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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 March 31, 2022               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 April 29, 2022 was 26,648,874. 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 March 31, 2022 and December 31, 2021

 

1

 

 

 

Condensed Consolidated Statements of Income (Loss) for the Three Months Ended March 31, 2022 and 2021

 

2

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2022 and 2021

 

3

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2022 and 2021

 

4

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021

 

5

 

 

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

6

 

 

 

 

 

 

 

 

Item 2.

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

 

22

 

 

 

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

39

 

 

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

39

 

 

 

 

 

 

Part II.

 

Other Information

 

40

 

 

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

40

 

 

 

 

 

 

 

 

Item 1A.

Risk Factors

 

40

 

 

 

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

40

 

 

 

 

 

 

 

 

Item 3.

Default Upon Senior Securities

 

40

 

 

 

 

 

 

 

 

Item 4.

Mine Safety Disclosures

 

40

 

 

 

 

 

 

 

 

Item 5.

Other Information

 

40

 

 

 

 

 

 

 

 

Item 6.

Exhibits

 

41

 

 

i


 

 

PART I—FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

 

 

 

March 31, 2022

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

36,315

 

 

$

37,619

 

Restricted cash

 

 

3,596

 

 

 

3,601

 

Receivables:

 

 

 

 

 

 

 

 

Trade, net of allowance for credit loss accounts of $1,142 and $1,312 in 2022 and 2021, respectively

 

 

49,238

 

 

 

55,544

 

Other

 

 

8,799

 

 

 

6,118

 

Tax receivable

 

 

1,238

 

 

 

1,238

 

Inventories

 

 

1,297

 

 

 

928

 

Prepaid expenses and other

 

 

3,724

 

 

 

3,730

 

Total current assets

 

 

104,207

 

 

 

108,778

 

Property and Equipment:

 

 

 

 

 

 

 

 

Historical cost

 

 

1,006,873

 

 

 

1,025,284

 

Accumulated depreciation

 

 

(316,444

)

 

 

(317,297

)

 

 

 

690,429

 

 

 

707,987

 

Construction in progress

 

 

15,550

 

 

 

15,531

 

Net property and equipment

 

 

705,979

 

 

 

723,518

 

Right-of-use asset - operating leases

 

 

6,238

 

 

 

6,608

 

Right-of-use asset - finance leases

 

 

7,290

 

 

 

100

 

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

 

 

76,860

 

 

 

71,727

 

Other assets

 

 

2,057

 

 

 

1,771

 

Total assets

 

$

902,631

 

 

$

912,502

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

2,073

 

 

$

1,986

 

Current portion of financing lease liabilities

 

 

190

 

 

 

33

 

Current portion of long-term debt:

 

 

 

 

 

 

 

 

Recourse

 

 

32,708

 

 

 

31,602

 

Accounts payable and accrued expenses

 

 

32,585

 

 

 

28,419

 

Due to SEACOR Holdings

 

 

264

 

 

 

274

 

Accrued wages and benefits

 

 

4,163

 

 

 

3,711

 

Accrued interest

 

 

3,819

 

 

 

2,273

 

Deferred revenue and unearned revenue

 

 

962

 

 

 

1,606

 

Accrued capital, repair, and maintenance expenditures

 

 

4,846

 

 

 

2,438

 

Accrued insurance deductibles and premiums

 

 

2,812

 

 

 

2,720

 

Accrued professional fees

 

 

1,102

 

 

 

1,214

 

Derivatives

 

 

653

 

 

 

1,831

 

Other current liabilities

 

 

5,366

 

 

 

6,558

 

Total current liabilities

 

 

91,543

 

 

 

84,665

 

Long-term operating lease liabilities

 

 

4,420

 

 

 

4,885

 

Long-term financing lease liabilities

 

 

7,183

 

 

 

76

 

Long-term Debt:

 

 

 

 

 

 

 

 

Recourse

 

 

320,796

 

 

 

327,300

 

Non-recourse

 

 

5,468

 

 

 

5,462

 

Conversion option liability on convertible senior notes

 

 

34

 

 

 

 

Deferred income taxes

 

 

37,153

 

 

 

40,682

 

Deferred gains and other liabilities

 

 

2,990

 

 

 

2,891

 

Total liabilities

 

 

469,587

 

 

 

465,961

 

Equity:

 

 

 

 

 

 

 

 

SEACOR Marine Holdings Inc. stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $.01 par value, 60,000,000 shares authorized; 26,886,011 and 26,120,124 shares issued in 2022 and 2021, respectively

 

 

269

 

 

 

262

 

Additional paid-in capital

 

 

463,138

 

 

 

461,931

 

Accumulated deficit

 

 

(37,744

)

 

 

(22,907

)

Shares held in treasury of 242,138 and 127,887, respectively, at cost

 

 

(1,792

)

 

 

(1,120

)

Accumulated other comprehensive income, net of tax

 

 

8,853

 

 

 

8,055

 

 

 

 

432,724

 

 

 

446,221

 

Noncontrolling interests in subsidiaries

 

 

320

 

 

 

320

 

Total equity

 

 

433,044

 

 

 

446,541

 

Total liabilities and equity

 

$

902,631

 

 

$

912,502

 

 

 

 

 

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 March 31,

 

 

 

 

2022

 

 

2021

 

 

