SEACOR Marine Announces First Quarter 2023 Results

By: SEACOR Marine Holdings Inc. via GlobeNewswire

May 03, 2023 at 16:26 PM EDT

HOUSTON, May 03, 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 first quarter ended March 31, 2023.

SEACOR Marine’s consolidated operating revenues for the first quarter of 2023 were $60.0 million, operating income was $0.2 million, and direct vessel profit (“DVP”)⁽¹⁾ was $22.7 million. This compares to consolidated operating revenues of $45.6 million, operating loss of $17.1 million, and DVP of $6.1 million in the first quarter of 2022, and 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.

Notable first quarter items include:

31.5% improvement in revenues from the first quarter of 2022 and a 3.5% increase from the fourth quarter of 2022.
Average utilization rate of 76%, the highest for a first quarter since 2014, a 6.0% improvement from the first quarter of 2022, and flat from the fourth quarter of 2022.
Average day rates of $14,314, the highest since the fourth quarter of 2015, a 26.5% improvement from the first quarter of 2022, and a 3.8% increase from the fourth quarter of 2022.
DVP margin increased 272.4% from the first quarter of 2022 and increased 67.1% from the fourth quarter of 2022.

For the first quarter of 2023, net loss was $9.6 million ($0.36 loss per basic and diluted share). This compares to a net loss for the first quarter of 2022 of $14.8 million ($0.56 loss per basic and diluted share). Sequentially, first quarter 2023 results compare to a net loss of $13.3 million ($0.50 loss per basic and diluted share) in the fourth quarter of 2022.

Chief Executive Officer John Gellert commented:

“The Company’s first quarter demonstrated the building momentum in this cyclical recovery and was our fifth consecutive quarter of improved average day rates. Additionally, the first quarter produced higher revenues and DVP than each quarter of 2022, despite being the historically slowest quarterly period of activity.

The increase in DVP was primarily due to higher rates and utilization as well as lower operating expenses. This improvement demonstrates our ability to execute on the re-pricing opportunities in the market as contracts roll off from prior cycle commitments. All business segments and asset classes made positive contributions, despite the seasonally lower levels of activity in the first quarter and one of our premium liftboats in the US remaining offhire for previously reported extended repairs.

On April 21, 2023, the Company announced it was exploring a potential offering of new USD denominated 5-year senior secured bonds. The Company has determined not to pursue the bond offering at this time as the indicative terms and conditions were not sufficiently attractive for the Company. In the third and fourth quarter of 2022 the Company extended the maturity of its main senior secured and unsecured debt facilities to 2026, which has provided us with the flexibility needed to opportunistically pursue refinancing opportunities as the cycle evolves in order to ensure optimal terms and conditions for the Company.

I remain optimistic about 2023, as evidenced by the Company’s performance in the first quarter and the increased demand across all segments of our business.”
___________________

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

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

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

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

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

	Three Months Ended March 31,
	2023			2022
Operating Revenues	$	59,973		$	45,591
Costs and Expenses:
Operating		37,273			39,496
Administrative and general		11,632			9,924
Lease expense		720			1,060
Depreciation and amortization		13,762			14,371
		63,387			64,851
Gains on Asset Dispositions and Impairments, Net		3,599			2,139
Operating Income (Loss)		185			(17,121	)
Other Income (Expense):
Interest income		460			29
Interest expense		(8,788	)		(6,627	)
Derivative losses, net		—			(34	)
Foreign currency (losses) gains, net		(825	)		821
		(9,153	)		(5,811	)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies		(8,968	)		(22,932	)
Income Tax Expense (Benefit)		1,157			(2,421	)
Loss Before Equity in Earnings of 50% or Less Owned Companies		(10,125	)		(20,511	)
Equity in Earnings of 50% or Less Owned Companies		536			5,674
Net Loss Attributable to SEACOR Marine Holdings Inc.	$	(9,589	)	$	(14,837	)

Net Loss Per Share:
Basic	$	(0.36	)	$	(0.56	)
Diluted		(0.36	)		(0.56	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		26,822,391			26,379,293
Diluted		26,822,391			26,379,293

