SEACOR Holdings Announces Results for the Fourth Quarter Ended December 31, 2020

Rhea-AI Summary

SEACOR Holdings Inc. (NYSE:CKH) reported a net income of $10.8 million ($0.52 per diluted share) for Q4 2020, a notable recovery from a net loss of $(1.9) million in Q4 2019. Operating income surged to $13.3 million compared to $2.6 million a year earlier. The company noted a significant reduction in dry-docking costs contributing to improved results in its Ocean Transportation & Logistics Services segment. However, SEACOR faced challenges in certain sectors due to the ongoing impacts of the COVID-19 pandemic. The board recommended that shareholders accept an ongoing tender offer at $41.50 per share.

Positive

• Net income of $10.8 million for Q4 2020 compared to a net loss in Q4 2019.
• Operating income increased to $13.3 million from $2.6 million year-on-year.
• Cash Earnings rose to $23.0 million, improving from $18.5 million in 2019.
• Significant reduction in dry-docking costs by $7.8 million positively impacted operations.

Negative

• Ongoing impact of COVID-19 on SEACOR Island Lines and Seabulk Towing operations.
• Lower operating results for one SEA-Vista vessel due to a lower margin charter.
• Decreased activity in the St. Louis region for liquid tank barge operations.

FORT LAUDERDALE, Fla., Feb. 19, 2021 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the fourth quarter ended December 31, 2020:

• Net income attributable to stockholders for the quarter ended December 31, 2020 was $10.8 million ($0.52 per diluted share) compared with a net loss of $(1.9) million ($(0.10) per diluted share) for the quarter ended December 31, 2019.
  
  
• Operating income for the quarter ended December 31, 2020 was $13.3 million compared with $2.6 million for the quarter ended December 31, 2019.
  
  
• “Cash Earnings” for the quarter ended December 31, 2020 were $23.0 million compared with $18.5 million for the quarter ended December 31, 2019.

The Company uses the non-GAAP financial measures "Cash Earnings" and OIBDA in this release; a reconciliation to their closest U.S. GAAP measure is included in "Use of non-GAAP Financial Measures" in this release.

The "Operating Discussion" below is a comparison of results for the quarter ended December 31, 2020 with the prior year quarter ended December 31, 2019.

Operating Discussion

Ocean Transportation & Logistics Services - Operating income and OIBDA were $12.6 million and $22.8 million, respectively, in the current year quarter compared with $7.6 million and $17.8 million, respectively.

The current year quarter benefited from a $7.8 million reduction in dry-docking costs in addition to the related out-of-service time.  These benefits were partially offset by lower operating results for one SEA-Vista vessel due to the commencement of a lower margin long-term multiyear bareboat charter and weaker operating results for SEACOR Island Lines, Seabulk Towing and the Company's dry bulk carrier fleet.

The COVID-19 pandemic continued to negatively impact the performance of SEACOR Island Lines and Seabulk Towing.  Demand for freight into the Bahamas and the Turks & Caicos and ship calls into harbor towing's port network rebounded from the lows earlier in the year, but activity remained below pre-pandemic levels.  Moreover, in the prior year quarter, SEACOR Island Lines benefited from higher freight demand as a result of Hurricane Dorian relief activity.  Operating results for the dry bulk carrier fleet were lower following the scrapping of one U.S.-flag bulk carrier in October 2020.

Inland Transportation & Logistics Services - Operating income and OIBDA were $9.8 million and $16.5 million, respectively, in the current year quarter compared with $1.4 million and $7.5 million, respectively.

Barge pool earnings improved due to strong soybean exports and favorable operating conditions resulting in higher freight rates and higher utilization.  Operating results from the terminal business improved due to increased throughput volumes at the Company's dry bulk facilities as a result of new contracts primarily supporting fertilizer customers.  SEACOR AMH, the Company's container on barge operation, also posted improved results primarily due to an increase in container movements and a reduction in operating costs following the internalization of towing and stevedore activities.

Fleeting operations suffered from a reduction in liquid tank barge activity in the St. Louis region due to lower demand for petroleum products.

Witt O’Brien’s - Operating income and OIBDA were $0.5 million and $0.8 million in the current year quarter compared with an operating loss and negative OIBDA of $(0.7) million and $(0.5) million, respectively.  The improvement was primarily due to an expansion of support for the USVI recovery program and new contract wins in response to the COVID-19 pandemic partially offset by bad debt expense related to a dispute with a subcontractor.