Operating Revenues

 

$

45,591

 

 

$

36,512

 

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

Operating

 

 

39,496

 

 

 

26,307

 

 

Administrative and general

 

 

9,924

 

 

 

8,611

 

 

Lease expense

 

 

1,060

 

 

 

1,078

 

 

Depreciation and amortization

 

 

14,371

 

 

 

14,798

 

 

 

 

 

64,851

 

 

 

50,794

 

 

Gains (Losses) on Asset Dispositions and Impairments, Net

 

 

2,139

 

 

 

(2,273

)

 

Operating Loss

 

 

(17,121

)

 

 

(16,555

)

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

Interest income

 

 

29

 

 

 

986

 

 

Interest expense

 

 

(6,627

)

 

 

(8,018

)

 

SEACOR Holdings guarantee fees

 

 

 

 

 

(7

)

 

Derivative (losses) gains, net

 

 

(34

)

 

 

355

 

 

Foreign currency gains (losses), net

 

 

821

 

 

 

(466

)

 

 

 

 

(5,811

)

 

 

(7,150

)

 

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

 

 

(22,932

)

 

 

(23,705

)

 

Income Tax Benefit

 

 

(2,421

)

 

 

(2,688

)

 

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

 

 

(20,511

)

 

 

(21,017

)

 

Equity in Earnings Gains of 50% or Less Owned Companies

 

 

5,674

 

 

 

4,103

 

 

Loss from Continuing Operations

 

 

(14,837

)

 

 

(16,914

)

 

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

 

 

 

 

 

22,925

 

 

Net (Loss) Income

 

 

(14,837

)

 

 

6,011

 

 

Net Income Attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

 

 

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

 

$

(14,837

)

 

$

6,011

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss Per Common Share from Continuing Operations:

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.56

)

 

$

(0.67

)

 

Diluted

 

 

(0.56

)

 

 

(0.67

)

 

Net Earnings Per Share from Discontinued Operations:

 

 

 

 

 

 

 

 

 

Basic

 

$

 

 

$

0.91

 

 

Diluted

 

 

 

 

 

0.91

 

 

Net (Loss) Earnings per Share:

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.56

)

 

$

0.24

 

 

Diluted

 

$

(0.56

)

 

$

0.24

 

 

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

 

26,379,293

 

 

 

25,304,661

 

 

Diluted

 

 

26,379,293

 

 

 

25,304,661

 

 

 

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

 

 

 

 

March 31,

 

 

 

 

2022

 

 

2021

 

 

Net (Loss) Income

 

$

(14,837

)

 

$

6,011

 

 

Other Comprehensive Income:

 

 

 

 

 

 

 

 

 

Foreign currency translation (losses) gains

 

 

(714

)

 

 

4,392

 

 

Derivative gains on cash flow hedges

 

 

805

 

 

 

127

 

 

Reclassification of derivative losses on cash flow hedges to interest expense

 

 

370

 

 

 

415

 

 

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

 

 

337

 

 

 

(278

)

 

 

 

 

798

 

 

 

4,656

 

 

Comprehensive (Loss) Income

 

 

(14,039

)

 

 

10,667

 

 

Comprehensive Income Attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

 

 

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

 

$

(14,039

)

 

$

10,667

 

 

 

 

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 Three Months Ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

25,992,237

 

 

$

262

 

 

$

461,931

 

 

 

127,887

 

 

$

(1,120

)

 

$

(22,907

)

 

$

8,055

 

 

$

320

 

 

$

446,541

 

Issuance of Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock grants

 

 

733,895

 

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7

 

Amortization of employee share awards

 

 

 

 

 

 

 

 

1,067

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,067

 

Exercise of options

 

 

31,992

 

 

 

 

 

 

140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

140

 

Restricted stock vesting

 

 

(114,251

)

 

 

 

 

 

 

 

 

114,251

 

 

 

(672

)

 

 

 

 

 

 

 

 

 

 

 

(672

)

Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,837

)

 

 

 

 

 

 

 

 

(14,837

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

798

 

 

 

 

 

 

798

 

March 31, 2022

 

 

26,643,873

 

 

$

269

 

 

$

463,138

 

 

 

242,138

 

 

$

(1,792

)

 

$

(37,744

)

 

$

8,853

 

 

$

320

 

 

$

433,044

 

 

 

 

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

 

Three Months Ended March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

 

23,430,766

 

 

$

235

 

 

$

451,179

 

 

 

73,284

 

 

$

(848

)

 

$

(51,839

)

 

$

2,790

 

 

$

319

 

 

$

401,836

 

Restricted stock grants

 

 

815,550

 

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

Amortization of employee share awards

 

 

 

 

 

 

 

 

1,111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,111

 

Restricted stock vesting

 

 

(51,933

)

 

 

 

 

 

 

 

 

51,933

 

 

 

(262

)

 

 

 

 

 

 

 

 

 

 

 

(262

)

Sale of Windcat Workboats

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,201

)

 

 

 

 

 

 

 

 

(4,201

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,011

 

 

 

 

 

 

 

 

 

6,011

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,656

 

 

 

 

 

 

4,656

 

March 31, 2021

 

 

24,194,383

 

 

$

243

 

 

$

452,290

 

 

 

125,217

 

 

$

(1,110

)

 

$

(50,029

)

 

$

7,446