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

	Three Months Ended
	Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022
Time Charter Statistics:
Average Rates Per Day	$	14,314		$	13,794		$	13,340		$	12,149		$	11,312
Fleet Utilization		76	%		76	%		79	%		77	%		70	%
Fleet Available Days		5,071			5,244			5,336			5,311			5,400
Operating Revenues:
Time charter	$	55,415		$	54,789		$	56,500		$	49,504		$	42,741
Bareboat charter		360			376			332			48			618
Other marine services		4,198			2,761			2,959			4,465			2,232
		59,973			57,926			59,791			54,017			45,591
Costs and Expenses:
Operating:
Personnel		19,803			20,849			20,152			18,346			18,435
Repairs and maintenance		6,011			8,948			7,377			8,380			6,791
Drydocking		13			1,667			5,046			6,474			4,973
Insurance and loss reserves		2,789			3,381			2,850			2,545			1,186
Fuel, lubes and supplies		4,819			5,794			5,416			4,350			3,729
Other		3,838			3,699			3,165			4,050			4,382
		37,273			44,338			44,006			44,145			39,496
Direct Vessel Profit⁽¹⁾		22,700			13,588			15,785			9,872			6,095
Other Costs and Expenses:
Lease expense		720			633			1,168			1,008			1,060
Administrative and general		11,632			10,799			9,978			10,210			9,924
Depreciation and amortization		13,762			13,624			13,754			14,208			14,371
		26,114			25,056			24,900			25,426			25,355
Gains (Losses) on Asset Dispositions and Impairments, Net		3,599			1,017			(1,783	)		25			2,139
Operating Income (Loss)		185			(10,451	)		(10,898	)		(15,529	)		(17,121	)
Other Income (Expense):
Interest income		460			688			(123	)		190			29
Interest expense		(8,788	)		(8,456	)		(7,634	)		(6,989	)		(6,627	)
Derivative gains (losses), net		—			—			1			33			(34	)
Gain on debt extinguishment		—			10,429			—			—			—
Foreign currency (losses) gains, net		(825	)		(2,646	)		2,314			1,170			821
Other, net		—			137			659			(41	)		—
		(9,153	)		152			(4,783	)		(5,637	)		(5,811	)
Loss from Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies		(8,968	)		(10,299	)		(15,681	)		(21,166	)		(22,932	)
Income Tax Expense (Benefit)		1,157			4,219			8,418			(1,634	)		(2,421	)
Loss from Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(10,125	)		(14,518	)		(24,099	)		(19,532	)		(20,511	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		536			1,176			(254	)		415			5,674
Net Loss		(9,589	)		(13,342	)		(24,353	)		(19,117	)		(14,837	)
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries		—			—			(2	)		3			—
Net Loss Attributable to SEACOR Marine Holdings Inc.	$	(9,589	)	$	(13,342	)	$	(24,351	)	$	(19,120	)	$	(14,837	)

Net Loss Per Share:
Basic	$	(0.36	)	$	(0.50	)	$	(0.91	)	$	(0.72	)	$	(0.56	)
Diluted	$	(0.36	)	$	(0.50	)	$	(0.91	)	$	(0.72	)	$	(0.56	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		26,822			26,728			26,728			26,665			26,379
Diluted		26,822			26,728			26,728			26,665			26,379
Common Shares and Warrants Outstanding at Period End		28,428			28,142			28,142			28,145			28,083

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

	Three Months Ended
	Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022
*United States, primarily Gulf of Mexico*
Time Charter Statistics:
Average rates per day worked	$	18,359		$	22,563		$	21,551		$	17,792		$	15,595
Fleet utilization		35	%		57	%		58	%		43	%		38	%
Fleet available days		1,015			1,288			1,363			1,277			1,314
Out-of-service days for repairs, maintenance and drydockings		112			108			199			284			205
Out-of-service days for cold-stacked status		211			242			259			313			404
Operating Revenues:
Time charter	$	6,564		$	16,574		$	17,075		$	9,759		$	7,864
Other marine services		3,842			2,916			2,161			2,399			2,052
		10,406			19,490			19,236			12,158			9,916
Direct Costs and Expenses:
Operating:
Personnel		6,535			7,262			7,243			5,773			4,923
Repairs and maintenance		1,194			2,666			2,002			1,280			1,101
Drydocking		43			472			1,549			4,090			2,867
Insurance and loss reserves		1,041			2,022			1,382			1,198			229
Fuel, lubes and supplies		783			746			1,143			794			662
Other		223			416			314			281			224
		9,819			13,584			13,633			13,416			10,006
Direct Vessel Profit (Loss) ⁽¹⁾	$	587		$	5,906		$	5,603		$	(1,258	)	$	(90	)
Other Costs and Expenses:
Lease expense	$	136		$	138		$	278		$	295		$	287
Depreciation and amortization		3,535			3,912			4,332			4,562			4,638

