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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, 2021               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 29, 2021 was 24,375,642. 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, 2021 and December 31, 2020

 

1

 

 

 

Condensed Consolidated Statements of Income (Loss) for the Three and Nine Months Ended September 30, 2021 and 2020

 

2

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2021 and 2020

 

3

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2021 and 2020

 

4

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020

 

6

 

 

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

7

 

 

 

 

 

 

 

 

Item 2.

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

 

27

 

 

 

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

52

 

 

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

52

 

 

 

 

 

 

Part II.

 

Other Information

 

53

 

 

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

53

 

 

 

 

 

 

 

 

Item 1A.

Risk Factors

 

53

 

 

 

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

54

 

 

 

 

 

 

 

 

Item 3.

Default Upon Senior Securities

 

54

 

 

 

 

 

 

 

 

Item 4.

Mine Safety Disclosures

 

54

 

 

 

 

 

 

 

 

Item 5.

Other Information

 

54

 

 

 

 

 

 

 

 

Item 6.

Exhibits

 

55

 

 

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, 2021

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

42,194

 

 

$

32,666

 

Restricted cash

 

 

4,160

 

 

 

3,352

 

Receivables:

 

 

 

 

 

 

 

 

Trade, net of allowance for credit loss accounts of $724 and $582 in 2021 and 2020, respectively

 

 

50,343

 

 

 

45,325

 

Other

 

 

13,750

 

 

 

10,924

 

Receivable from SEACOR Holdings

 

 

 

 

 

18,832

 

Tax Receivable

 

 

101

 

 

 

13,556

 

Inventories

 

 

476

 

 

 

576

 

Prepaid expenses and other

 

 

3,851

 

 

 

3,230

 

Assets held for sale

 

 

 

 

 

50,235

 

Total current assets

 

 

114,875

 

 

 

178,696

 

Property and Equipment:

 

 

 

 

 

 

 

 

Historical cost

 

 

989,910

 

 

 

1,012,873

 

Accumulated depreciation

 

 

(303,178

)

 

 

(291,538

)

 

 

 

686,732

 

 

 

721,335

 

Construction in progress

 

 

15,577

 

 

 

32,327

 

Net property and equipment

 

 

702,309

 

 

 

753,662

 

Right-of-Use Asset - Operating Leases

 

 

4,670

 

 

 

7,134

 

Right-of-Use Asset - Finance Leases

 

 

108

 

 

 

129

 

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

 

 

77,426

 

 

 

75,308

 

Other Assets

 

 

2,672

 

 

 

2,734

 

Total assets

 

$

902,060

 

 

$

1,017,663

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

1,269

 

 

$

7,030

 

Current portion of financing lease liabilities

 

 

32

 

 

 

36

 

Current portion of long-term debt:

 

 

 

 

 

 

 

 

Recourse

 

 

28,875

 

 

 

26,734

 

Non-recourse

 

 

 

 

 

5,643

 

Accounts payable and accrued expenses

 

 

23,578

 

 

 

29,967

 

Due to SEACOR Holdings

 

 

276

 

 

 

 

Accrued wages and benefits

 

 

1,531

 

 

 

1,744

 

Accrued interest

 

 

3,236

 

 

 

1,664

 

Deferred revenue and unearned revenue

 

 

2,356

 

 

 

4,452

 

Accrued capital, repair, and maintenance expenditures

 

 

1,356

 

 

 

11,328

 

Accrued insurance deductibles and premiums

 

 

3,087

 

 

 

2,274

 

Accrued professional fees

 

 

1,195

 

 

 

975

 

Derivatives

 

 

2,476

 

 

 

4,591

 

Other current liabilities

 

 

5,872

 

 

 

4,439

 

Liabilities held for sale

 

 

 

 

 

30,927

 

Total current liabilities

 

 

75,139

 

 

 

131,804

 

Long-Term Operating Lease Liabilities

 

 

4,000

 

 

 

4,345

 

Long-Term Financing Lease Liabilities

 

 

84

 

 

 

105

 

Long-Term Debt:

 

 

 

 

 

 

 

 

Recourse

 

 

316,185

 

 

 

328,690

 

Non-recourse

 

 

5,456

 

 

 

111,820

 

Conversion Option Liability on Convertible Senior Notes

 

 

5

 

 

 

2

 

Deferred Income Taxes

 

 

43,463

 

 

 

35,822

 

Deferred Gains and Other Liabilities

 

 

2,925

 

 

 

3,239

 

Total liabilities

 

 

447,257

 

 

 

615,827

 

Equity:

 

 

 

 

 

 

 

 

SEACOR Marine Holdings Inc. stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $.01 par value, 60,000,000 shares authorized; 24,503,380 and 23,504,050 shares issued in 2021 and 2020, respectively

 

 

245

 

 

 

235

 

Additional paid-in capital

 

 

455,373

 

 

 

451,179

 

Retained Earnings (Accumulated deficit)

 

 

(7,059

)

 

 

(51,839

)

Shares held in treasury of 127,738 and 73,284, respectively, at cost

 

 

(1,120

)

 

 

(848

)

Accumulated other comprehensive gain, net of tax

 

 

7,044

 

 

 

2,790

 

 

 

 

454,483

 

 

 

401,517

 

Noncontrolling interests in subsidiaries

 

 

320

 

 

 

319

 

Total equity

 

 

454,803

 

 

 

401,836

 

Total liabilities and equity

 

$

902,060

 

 

$

1,017,663

 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating Revenues

 

$

43,663

 

 

$

36,224

 

 

$

122,974

 

 

$

105,816

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

33,448

 

 

 

24,719

 

