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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 10-Q

 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2023 or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

Commission file number 1-37966

SEACOR Marine Holdings Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

47-2564547

(State or Other Jurisdiction of

Incorporation or Organization)

(IRS Employer

Identification No.)

 

 

12121 Wickchester Lane, Suite 500, Houston, TX

 

77079

(Address of Principal Executive Offices)

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (346) 980-1700

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

SMHI

New York Stock Exchange

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The total number of shares of common stock, par value $.01 per share (“Common Stock”), outstanding as of October 27, 2023 was 27,159,485. The registrant has no other class of common stock outstanding.

 


 

SEACOR MARINE HOLDINGS INC.

Table of Contents

 

Part I.

 

Financial Information

 

1

 

 

 

 

 

 

 

 

Item 1.

Financial Statements (Unaudited)

 

1

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022

 

1

 

 

 

Condensed Consolidated Statements of Income (Loss) for the Three and Nine Months Ended September 30, 2023 and 2022

 

2

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2023 and 2022

 

3

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2023 and 2022

 

4

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022

 

6

 

 

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

7

 

 

 

 

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

25

 

 

 

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

51

 

 

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

51

 

 

 

 

 

 

Part II.

 

Other Information

 

52

 

 

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

52

 

 

 

 

 

 

 

 

Item 1A.

Risk Factors

 

52

 

 

 

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

52

 

 

 

 

 

 

 

 

Item 3.

Default Upon Senior Securities

 

52

 

 

 

 

 

 

 

 

Item 4.

Mine Safety Disclosures

 

52

 

 

 

 

 

 

 

 

Item 5.

Other Information

 

52

 

 

 

 

 

 

 

 

Item 6.

Exhibits

 

54

 

i


 

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

 

 

 

September 30, 2023

 

 

December 31, 2022

 

ASSETS

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

55,840

 

 

$

39,963

 

Restricted cash

 

 

2,796

 

 

 

3,082

 

Receivables:

 

 

 

 

 

 

Trade, net of allowance for credit loss accounts of $4,436 and $1,650 as of September 30, 2023 and December 31, 2022, respectively

 

 

63,246

 

 

 

54,388

 

Other

 

 

8,924

 

 

 

7,638

 

Note receivable

 

 

 

 

 

15,000

 

Tax receivable

 

 

445

 

 

 

578

 

Inventories

 

 

1,738

 

 

 

2,123

 

Prepaid expenses and other

 

 

2,957

 

 

 

3,054

 

Assets held for sale

 

 

6,093

 

 

 

6,750

 

Total current assets

 

 

142,039

 

 

 

132,576

 

Property and Equipment:

 

 

 

 

 

 

Historical cost

 

 

936,520

 

 

 

967,683

 

Accumulated depreciation

 

 

(318,549

)

 

 

(310,778

)

 

 

617,971

 

 

 

656,905

 

Construction in progress

 

 

9,413

 

 

 

8,111

 

Net property and equipment

 

 

627,384

 

 

 

665,016

 

Right-of-use asset - operating leases

 

 

4,907

 

 

 

6,206

 

Right-of-use asset - finance leases

 

 

45

 

 

 

6,813

 

Investments, at equity, and advances to 50% or less owned companies

 

 

3,857

 

 

 

3,024

 

Other assets

 

 

2,095

 

 

 

1,995

 

Total assets

 

$

780,327

 

 

$

815,630

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

1,856

 

 

$

2,358

 

Current portion of finance lease liabilities

 

 

35

 

 

 

468

 

Current portion of long-term debt:

 

 

 

 

 

 

Recourse

 

 

28,005

 

 

 

61,512

 

Accounts payable and accrued expenses

 

 

32,466

 

 

 

37,954

 

Due to SEACOR Holdings

 

 

264

 

 

 

264

 

Accrued wages and benefits

 

 

4,395

 

 

 

4,361

 

Accrued interest

 

 

3,947

 

 

 

2,305

 

Deferred revenue and unearned revenue

 

 

1,465

 

 

 

2,333

 

Accrued capital, repair, and maintenance expenditures

 

 

3,207

 

 

 

2,748

 

Accrued insurance deductibles and premiums

 

 

2,406

 

 

 

2,428

 

Accrued professional fees

 

 

988

 

 

 

1,114

 

Other current liabilities

 

 

4,932

 

 

 

3,580

 

Total current liabilities

 

 

83,966

 

 

 

121,425

 

Long-term operating lease liabilities

 

 

3,571

 

 

 

4,739

 

Long-term finance lease liabilities

 

 

15

 

 

 

6,781

 

Long-term Debt:

 

 

 

 

 

 

Recourse

 

 

291,843

 

 

 

254,653

 

Non-recourse

 

 

 

 

 

5,466

 

Deferred income taxes

 

 

33,078

 

 

 

40,779

 

Deferred gains and other liabilities

 

 

2,217

 

 

 

2,641

 

Total liabilities

 

 

414,690

 

 

 

436,484

 

Equity:

 

 

 

 

 

 

SEACOR Marine Holdings Inc. stockholders’ equity:

 

 

 

 

 

 

Common stock, $.01 par value, 60,000,000 shares authorized; 27,640,483 and 26,950,799 shares issued as of September 30, 2023 and December 31, 2022, respectively

 

 

280

 

 

 

272

 

Additional paid-in capital

 

 

471,158

 

 

 

466,669

 

Accumulated deficit

 

 

(108,154

)

 

 

(93,111

)

Shares held in treasury of 480,998 and 248,638 as of September 30, 2023 and December 31, 2022, respectively, at cost

 

 

(4,221

)

 

 

(1,852

)

Accumulated other comprehensive income, net of tax

 

 

6,253

 

 

 

6,847

 

 

 

365,316

 

 

 

378,825

 

Noncontrolling interests in subsidiaries

 

 

321

 

 

 

321

 

Total equity

 

 

365,637

 

 

 

379,146

 

Total liabilities and equity

 

$

780,327

 

 

$

815,630

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.

