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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

 

Part I.

 

Financial Information

 

1

 

 

 

 

 

 

 

 

Item 1.

Financial Statements (Unaudited)

 

1

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

 

1

 

 

 

Condensed Consolidated Statements of Income (Loss) for the Three and Nine Months Ended September 30, 2022 and 2021

 

2

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2022 and 2021

 

3

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2022 and 2021

 

4

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021

 

6

 

 

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

7

 

 

 

 

 

 

 

 

Item 2.

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

 

28

 

 

 

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

56

 

 

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

56

 

 

 

 

 

 

Part II.

 

Other Information

 

57

 

 

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

57

 

 

 

 

 

 

 

 

Item 1A.

Risk Factors

 

57

 

 

 

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

57

 

 

 

 

 

 

 

 

Item 3.

Default Upon Senior Securities

 

57

 

 

 

 

 

 

 

 

Item 4.

Mine Safety Disclosures

 

57

 

 

 

 

 

 

 

 

Item 5.

Other Information

 

57

 

 

 

 

 

 

 

 

Item 6.

Exhibits

 

58

 

 

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

)