*Africa and Europe*
Time Charter Statistics:
Average rates per day worked	$	12,835		$	11,241		$	11,813		$	11,279		$	10,006
Fleet utilization		87	%		82	%		91	%		85	%		82	%
Fleet available days		1,710			1,656			1,629			1,567			1,499
Out-of-service days for repairs, maintenance and drydockings		118			125			37			58			163
Operating Revenues:
Time charter	$	18,996		$	15,299		$	17,551		$	14,930		$	12,280
Other marine services		(834	)		(679	)		60			1,072			(616	)
		18,162			14,620			17,611			16,002			11,664
Direct Costs and Expenses:
Operating:
Personnel		4,505			4,680			4,694			3,526			3,536
Repairs and maintenance		2,553			2,902			2,110			2,638			1,579
Drydocking		1,184			678			383			134			1,144
Insurance and loss reserves		318			366			359			329			124
Fuel, lubes and supplies		2,215			2,775			2,284			1,490			1,473
Other		1,690			1,896			1,580			1,871			1,828
		12,465			13,297			11,410			9,988			9,684
Direct Vessel Profit⁽¹⁾	$	5,697		$	1,323		$	6,201		$	6,014		$	1,980
Other Costs and Expenses:
Lease expense	$	429		$	378		$	455		$	456		$	402
Depreciation and amortization		3,925			3,683			3,461			3,306			3,258

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

	Three Months Ended
	Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	13,562		$	11,090		$	9,507		$	9,673		$	9,882
Fleet utilization		82	%		75	%		79	%		87	%		77	%
Fleet available days		1,440			1,533			1,564			1,651			1,800
Out-of-service days for repairs, maintenance and drydockings		76			132			252			160			153
Out-of-service days for cold-stacked status		—			—			—			—			90
Operating Revenues:
Time charter	$	16,028		$	12,802		$	11,712		$	13,906		$	13,660
Other marine services		(142	)		(66	)		319			460			49
		15,886			12,736			12,031			14,366			13,709
Direct Costs and Expenses:
Operating:
Personnel		4,841			5,270			5,384			5,691			6,031
Repairs and maintenance		677			1,958			1,776			2,545			1,832
Drydocking		(1,095	)		244			3,113			2,250			962
Insurance and loss reserves		1,185			821			762			748			507
Fuel, lubes and supplies		1,142			1,335			1,426			1,318			1,010
Other		1,327			915			878			1,213			1,627
		8,077			10,543			13,339			13,765			11,969
Direct Vessel Profit (Loss)⁽¹⁾	$	7,809		$	2,193		$	(1,308	)	$	601		$	1,740
Other Costs and Expenses:
Lease expense	$	76		$	52		$	35		$	38		$	31
Depreciation and amortization		3,688			3,783			3,974			4,229			4,345

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	16,229		$	14,009		$	14,010		$	14,263		$	13,450
Fleet utilization		94	%		94	%		93	%		94	%		85	%
Fleet available days		906			767			780			816			787
Out-of-service days for repairs, maintenance and drydockings		22			14			12			6			59
Operating Revenues:
Time charter	$	13,827		$	10,114		$	10,162		$	10,909		$	8,937
Bareboat charter		360			376			332			48			618
Other marine services		1,332			590			419			534			747
		15,519			11,080			10,913			11,491			10,302
Direct Costs and Expenses:
Operating:
Personnel		3,922			3,637			2,831			3,356			3,945
Repairs and maintenance		1,587			1,422			1,489			1,917			2,279
Drydocking		(119	)		273			1			—			—
Insurance and loss reserves		245			172			347			270			326
Fuel, lubes and supplies		679			938			563			748			584
Other		598			472			393			685			703
		6,912			6,914			5,624			6,976			7,837
Direct Vessel Profit⁽¹⁾	$	8,607		$	4,166		$	5,289		$	4,515		$	2,465
Other Costs and Expenses:
Lease expense	$	79		$	65		$	400		$	219		$	340
'Depreciation and amortization		2,614			2,246			1,987			2,111			2,130

