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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 June 30, 2020               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 July 31, 2020 was 23,096,914. 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 June 30, 2020 and December 31, 2019

 

1

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Loss for the Three and Six Months Ended June 30, 2020 and 2019

 

2

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2020 and 2019

 

3

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2020 and 2019

 

4

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019

 

6

 

 

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

7

 

 

 

 

 

 

 

 

Item 2.

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

 

29

 

 

 

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

53

 

 

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

53

 

 

 

 

 

 

Part II.

 

Other Information

 

56

 

 

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

56

 

 

 

 

 

 

 

 

Item 1A.

Risk Factors

 

56

 

 

 

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

59

 

 

 

 

 

 

 

 

Item 3.

Default Upon Senior Securities

 

59

 

 

 

 

 

 

 

 

Item 4.

Mine Safety Disclosures

 

59

 

 

 

 

 

 

 

 

Item 5.

Other Information

 

59

 

 

 

 

 

 

 

 

Item 6.

Exhibits

 

60

 

 

i


PART I—FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

 

 

 

June 30, 2020

 

 

December 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

54,698

 

 

$

83,943

 

Restricted cash

 

 

3,352

 

 

 

3,104

 

Receivables:

 

 

 

 

 

 

 

 

Trade, net of allowance for credit loss accounts of $664 and $455 in 2020 and 2019, respectively

 

 

57,892

 

 

 

49,128

 

Other

 

 

14,362

 

 

 

18,531

 

Receivable from SEACOR Holdings

 

 

14,394

 

 

 

-

 

Inventories

 

 

1,409

 

 

 

1,228

 

Prepaid expenses and other

 

 

3,218

 

 

 

2,612

 

Total current assets

 

 

149,325

 

 

 

158,546

 

Property and Equipment:

 

 

 

 

 

 

 

 

Historical cost

 

 

1,066,239

 

 

 

976,978

 

Accumulated depreciation

 

 

(322,378

)

 

 

(358,962

)

 

 

 

743,861

 

 

 

618,016

 

Construction in progress

 

 

55,955

 

 

 

74,344

 

Net property and equipment

 

 

799,816

 

 

 

692,360

 

Right-of-Use Asset - Operating Leases

 

 

8,818

 

 

 

17,313

 

Investments, at Equity, and Advances to 50% or Less Owned Companies

 

 

90,900

 

 

 

124,680

 

Construction Reserve Funds

 

 

 

 

 

12,893

 

Other Assets

 

 

3,243

 

 

 

3,401

 

 

 

$

1,052,102

 

 

$

1,009,193

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Current portion of operating lease liabilities

 

 

11,765

 

 

$

15,099

 

Current portion of long-term debt:

 

 

 

 

 

 

 

 

Recourse

 

 

48,568

 

 

 

17,802

 

Non-recourse

 

 

3,225

 

 

 

 

Accounts payable and accrued expenses

 

 

22,382

 

 

 

25,691

 

Due to SEACOR Holdings

 

 

-

 

 

 

74

 

Accrued wages and benefits

 

 

1,592

 

 

 

1,832

 

Accrued interest

 

 

2,502

 

 

 

731

 

Deferred revenue and unearned revenue

 

 

4,004

 

 

 

5,327

 

Accrued capital, repair and maintenance expenditures

 

 

10,552

 

 

 

15,997

 

Accrued insurance deductibles and premiums

 

 

2,413

 

 

 

3,564

 

Derivatives

 

 

4,448

 

 

 

3,009

 

Other current liabilities

 

 

4,651

 

 

 

5,691

 

Total current liabilities

 

 

116,102

 

 

 

94,817

 

Long-Term Operating Lease Liabilities

 

 

6,545

 

 

 

9,822

 

Long-Term Debt:

 

 

 

 

 

 

 

 

Recourse

 

 

309,187

 

 

 

239,939

 

Non-recourse

 

 

138,476

 

 

 

140,312

 

Conversion Option Liability on Convertible Senior Notes

 

 

6

 

 

 

5,205

 

Deferred Income Taxes

 

 

24,101

 

 

 

33,905

 

Deferred Gains and Other Liabilities

 

 

6,321

 

 

 

6,269

 

Total liabilities

 

 

600,738

 

 

 

530,269

 

Equity:

 

 

 

 

 

 

 

 

SEACOR Marine Holdings Inc. stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $.01 par value, 60,000,000 shares authorized; 23,096,914 and 21,928,674 shares issued in 2020 and 2019, respectively

 

 

232

 

 

 

219

 

Additional paid-in capital

 

 

449,116

 

 

 

429,318

 

Retained earnings

 

 

5,058

 

 

 

27,076

 

Shares held in treasury of 72,930 and 47,185, respectively, at cost

 

 

(847

)

 

 

(669

)

Accumulated other comprehensive gain (loss), net of tax

 

 

(2,541

)

 

 

1,548

 

 

 

 

451,018

 

 

 

457,492

 

Noncontrolling interests in subsidiaries

 

 

346

 

 

 

21,432

 

Total equity

 

 

451,364

 

 

 

478,924

 

 

 

$

1,052,102

 

 

$

1,009,193

 

 

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 LOSS

(in thousands, except share data)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating Revenues

 

$

41,878

 

 

$

52,812

 

 

$

83,621

 

 

