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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, 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 October 28, 2022 was 26,702,161. The Registrant has no other class of common stock outstanding.
SEACOR MARINE HOLDINGS INC.
Table of Contents
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, 2022 |
|
|
December 31, 2021 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
47,514 |
|
|
$ |
37,619 |
|
Restricted cash |
|
|
3,296 |
|
|
|
3,601 |
|
Receivables: |
|
|
|
|
|
|
|
|
Trade, net of allowance for credit loss accounts of $1,639 and $1,312 in 2022 and 2021, respectively |
|
|
58,572 |
|
|
|
55,544 |
|
Other |
|
|
6,647 |
|
|
|
6,118 |
|
Note receivable |
|
|
20,000 |
|
|
|
— |
|
Tax receivable |
|
|
79 |
|
|
|
1,238 |
|
Inventories |
|
|
2,059 |
|
|
|
928 |
|
Prepaid expenses and other |
|
|
4,700 |
|
|
|
3,730 |
|
Assets held for sale |
|
|
6,000 |
|
|
|
2,235 |
|
Total current assets |
|
|
148,867 |
|
|
|
111,013 |
|
Property and Equipment: |
|
|
|
|
|
|
|
|
Historical cost |
|
|
992,423 |
|
|
|
1,008,080 |
|
Accumulated depreciation |
|
|
(321,898 |
) |
|
|
(302,328 |
) |
|
|
|
670,525 |
|
|
|
705,752 |
|
Construction in progress |
|
|
8,422 |
|
|
|
15,531 |
|
Net property and equipment |
|
|
678,947 |
|
|
|
721,283 |
|
Right-of-use asset - operating leases |
|
|
4,419 |
|
|
|
6,608 |
|
Right-of-use asset - finance leases |
|
|
6,972 |
|
|
|
100 |
|
Investments, at equity, and advances to 50% or less owned companies |
|
|
1,901 |
|
|
|
71,727 |
|
Other assets |
|
|
1,887 |
|
|
|
1,771 |
|
Total assets |
|
$ |
842,993 |
|
|
$ |
912,502 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
1,792 |
|
|
$ |
1,986 |
|
Current portion of financing lease liabilities |
|
|
374 |
|
|
|
33 |
|
Current portion of long-term debt: |
|
|
|
|
|
|
|
|
Recourse |
|
|
57,567 |
|
|
|
31,602 |
|
Accounts payable and accrued expenses |
|
|
36,248 |
|
|
|
28,419 |
|
Due to SEACOR Holdings |
|
|
264 |
|
|
|
274 |
|
Accrued wages and benefits |
|
|
3,112 |
|
|
|
3,711 |
|
Accrued interest |
|
|
2,988 |
|
|
|
2,273 |
|
Deferred revenue and unearned revenue |
|
|
827 |
|
|
|
1,606 |
|
Accrued capital, repair, and maintenance expenditures |
|
|
6,779 |
|
|
|
2,438 |
|
Accrued insurance deductibles and premiums |
|
|
2,205 |
|
|
|
2,720 |
|
Accrued professional fees |
|
|
2,580 |
|
|
|
1,214 |
|
Derivatives |
|
|
— |
|
|
|
1,831 |
|
Other current liabilities |
|
|
3,541 |
|
|
|
6,558 |
|
Total current liabilities |
|
|
118,277 |
|
|
|
84,665 |
|
Long-term operating lease liabilities |
|
|
3,759 |
|
|
|
4,885 |
|
Long-term financing lease liabilities |
|
|
6,916 |
|
|
|
76 |
|
Long-term Debt: |
|
|
|
|
|
|
|
|
Recourse |
|
|
277,100 |
|
|
|
327,300 |
|
Non-recourse |
|
|
5,456 |
|
|
|
5,462 |
|
Deferred income taxes |
|
|
39,823 |
|
|
|
40,682 |
|
Deferred gains and other liabilities |
|
|
2,692 |
|
|
|
2,891 |
|
Total liabilities |
|
|
454,023 |
|
|
|
465,961 |
|
Equity: |
|
|
|
|
|
|
|
|
SEACOR Marine Holdings Inc. stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, $.01 par value, 60,000,000 shares authorized; 26,950,799 and 26,120,124 shares issued in 2022 and 2021, respectively |
|
|
272 |
|
|
|
262 |
|
Additional paid-in capital |
|
|
465,449 |
|
|
|
461,931 |
|
Accumulated deficit |
|
|
(79,769 |
) |
|
|
(22,907 |
) |
Shares held in treasury of 248,638 and 127,887, respectively, at cost |
|
|
(1,852 |
) |
|
|
(1,120 |
) |
Accumulated other comprehensive income, net of tax |
|
|
4,549 |
|
|
|
8,055 |
|
|
|
|
388,649 |
|
|
|
446,221 |
|
Noncontrolling interests in subsidiaries |
|
|
321 |
|
|
|
320 |
|
Total equity |
|
|
388,970 |
|
|
|
446,541 |
|
Total liabilities and equity |
|
$ |
842,993 |
|
|
$ |
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 September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Operating Revenues |
|
$ |
59,791 |
|
|
$ |
43,663 |
|
|
$ |
159,399 |
|
|
$ |
122,974 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
44,006 |
|
|
|
33,448 |
|
|
|
127,647 |
|
|
|
92,370 |
|
Administrative and general |
|
|
9,978 |
|
|
|
9,134 |
|
|
|
30,112 |
|
|
|
26,897 |
|