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

	Three Months Ended
	Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022
*AHTS*
Time Charter Statistics:
Average rates per day worked	$	9,244		$	9,254		$	8,848		$	8,887		$	8,908
Fleet utilization		81	%		80	%		67	%		66	%		66	%
Fleet available days		391			460			552			546			540
Out-of-service days for repairs, maintenance and drydockings		45			—			92			56			2
Out-of-service days for cold-stacked status		31			92			92			131			180
Operating Revenues:
Time charter	$	2,915		$	3,406		$	3,256		$	3,191		$	3,188
Other marine services		(152	)		(168	)		(183	)		(143	)		(160	)
		2,763			3,238			3,073			3,048			3,028
Direct Costs and Expenses:
Operating:
Personnel	$	995		$	1,220		$	1,022		$	1,050		$	1,136
Repairs and maintenance		216			331			304			566			293
Drydocking		420			6			28			(30	)		(7	)
Insurance and loss reserves		68			94			150			146			(137	)
Fuel, lubes and supplies		476			259			399			215			144
Other		295			283			228			435			439
		2,470			2,193			2,131			2,382			1,868
Other Costs and Expenses:
Lease expense	$	331		$	300		$	450		$	450		$	449
Depreciation and amortization		298			300			494			495			494

*FSV*
Time Charter Statistics:
Average rates per day worked	$	10,609		$	9,905		$	9,907		$	9,201		$	8,621
Fleet utilization		91	%		86	%		90	%		85	%		80	%
Fleet available days		2,070			2,116			2,116			2,126			2,160
Out-of-service days for repairs, maintenance and drydockings		66			146			103			108			167
Out-of-service days for cold-stacked status		90			58			75			91			90
Operating Revenues:
Time charter	$	19,988		$	18,062		$	18,837		$	16,525		$	14,900
Other marine services		(377	)		(224	)		(15	)		(174	)		(254	)
		19,611			17,838			18,822			16,351			14,646
Direct Costs and Expenses:
Operating:
Personnel	$	4,861		$	5,140		$	5,289		$	4,880		$	5,070
Repairs and maintenance		1,867			2,957			2,738			2,458			1,800
Drydocking		128			1,434			656			(201	)		1,277
Insurance and loss reserves		334			453			410			372			260
Fuel, lubes and supplies		1,382			1,797			1,572			1,187			1,544
Other		1,236			1,638			1,284			1,311			1,941
		9,808			13,419			11,949			10,007			11,892
Other Costs and Expenses:
Depreciation and amortization		4,946			4,972			4,972			5,010			4,945

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

	Three Months Ended
	Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022
*PSV*
Time Charter Statistics:
Average rates per day worked	$	14,827		$	13,519		$	13,772		$	13,422		$	12,188
Fleet utilization		70	%		69	%		78	%		86	%		72	%
Fleet available days		1,800			1,840			1,840			1,820			1,800
Out-of-service days for repairs, maintenance and drydockings		124			142			152			26			233
Operating Revenues:
Time charter	$	18,800		$	17,194		$	19,687		$	20,983		$	15,823
Bareboat charter		360			376			332			48			618
Other marine services		840			222			720			575			44
		20,000			17,792			20,739			21,606			16,485
Direct Costs and Expenses:
Operating:
Personnel	$	8,849		$	8,961		$	8,427		$	7,889		$	8,193
Repairs and maintenance		3,475			2,998			2,839			3,184			3,701
Drydocking		609			770			1,025			(32	)		1,302
Insurance and loss reserves		419			552			734			551			428
Fuel, lubes and supplies		2,331			2,842			2,038			1,701			1,434
Other		2,314			1,420			1,275			1,631			1,348
		17,997			17,543			16,338			14,924			16,406
Other Costs and Expenses:
Lease expense	$	—		$	—		$	332		$	154		$	291
Depreciation and amortization		4,262			4,099			3,810			3,785			3,786

*Specialty*
Time Charter Statistics:
Fleet available days		—			—			—			—			90
Out-of-service days for cold-stacked status		—			—			—			—			90
Direct Costs and Expenses:
Operating:
Personnel	$	—		$	—		$	—		$	—		$	1
Insurance and loss reserves		—			—			—			—			2
Fuel, lubes and supplies		—			—			—			—			2
Other		—			—			—			—			11
		—			—			—			—			16