 

 

92,370

 

 

 

65,583

 

Administrative and general

 

 

9,134

 

 

 

8,885

 

 

 

26,897

 

 

 

31,519

 

Lease expense

 

 

1,109

 

 

 

1,200

 

 

 

3,421

 

 

 

5,727

 

Depreciation and amortization

 

 

14,306

 

 

 

14,833

 

 

 

43,197

 

 

 

41,920

 

 

 

 

57,997

 

 

 

49,637

 

 

 

165,885

 

 

 

144,749

 

Gains (Losses) on Asset Dispositions and Impairments, Net

 

 

56

 

 

 

233

 

 

 

20,436

 

 

 

(15,792

)

Operating (Loss)

 

 

(14,278

)

 

 

(13,180

)

 

 

(22,475

)

 

 

(54,725

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

124

 

 

 

34

 

 

 

1,245

 

 

 

1,212

 

Interest expense

 

 

(6,403

)

 

 

(8,312

)

 

 

(21,731

)

 

 

(22,403

)

SEACOR Holdings guarantee fees

 

 

 

 

 

(11

)

 

 

(7

)

 

 

(36

)

Gain on Debt Extinguishment

 

 

 

 

 

 

 

 

61,994

 

 

 

 

Derivative gains, net

 

 

2

 

 

 

5

 

 

 

387

 

 

 

5,204

 

Foreign currency gains (losses), net

 

 

245

 

 

 

(911

)

 

 

(878

)

 

 

(8

)

Gain from return of investments in 50% or less owned companies and other, net

 

 

9,442

 

 

 

 

 

 

9,441

 

 

 

 

 

 

 

3,410

 

 

 

(9,195

)

 

 

50,451

 

 

 

(16,031

)

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

 

 

(10,868

)

 

 

(22,375

)

 

 

27,976

 

 

 

(70,756

)

Income Tax (Benefit) Expense

 

 

(725

)

 

 

(3,120

)

 

 

12,502

 

 

 

(24,789

)

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

 

 

(10,143

)

 

 

(19,255

)

 

 

15,474

 

 

 

(45,967

)

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

 

 

4,314

 

 

 

(588

)

 

 

10,584

 

 

 

1,518

 

(Loss) Income from Continuing Operations

 

 

(5,829

)

 

 

(19,843

)

 

 

26,058

 

 

 

(44,449

)

Income on Discontinued Operations, Net of Tax (see Note 12)

 

 

 

 

 

1,766

 

 

 

22,925

 

 

 

314

 

Net (Loss) Income

 

 

(5,829

)

 

 

(18,077

)

 

 

48,983

 

 

 

(44,135

)

Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

4

 

 

 

1

 

 

 

(4,036

)

Net (Loss) Income Attributable to SEACOR Marine Holdings Inc.

 

$

(5,829

)

 

$

(18,081

)

 

$

48,982

 

 

$

(40,099

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings (Loss) Per Common Share from Continuing Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.23

)

 

$

(0.79

)

 

$

1.03

 

 

$

(1.64

)

Diluted

 

$

(0.23

)

 

$

(0.79

)

 

$

1.02

 

 

$

(1.64

)

Net Earnings (Loss) Per Share from Discontinued Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

 

$

0.07

 

 

$

0.90

 

 

$

0.01

 

Diluted

 

$

 

 

$

0.07

 

 

$

0.90

 

 

$

0.01

 

Net Earnings (Loss) per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.23

)

 

$

(0.72

)

 

$

1.93

 

 

$

(1.63

)

Diluted

 

$

(0.23

)

 

$

(0.72

)

 

$

1.92

 

 

$

(1.63

)

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

25,515,569

 

 

 

24,989,977

 

 

 

25,419,303

 

 

 

24,611,666

 

Diluted

 

 

25,515,569

 

 

 

24,989,977

 

 

 

25,430,762

 

 

 

24,611,666

 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net (Loss) Income

 

$

(5,829

)

 

$

(18,077

)

 

$

48,983

 

 

$

(44,135

)

Other Comprehensive (Loss) Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation (losses) gains

 

 

(504

)

 

 

2,068

 

 

 

3,818

 

 

 

(385

)

Derivative losses on cash flow hedges

 

 

(54

)

 

 

(82

)

 

 

(22

)

 

 

(2,028

)

Reclassification of derivative losses on cash flow hedges to interest expense

 

 

415

 

 

 

457

 

 

 

1,245

 

 

 

964

 

Reclassification of derivative gains (losses) on cash flows hedges to equity in earnings of 50% or less owned companies

 

 

80

 

 

 

(282

)

 

 

(787

)

 

 

(479

)

 

 

 

(63

)

 

 

2,161

 

 

 

4,254

 

 

 

(1,928

)

Comprehensive (Loss) Income

 

 

(5,892

)

 

 

(15,916

)

 

 

53,237

 

 

 

(46,063

)

Comprehensive Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

4

 

 

 

1

 

 

 

(4,036

)

Comprehensive (Loss) Income attributable to SEACOR Marine Holdings Inc.

 

$

(5,892

)

 

$

(15,920

)

 

$

53,236

 

 

$

(42,027

)

 

 

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)

 

 

 

Shares of

Common

Stock

Outstanding

 

 

Common

Stock

 

 

Additional

Paid-In

Capital

 

 

Shares

Held in

Treasury

 

 

Treasury

Stock

 

 

Retained Earnings (Accumulated Deficit)

 

 

Accumulated

Other

Comprehensive

Gain

 

 

Non-

Controlling

Interests In

Subsidiaries

 

 

Total

Equity

 

For the Nine Months Ended September 30, 2021