Lease expense |
|
|
1,168 |
|
|
|
1,109 |
|
|
|
3,236 |
|
|
|
3,421 |
|
Depreciation and amortization |
|
|
13,754 |
|
|
|
14,306 |
|
|
|
42,333 |
|
|
|
43,197 |
|
|
|
|
68,906 |
|
|
|
57,997 |
|
|
|
203,328 |
|
|
|
165,885 |
|
(Losses) Gains on Asset Dispositions and Impairments, Net |
|
|
(1,783 |
) |
|
|
56 |
|
|
|
381 |
|
|
|
20,436 |
|
Operating Loss |
|
|
(10,898 |
) |
|
|
(14,278 |
) |
|
|
(43,548 |
) |
|
|
(22,475 |
) |
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(123 |
) |
|
|
124 |
|
|
|
96 |
|
|
|
1,245 |
|
Interest expense |
|
|
(7,634 |
) |
|
|
(6,403 |
) |
|
|
(21,250 |
) |
|
|
(21,731 |
) |
SEACOR Holdings guarantee fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7 |
) |
Gain on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
61,994 |
|
Derivative gains, net |
|
|
1 |
|
|
|
2 |
|
|
|
— |
|
|
|
387 |
|
Foreign currency gains (losses), net |
|
|
2,314 |
|
|
|
245 |
|
|
|
4,305 |
|
|
|
(878 |
) |
Gain from return of investments in 50% or less owned companies and other, net |
|
|
659 |
|
|
|
9,442 |
|
|
|
618 |
|
|
|
9,441 |
|
|
|
|
(4,783 |
) |
|
|
3,410 |
|
|
|
(16,231 |
) |
|
|
50,451 |
|
(Loss) Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies |
|
|
(15,681 |
) |
|
|
(10,868 |
) |
|
|
(59,779 |
) |
|
|
27,976 |
|
Income Tax Expense (Benefit) |
|
|
8,418 |
|
|
|
(725 |
) |
|
|
4,363 |
|
|
|
12,502 |
|
(Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies |
|
|
(24,099 |
) |
|
|
(10,143 |
) |
|
|
(64,142 |
) |
|
|
15,474 |
|
Equity in Earnings (Losses) Gains of 50% or Less Owned Companies |
|
|
(254 |
) |
|
|
4,314 |
|
|
|
5,835 |
|
|
|
10,584 |
|
(Loss) Income from Continuing Operations |
|
|
(24,353 |
) |
|
|
(5,829 |
) |
|
|
(58,307 |
) |
|
|
26,058 |
|
Income on Discontinued Operations, Net of Tax (see Note 13) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,925 |
|
Net (Loss) Income |
|
|
(24,353 |
) |
|
|
(5,829 |
) |
|
|
(58,307 |
) |
|
|
48,983 |
|
Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries |
|
|
(2 |
) |
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
Net (Loss) Income attributable to SEACOR Marine Holdings Inc. |
|
$ |
(24,351 |
) |
|
$ |
(5,829 |
) |
|
$ |
(58,308 |
) |
|
$ |
48,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income Per Common Share from Continuing Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.91 |
) |
|
$ |
(0.23 |
) |
|
$ |
(2.19 |
) |
|
$ |
1.03 |
|
Diluted |
|
|
(0.91 |
) |
|
|
(0.23 |
) |
|
|
(2.19 |
) |
|
|
1.02 |
|
Net Earnings Per Share from Discontinued Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.90 |
|
Diluted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.90 |
|
Net (Loss) Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.91 |
) |
|
$ |
(0.23 |
) |
|
$ |
(2.19 |
) |
|
$ |
1.93 |
|
Diluted |
|
$ |
(0.91 |
) |
|
$ |
(0.23 |
) |
|
$ |
(2.19 |
) |
|
$ |
1.92 |
|
Weighted Average Common Stock and Warrants Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
26,727,864 |
|
|
|
25,515,569 |
|
|
|
26,591,911 |
|
|
|
25,419,303 |
|
Diluted |
|
|
26,727,864 |
|
|
|
25,515,569 |
|
|
|
26,591,911 |
|
|
|
25,430,762 |
|
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, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net (Loss) Income |
|
$ |
(24,353 |
) |
|
$ |
(5,829 |
) |
|
$ |
(58,307 |
) |
|
$ |
48,983 |
|
Other Comprehensive Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation (losses) gains |
|
|
(2,154 |
) |
|
|
(504 |
) |
|
|
(6,717 |
) |
|
|
3,818 |
|
Derivative gains (losses) on cash flow hedges |
|
|
365 |
|
|
|
(54 |
) |
|
|
1,521 |
|
|
|
(22 |
) |
Reclassification of derivative losses on cash flow hedges to interest expense |
|
|
112 |
|
|
|
415 |
|
|
|
749 |
|
|
|
1,245 |
|
Reclassification of derivative gains (losses) on cash flow hedges to equity in earnings of 50% or less owned companies |
|
|
266 |
|
|
|
80 |
|
|
|
941 |
|
|
|
(787 |
) |
|
|
|
(1,411 |
) |
|
|
(63 |
) |
|
|
(3,506 |
) |
|
|
4,254 |
|
Comprehensive (Loss) Income |
|
|
(25,764 |
) |
|
|
(5,892 |
) |
|
|
(61,813 |
) |
|
|
53,237 |
|
Comprehensive (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries |
|
|
(2 |
) |
|
|
— |
|
|
|
1 |
|
|
|
1 |
|