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

	Three Months Ended
	Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	33,936		$	31,717		$	27,447		$	24,712		$	22,416
Fleet utilization		50	%		61	%		65	%		44	%		49	%
Fleet available days		810			828			828			819			810
Out-of-service days for repairs, maintenance and drydockings		94			90			154			318			179
Out-of-service days for cold-stacked status		90			92			92			91			134
Operating Revenues:
Time charter	$	13,712		$	16,127		$	14,720		$	8,805		$	8,830
Other marine services		2,776			1,842			1,421			3,283			1,463
		16,488			17,969			16,141			12,088			10,293
Direct Costs and Expenses:
Operating:
Personnel	$	5,068		$	5,520		$	5,419		$	4,515		$	4,035
Repairs and maintenance		499			2,674			1,560			2,132			1,012
Drydocking		(1,141	)		(543	)		3,337			6,737			2,401
Insurance and loss reserves		1,907			2,271			1,552			1,548			1,215
Fuel, lubes and supplies		619			896			1,408			1,230			605
Other		(28	)		359			387			655			644
		6,924			11,177			13,663			16,817			9,912
Other Costs and Expenses:
Depreciation and amortization		4,214			4,210			4,429			4,870			4,964

*Other Activity*
Operating Revenues:
Other marine services	$	1,111		$	1,089		$	1,016		$	924		$	1,139
		1,111			1,089			1,016			924			1,139
Direct Costs and Expenses:
Operating:
Personnel	$	30		$	8		$	(5	)	$	12		$	—
Repairs and maintenance		(46	)		(12	)		(64	)		40			(15	)
Drydocking		(3	)		—			—			—			—
Insurance and loss reserves		61			11			4			(72	)		(582	)
Fuel, lubes and supplies		11			—			(1	)		17			—
Other		21			(1	)		(9	)		18			(1	)
		74			6			(75	)		15			(598	)
Other Costs and Expenses:
Lease expense	$	389		$	333		$	386		$	404		$	320
Depreciation and amortization		42			43			49			48			182

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

	Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents	$	40,570		$	39,963		$	47,514		$	22,608		$	36,315
Restricted cash		3,082			3,082			3,296			3,296			3,596
Receivables:
Trade, net of allowance for credit loss accounts		60,114			54,388			58,572			55,276			49,238
Other		11,913			7,638			6,647			7,437			8,799
Note receivable		10,000			15,000			20,000			—			—
Tax receivable		445			578			79			79			1,238
Inventories		2,207			2,123			2,059			1,723			1,297
Prepaid expenses and other		3,233			3,054			4,700			5,391			3,724
Assets held for sale		—			6,750			6,000			—			—
Total current assets		131,564			132,576			148,867			95,810			104,207
Property and Equipment:
Historical cost		969,328			967,683			992,423			1,000,147			1,006,873
Accumulated depreciation		(324,197	)		(310,778	)		(321,898	)		(325,091	)		(316,444	)
		645,131			656,905			670,525			675,056			690,429
Construction in progress		8,540			8,111			8,422			15,576			15,550
Net property and equipment		653,671			665,016			678,947			690,632			705,979
Right-of-use asset - operating leases		5,984			6,206			4,419			5,686			6,238
Right-of-use asset - finance leases		6,654			6,813			6,972			7,131			7,290
Investments, at equity, and advances to 50% or less owned companies		3,594			3,024			1,901			75,923			76,860
Other assets		2,079			1,995			1,887			1,932			2,057
Total assets	$	803,546		$	815,630		$	842,993		$	877,114		$	902,631
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	1,764		$	2,358		$	1,792		$	2,010		$	2,073
Current portion of finance lease liabilities		563			468			374			282			190
Current portion of long-term debt		60,523			61,512			57,567			33,398			32,708
Accounts payable and accrued expenses		44,255			37,954			36,248			39,262			32,585
Due to SEACOR Holdings		264			264			264			264			264
Other current liabilities		20,185			18,869			22,032			22,171			23,723
Total current liabilities		127,554			121,425			118,277			97,387			91,543
Long-term operating lease liabilities		4,474			4,739			3,759			4,026			4,420
Long-term finance lease liabilities		6,644			6,781			6,916			7,050			7,183
Long-term debt		254,450			260,119			282,556			318,699			326,264
Conversion option liability on convertible senior notes		—			—			—			1			34
Deferred income taxes		39,120			40,779			39,823			33,743			37,153
Deferred gains and other liabilities		2,264			2,641			2,692			2,701			2,990
Total liabilities		434,506			436,484			454,023			463,607			469,587
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		279			272			272			272			269
Additional paid-in capital		467,896			466,669			465,449			464,222			463,138
Accumulated deficit		(102,700	)		(93,111	)		(79,769	)		(55,418	)		(37,744	)
Shares held in treasury		(4,119	)		(1,852	)		(1,852	)		(1,852	)		(1,792	)
Accumulated other comprehensive income, net of tax		7,363			6,847			4,549			5,960			8,853
		368,719			378,825			388,649			413,184			432,724
Noncontrolling interests in subsidiaries		321			321			321			323			320
Total equity		369,040			379,146			388,970			413,507			433,044
Total liabilities and equity	$	803,546		$	815,630		$	842,993		$	877,114		$	902,631

