97 105 Long-term debt 332,762 321,641 320,823 431,849 440,510 Conversion option liability on convertible senior notes — 5 7 37 2 Deferred income taxes 40,682 43,463 46,169 31,766 35,822 Deferred gains and other liabilities 2,891 2,925 2,951 4,910 3,239 Total liabilities 465,961 447,257 459,776 564,657 615,827 Equity: SEACOR Marine Holdings Inc. stockholders’ equity: Common stock 262 245 245 243 235 Additional paid-in capital 461,931 455,373 454,079 452,290 451,179 Accumulated Deficit (22,907 ) (7,059 ) (1,230 ) (50,029 ) (51,839 ) Shares held in treasury (1,120 ) (1,120 ) (1,120 ) (1,110 ) (848 ) Accumulated other comprehensive loss, net of tax 8,055 7,044 7,107 7,446 2,790 446,221 454,483 459,081 408,840 401,517 Noncontrolling interests in subsidiaries 320 320 320 319 319 Total equity 446,541 454,803 459,401 409,159 401,836 Total liabilities and equity $ 912,502 $ 902,060 $ 919,177 $ 973,816 $ 1,017,663 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)Three Months Ended Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Cash Flows from Continuing Operating Activities: Net (Loss) Income $ (15,846 ) $ (5,829 ) $ 48,801 $ 6,011 $ (38,897 ) Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation and amortization 14,198 14,306 14,093 14,798 15,247 Deferred financing costs amortization 328 255 254 260 266 Stock-based compensation expense 1,243 1,294 1,779 849 859 Debt discount amortization 1,614 1,573 1,787 1,892 1,917 Allowance for credit losses 585 122 132 24 (146 ) (Gain) Loss from equipment sales, retirements or impairments — (56 ) (22,653 ) 2,273 1,796 Gain on the sale of Windcat Workboats — — — (22,756 ) — Gain on debt extinguishment, net — — (62,749 ) — — Gain from return of investment — (9,442 ) — — — Derivative (gains) losses (4 ) (2 ) (30 ) (355 ) 894 Interest on finance lease 1 1 — 2 1 Cash settlement payments on derivative transactions, net (403 ) (414 ) (414 ) (919 ) (441 ) Currency losses (gains) 357 (245 ) 657 466 1,286 Deferred income taxes (2,781 ) (2,706 ) 14,403 (4,056 ) (254 ) Equity (earnings) losses (4,494 ) (4,314 ) (2,167 ) (4,103 ) 9,681 Dividends received from equity investees 817 4,515 — — — Changes in Operating Assets and Liabilities: Accounts receivables (1,157 ) (3,798 ) 16,047 11,345 7,668 Other assets 1,656 1,561 (1,296 ) 1,192 605 Accounts payable and accrued liabilities 7,915 (1,416 ) 4,268 (10,296 ) (2,807 ) Net cash provided by (used in) operating activities 4,029 (4,595 ) 12,912 (3,373 ) (2,325 ) Cash Flows from Continuing Investing Activities: Purchases of property and equipment (443 ) (2,910 ) (926 ) (2,724 ) (2,500 ) Proceeds from disposition of property and equipment — — 26,871 3,266 — Proceeds from sale of Windcat Workboats, net cash sold — — — 38,715 — Net investing activities in property and equipment (443 ) (2,910 ) 25,945 39,257 (2,500 ) Investments in and advances to 50% or less owned companies (2,272 ) — — (736 ) (1,248 ) Excess distributions from equity investees — 9,442 — — — Principal payments on notes due from equity investees (630 ) 179 2,877 919 1,225 Cash received from acquisition of 50% or less owned company 172 — — — — Net cash (used in) provided by investing activities (3,173 ) 6,711 28,822 39,440 (2,523 ) Cash Flows from Continuing Financing Activities: Payments on long-term debt (5,981 ) (7,054 ) (56,787 ) (8,302 ) (5,780 ) Payments on debt extinguishment cost — — (755 ) — — Proceeds from issuance of debt, net of offering costs — — — — 1 Payment on finance lease (9 ) (9 ) (12 ) — — Issuance of stock — — 2 8 — Excerise of warrants 1 — — — — Net cash (used in) financing activities (5,989 ) (7,063 ) (57,552 ) (8,294 ) (5,779 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents (1 ) — (4,642 ) 4,621 979 Net Change in Cash, Cash Equivalents and Restricted Cash (5,134 ) (4,947 ) (20,460 ) 32,394 (9,648 ) Cash Flows from Discontinued Operations Operating Activities — — — (171 ) 1,870 Investing Activities — — — — (1,436 ) Financing Activities — — — — — Effects of FX Rate Changes on Cash and Cash Equivalents — — — — 221 Net (Decrease) Increase in Cash and Cash Equivalents from Discontinued Operations: — — — (171 ) 655 Net Change in Cash, Cash Equivalents and Restricted Cash (5,134 ) (4,947 ) (20,460 ) 32,223 (8,993 ) Cash, Restricted Cash and Cash Equivalents, Beginning of Period 46,354 51,301 71,761 39,538 48,531 Cash, Restricted Cash and Cash Equivalents, End of Period $ 41,220 $ 46,354 $ 51,301 $ 71,761 $ 39,538 SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTSOwned Joint Ventured Leased-in Managed Total December 31, 2021 AHTS 4 — 2 — 6 FSV 23 5 1 1 30 Supply 20 15 — — 35 Specialty (1) 1 — — — 1 Liftboats (2) 9 — — — 9 57 20 3 1 81 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 CTV Discontinued Operations (1) 40 5 — — 45 CTV Continuing Operations 1 — — — 1 100 40 4 2 146 (1) One owned vessel classified as a CTV Operations as of December 31, 2020 was reclassified as a specialty vessel as of January 12, 2021.
(2) In the second quarter of 2021, the Company removed from service four liftboats in this class. Removed from service vessels are not counted in active fleet count.