$

97,722

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

23,913

 

 

 

35,370

 

 

 

48,533

 

 

 

70,536

 

Administrative and general

 

 

14,560

 

 

 

10,524

 

 

 

25,325

 

 

 

21,336

 

Lease expense

 

 

1,355

 

 

 

4,298

 

 

 

4,762

 

 

 

8,435

 

Depreciation and amortization

 

 

15,313

 

 

 

16,412

 

 

 

30,314

 

 

 

32,509

 

 

 

 

55,141

 

 

 

66,604

 

 

 

108,934

 

 

 

132,816

 

Losses on Asset Dispositions and Impairments, Net

 

 

(3,453

)

 

 

(3,848

)

 

 

(16,025

)

 

 

(3,580

)

Operating Loss

 

 

(16,716

)

 

 

(17,640

)

 

 

(41,338

)

 

 

(38,674

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

529

 

 

 

215

 

 

 

1,205

 

 

 

569

 

Interest expense

 

 

(6,995

)

 

 

(7,633

)

 

 

(14,633

)

 

 

(15,297

)

SEACOR Holdings guarantee fees

 

 

(9

)

 

 

(32

)

 

 

(25

)

 

 

(61

)

Derivative gains (losses), net

 

 

85

 

 

 

(1,398

)

 

 

5,199

 

 

 

(2,323

)

Foreign currency losses, net

 

 

(171

)

 

 

(924

)

 

 

(106

)

 

 

(254

)

 

 

 

(6,561

)

 

 

(9,772

)

 

 

(8,360

)

 

 

(17,366

)

Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies

 

 

(23,277

)

 

 

(27,412

)

 

 

(49,698

)

 

 

(56,040

)

Income Tax Benefit

 

 

(15,081

)

 

 

(3,052

)

 

 

(21,749

)

 

 

(6,883

)

Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies

 

 

(8,196

)

 

 

(24,360

)

 

 

(27,949

)

 

 

(49,157

)

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

 

 

2,130

 

 

 

(7,078

)

 

 

1,891

 

 

 

(10,554

)

Loss from Continuing Operations

 

 

(6,066

)

 

 

(31,438

)

 

 

(26,058

)

 

 

(59,711

)

Income on Discontinued Operations, Net of Tax (see Note 15)

 

 

 

 

 

1,174

 

 

 

 

 

 

1,174

 

Net Loss

 

 

(6,066

)

 

 

(30,264

)

 

 

(26,058

)

 

 

(58,537

)

Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries

 

 

7

 

 

 

(1,875

)

 

 

(4,040

)

 

 

(4,599

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(6,073

)

 

$

(28,389

)

 

$

(22,018

)

 

$

(53,938

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.24

)

 

$

(1.26

)

 

$

(0.90

)

 

$

(2.37

)

Discontinued operations

 

 

 

 

$

0.05

 

 

 

 

 

$

0.05

 

 

 

$

(0.24

)

 

$

(1.21

)

 

$

(0.90

)

 

$

(2.32

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted shares

 

 

24,851,834

 

 

 

23,382,272

 

 

 

24,420,432

 

 

 

23,237,012

 

 

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 LOSS

(in thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net Loss

 

$

(6,066

)

 

$

(30,264

)

 

$

(26,058

)

 

$

(58,537

)

Other Comprehensive Loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gains (losses)

 

 

75

 

 

 

(1,151

)

 

 

(2,453

)

 

 

(276

)

Derivative gains (losses) on cash flows hedges

 

 

166

 

 

 

(1,224

)

 

 

(1,946

)

 

 

(1,934

)

Reclassification of derivative losses on cash flow hedges to interest expense

 

 

288

 

 

 

128

 

 

 

507

 

 

 

199

 

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

 

 

(99

)

 

 

(270

)

 

 

(197

)

 

 

(530

)

 

 

 

430

 

 

 

(2,517

)

 

 

(4,089

)

 

 

(2,541

)

Income tax benefit (expense)

 

 

 

 

 

173

 

 

 

 

 

 

173

 

 

 

 

430

 

 

 

(2,344

)

 

 

(4,089

)

 

 

(2,368

)

Comprehensive Loss

 

 

(5,636

)

 

 

(32,608

)

 

$

(30,147

)

 

 

(60,905

)

Comprehensive Loss attributable to Noncontrolling Interests in Subsidiaries

 

 

7

 

 

 

(1,875

)

 

 

(4,040

)

 

 

(4,599

)

Comprehensive Loss attributable to SEACOR Marine Holdings Inc.

 

$

(5,643

)

 

$

(30,733

)

 

$

(26,107

)

 

$

(56,306

)

 

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 STATEMENT OF CHANGES IN EQUITY

(in thousands)

 

 

 

Shares of

Common

Stock

Outstanding

 

 

Common

Stock

 

 

Additional

Paid-In

Capital

 

 

Shares

Held in

Treasury

 

 

Treasury

Stock

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Non-

Controlling

Interests In

Subsidiaries

 

 

Total

Equity

 

For the Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

21,881,487

 

 

 

219

 

 

 

429,318

 

 

 

47,187

 

 

 

(669

)

 

 

27,076

 

 

 

1,548

 

 

 

21,432

 

 

 

478,924

 

Issuance of Common Stock

 

 

 

 

 

9