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

	Three Months Ended
	Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022
Cash Flows from Operating Activities:
Net Loss	$	(9,589	)	$	(13,342	)	$	(24,353	)	$	(19,117	)	$	(14,837	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization		13,762			13,624			13,754			14,208			14,371
Deferred financing costs amortization		418			(997	)		350			364			291
Stock-based compensation expense		1,227			1,220			1,227			1,076			1,074
Debt discount amortization		1,558			1,449			1,817			1,736			1,691
Allowance for credit losses		(104	)		11			(53	)		701			(170	)
(Gain) loss from equipment sales, retirements or impairments		(3,599	)		(1,017	)		1,783			(25	)		(2,139	)
Gain on debt extinguishment		—			(12,700	)		—			—			—
Derivative losses (gains)		—			—			(1	)		(33	)		34
Interest on finance lease		72			73			73			73			25
Settlements on derivative transactions, net		154			33			(131	)		(278	)		(373	)
Currency losses (gains)		825			2,646			(2,314	)		(1,170	)		(821	)
Deferred income taxes		(1,659	)		957			6,079			(3,410	)		(3,529	)
Equity (earnings) losses		(536	)		(1,176	)		254			(415	)		(5,674	)
Dividends received from equity investees		—			74			1,096			1,162			725
Changes in Operating Assets and Liabilities:
Accounts receivables		(9,857	)		2,304			(2,384	)		(4,476	)		3,904
Other assets		45			3,296			966			(1,539	)		(164	)
Accounts payable and accrued liabilities		6,731			769			(4,900	)		4,925			6,707
Net cash (used in) provided by operating activities		(552	)		(2,776	)		(6,737	)		(6,218	)		1,115
Cash Flows from Investing Activities:
Purchases of property and equipment		(470	)		(185	)		(240	)		(17	)		(20	)
Proceeds from disposition of property and equipment		7,611			53			—			1,371			5,310
Net investing activities in property and equipment		7,141			(132	)		(240	)		1,354			5,290
Principal payments on notes due from equity investees		—			—			177			175			176
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			5,000			8,831			—			—
Net cash provided by investing activities		12,141			4,868			45,937			1,529			5,466
Cash Flows from Financing Activities:
Payments on long-term debt		(8,608	)		(7,470	)		(14,182	)		(9,152	)		(7,348	)
Payments on debt extinguishment cost		—			(2,271	)		—			—			—
Payments on finance leases		(114	)		(114	)		(114	)		(114	)		(9	)
Proceeds from exercise of stock options		6			—			—			11			140
Tax withholdings on restricted stock vesting and director share awards		(2,266	)		—			—			(60	)		(672	)
Net cash used in financing activities		(10,982	)		(9,855	)		(14,296	)		(9,315	)		(7,889	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		—			(2	)		2			(3	)		(1	)
Net Change in Cash, Cash Equivalents and Restricted Cash		607			(7,765	)		24,906			(14,007	)		(1,309	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		43,045			50,810			25,904			39,911			41,220
Cash, Restricted Cash and Cash Equivalents, End of Period	$	43,652		$	43,045		$	50,810		$	25,904		$	39,911

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

	Owned		Leased-in		Managed		Total
March 31, 2023
AHTS		3		1		—		4
FSV		22		1		2		25
PSV		21		—		—		21
Liftboats		9		—		—		9
		55		2		2		59
December 31, 2022
AHTS		3		2		—		5
FSV		22		1		2		25
PSV		21		—		—		21
Liftboats		9		—		—		9
		55		3		2		60

SEACOR Marine Announces First Quarter 2023 Results

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SEACOR Marine Announces First Quarter 2023 Results

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