 

1


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except share data)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating Revenues

 

$

75,574

 

 

$

59,791

 

 

$

202,438

 

 

$

159,399

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

38,816

 

 

 

44,006

 

 

 

112,391

 

 

 

127,647

 

Administrative and general

 

 

12,300

 

 

 

9,978

 

 

 

37,636

 

 

 

30,112

 

Lease expense

 

 

651

 

 

 

1,168

 

 

 

2,069

 

 

 

3,236

 

Depreciation and amortization

 

 

13,462

 

 

 

13,754

 

 

 

40,799

 

 

 

42,333

 

 

 

65,229

 

 

 

68,906

 

 

 

192,895

 

 

 

203,328

 

(Losses) Gains on Asset Dispositions and Impairments, Net

 

 

(512

)

 

 

(1,783

)

 

 

3,352

 

 

 

381

 

Operating Income (Loss)

 

 

9,833

 

 

 

(10,898

)

 

 

12,895

 

 

 

(43,548

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

340

 

 

 

(123

)

 

 

1,222

 

 

 

96

 

Interest expense

 

 

(9,536

)

 

 

(7,634

)

 

 

(27,060

)

 

 

(21,250

)

Loss on debt extinguishment

 

 

(2,004

)

 

 

 

 

 

(2,004

)

 

 

 

Derivative gains, net

 

 

 

 

 

1

 

 

 

 

 

 

 

Foreign currency gains (losses), net

 

 

571

 

 

 

2,314

 

 

 

(857

)

 

 

4,305

 

Other, net

 

 

 

 

 

659

 

 

 

 

 

 

618

 

 

 

(10,629

)

 

 

(4,783

)

 

 

(28,699

)

 

 

(16,231

)

Loss Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies

 

 

(796

)

 

 

(15,681

)

 

 

(15,804

)

 

 

(59,779

)

Income Tax Expense

 

 

2,360

 

 

 

8,418

 

 

 

2,421

 

 

 

4,363

 

Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies

 

 

(3,156

)

 

 

(24,099

)

 

 

(18,225

)

 

 

(64,142

)

Equity in Earnings (Losses) of 50% or Less Owned Companies

 

 

2,273

 

 

 

(254

)

 

 

3,182

 

 

 

5,835

 

Net Loss

 

 

(883

)

 

 

(24,353

)

 

 

(15,043

)

 

 

(58,307

)

Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

(2

)

 

 

 

 

 

1

 

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(883

)

 

$

(24,351

)

 

$

(15,043

)

 

$

(58,308

)

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.03

)

 

$

(0.91

)

 

$

(0.56

)

 

$

(2.19

)

Diluted

 

 

(0.03

)

 

 

(0.91

)

 

 

(0.56

)

 

 

(2.19

)

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

27,181,754

 

 

 

26,727,864

 

 

 

27,048,656

 

 

 

26,591,911

 

Diluted

 

 

27,181,754

 

 

 

26,727,864

 

 

 

27,048,656

 

 

 

26,591,911

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.

 

2


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net Loss

 

$

(883

)

 

$

(24,353

)

 

$

(15,043

)

 

$

(58,307

)

Other Comprehensive Loss:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation losses

 

 

(1,679

)

 

 

(2,154

)

 

 

(79

)

 

 

(6,717

)

Derivative gains on cash flow hedges

 

 

3

 

 

 

365

 

 

 

56

 

 

 

1,521

 

Reclassification of derivative (losses) gains on cash flow hedges to interest expense

 

 

(199

)

 

 

112

 

 

 

(571

)

 

 

749

 

Reclassification of derivative gains on cash flow hedges to equity in earnings of 50% or less owned companies

 

 

 

 

 

266

 

 

 

 

 

 

941

 

 

 

(1,875

)

 

 

(1,411

)

 

 

(594

)

 

 

(3,506

)

Income Tax Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,875

)

 

 

(1,411

)

 

 

(594

)

 

 

(3,506

)

Comprehensive Loss

 

 

(2,758

)

 

 

(25,764

)

 

 

(15,637

)

 

 

(61,813

)

Comprehensive (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

(2

)

 

 

 

 

 

1

 

Comprehensive Loss Attributable to SEACOR Marine Holdings Inc.

 

$

(2,758

)

 

$

(25,762

)

 

$

(15,637

)

 

$

(61,814

)

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.

 

3


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(in thousands, except share data)

 

 

 

Shares of
Common
Stock
Outstanding

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Shares
Held in
Treasury

 

 

Treasury
Stock

 

 

Accumulated Deficit

 

 

Accumulated
Other
Comprehensive
Income

 

 

Non-
Controlling
Interests In
Subsidiaries

 

 

Total
Equity

 

For the Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

26,702,161

 

 

$

272

 

 

$

466,669

 

 

 

248,638

 

 

$

(1,852

)

 

$

(93,111

)

 

$

6,847

 

 

$

321

 

 

$

379,146

 

Restricted stock grants

 

 

525,397

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

Amortization of share awards

 

 

 

 

 

 

 

 

4,483

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,483

 

Exercise of options

 

 

834

 

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

Exercise of warrants

 

 

117,394

 

 

 

1

 

 

 

 

 

 

121

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock vesting

 

 

(232,239

)

 

 

 

 

 

 

 

 

232,239

 

 

 

(2,368

)

 

 

 

 

 

 

 

 

 

 

 

(2,368

)

Director share awards

 

 

60,938

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Forfeiture of employee share awards

 

 

(15,000

)