Corporate Expenses - Corporate expenses were $4.1 million higher primarily due to advisory and legal fees associated with the proposed merger transaction with American Industrial Partners.

Capital Commitments - The Company’s capital commitments as of December 31, 2020 were $43.1 million and included four U.S.-flag harbor tugs, one inland river towboat, other equipment, and vessel and terminal improvements.  Subsequent to December 31, 2020, the Company committed to purchase other property and equipment for $0.2 million.

Liquidity and Debt - During the current year quarter, the Company drew $20.0 million on its revolving credit facility, which was repaid in January 2021.

As of December 31, 2020, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities totaled $74.4 million.  As of December 31, 2020, total outstanding debt was $277.0 million, and the Company had $205.0 million of borrowing capacity under its credit facilities.

Equity - As of December 31, 2020, the total shares outstanding were 20,472,853.

Tender Offer - On December 18, 2020, Safari Merger Subsidiary, Inc., a Delaware corporation and an affiliate of American Industrial Partners (“Purchaser”), commenced a tender offer to acquire all of the outstanding shares of the Company’s common stock at a price per share of $41.50, net to the holder in cash, without interest. The offer remains outstanding and the Company’s board of directors has recommended that the Company’s stockholders accept the offer and tender their shares to Purchaser pursuant to the offer. For additional information on the offer and the Company’s recommendation, see “Additional Information and Where to Find It” below.

* * * * *

SEACOR Holdings Inc. (“SEACOR”) is a diversified holding company with interests in domestic and international transportation and logistics, crisis and emergency management, and clean fuel and power solutions.  SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.

Additional Information and Where to Find It

The tender offer described in this communication commenced on December 18, 2020. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of the Company. On December 18, 2020, Purchaser filed with the United States Securities and Exchange Commission (the “SEC”) a Tender Offer Statement on Schedule TO, and the Company filed with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9. THE COMPANY’S STOCKHOLDERS AND OTHER INVESTORS ARE URGED TO READ THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT BECAUSE THEY CONTAIN IMPORTANT INFORMATION WHICH SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. The Tender Offer Statement and the Solicitation/Recommendation Statement, as amended from time to time, are available for free at the SEC’s web site at www.sec.gov. Additional copies may be obtained for free by contacting the Company. Free copies of these materials and certain other offering documents will be made available by the Company upon request by mail to SEACOR Holdings Inc., 2200 Eller Drive, P.O. Box 13038, Fort Lauderdale, FL 33316, attention: Investor Relations, or by phone at 1-954-523-2200, or by directing requests for such materials to the information agent for the offer, which will be named in the Tender Offer Statement. Copies of the documents filed with the SEC by the Company will be available free of charge under the “Investors” section of the Company’s internet website at seacorholdings.com. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, the Company files annual, quarterly and current reports, proxy statements and other information with the SEC. The Company’s filings with the SEC are also available for free to the public from commercial document-retrieval services and at the website maintained by the SEC at www.sec.gov.

Cautionary Note Regarding Forward-Looking Statements

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements.  Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters.  Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by management of the Company.  These statements are not guarantees of future performance and actual events or results may differ significantly from these statements.  Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including risks relating to the COVID-19 pandemic, volatility the pandemic has caused in the capital markets and the effects it has had and could continue to have on the global economy, the potential impact of governmental responses to the pandemic on the Company's business, operations and personnel, financial condition, results of operations, cash flows and liquidity, risks relating to weakening demand for the Company’s services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels, increased government legislation and regulation of the Company’s businesses that could increase the cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, decreased demand for the Company’s services as a result of declines in the global economy or the COVID-19 pandemic, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, interest rate fluctuations, availability of credit, inflation rates, changes in laws, trade barriers, commodity prices and currency exchange fluctuations, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Ocean Transportation & Logistics Services, decreased demand for Ocean Transportation & Logistics Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence of Ocean Transportation & Logistics Services and Inland Transportation & Logistics Services on several key customers, consolidation of the Company’s customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company’s Common Stock, operational risks of Ocean Transportation & Logistics Services and Inland Transportation & Logistics Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors on Inland Transportation & Logistics Services’ operations, the ability to realize anticipated benefits from acquisitions and other strategic transactions, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company, changes in U.S. and international trade policies and various other matters and factors, many of which are beyond the Company’s control as well as those discussed in Item 1A. (Risk Factors) of the Company’s Annual report on Form 10-K and other reports filed by the Company with the Securities and Exchange Commission (“SEC”).  It should be understood that it is not possible to predict or identify all such factors.  Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties.  Given these factors, investors and analysts should not place undue reliance on forward-looking statements.  Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law.  It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the SEC, including  Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).  These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

For additional information, contact SEACOR at (954) 523-2200, e-mail SEACOR at
communications@seacorholdings.com or visit SEACOR’s website at www.seacorholdings.com.

SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data, unaudited)
	Three Months Ended								Twelve Months Ended
	December 31,								December 31,
	2020				2019				2020				2019
Operating Revenues	$	213,531			$	192,761			$	753,826			$	799,966
Costs and Expenses:
Operating	147,288				145,964				548,040				583,332
Administrative and general	36,528				27,435				113,313				105,818
Depreciation and amortization	17,933				17,451				70,553				68,571
	201,749				190,850				731,906				757,721
Gains on Asset Dispositions, Net	1,535				651				10,735				2,910
Operating Income	13,317				2,562				32,655				45,155
Other Income (Expense):
Interest income	1,649				1,488				6,193				7,471
Interest expense	(3,362		)		(4,401		)		(15,949		)		(19,233		)
Debt extinguishment gains (losses), net	—				(171		)		1,348				(2,244		)
Marketable security gains (losses), net	—				1,898				(567		)		18,394
Foreign currency gains (losses), net	2,660				1,351				(382		)		(312		)
Other, net	102				(20		)		3,094				(134		)
	1,049				145				(6,263		)		3,942
Income Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies	14,366				2,707				26,392				49,097
Income Tax Expense (Benefit)	2,262				2,817				(7,122		)		9,829
Income (Loss) Before Equity in Losses of 50% or Less Owned Companies	12,104				(110		)		33,514				39,268
Equity in Losses of 50% or Less Owned Companies, Net of Tax	(1,306		)		(1,802		)		(10,183		)		(5,250		)
Net Income (Loss)	10,798				(1,912		)		23,331				34,018
Net Income Attributable to Noncontrolling Interests in Subsidiaries	28				5				20				7,244
Net Income (Loss) Attributable to SEACOR Holdings Inc.	$	10,770			$	(1,917	)		$	23,311			$	26,774
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.	$	0.54			$	(0.10	)		$	1.17			$	1.41
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.	$	0.52			$	(0.10	)		$	1.16			$	1.38
Weighted Average Common Shares Outstanding:
Basic	20,042,230				19,933,277				19,992,375				18,949,981
Diluted	21,140,588				19,933,277				21,106,745				20,306,332
OIBDA(1)	$	31,250			$	20,013			$	103,208			$	113,726
OIBDA Attributable to SEACOR Holdings Inc.(1)	$	31,250			$	20,013			$	103,208			$	97,727

______________________
1.  Non-GAAP Financial Measure.  See explanation of use of non-GAAP financial measures included elsewhere in this release.

SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
	Three Months Ended
	Dec. 31, 2020				Sep. 30, 2020				Jun. 30, 2020				Mar. 31, 2020				Dec. 31, 2019
Operating Revenues	$	213,531			$	175,414			$	172,585			$	192,296			$	192,761
Costs and Expenses:
Operating	147,288				128,546				126,178				146,028				145,964
Administrative and general	36,528				24,560				23,204				29,021				27,435
Depreciation and amortization	17,933				17,306				17,585				17,729				17,451
	201,749				170,412				166,967				192,778				190,850
Gains on Asset Dispositions, Net	1,535				618				8,198				384				651
Operating Income (Loss)	13,317				5,620				13,816				(98		)		2,562
Other Income (Expense):
Interest income	1,649				1,425				1,518				1,601				1,488
Interest expense	(3,362		)		(3,938		)		(4,179		)		(4,470		)		(4,401		)
Debt extinguishment gains (losses), net	—				(254		)		1,921				(319		)		(171		)
Marketable security gains (losses), net	—				951				(1,414		)		(104		)		1,898
Foreign currency gains (losses), net	2,660				(203		)		1,743				(4,582		)		1,351
Other, net	102				2,242				658				92				(20		)
	1,049				223				247				(7,782		)		145
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies	14,366				5,843				14,063				(7,880		)		2,707
Income Tax Expense (Benefit)	2,262				1,552				3,206				(14,142		)		2,817
Income (Loss) Before Equity in Losses of 50% or Less Owned Companies	12,104				4,291				10,857				6,262				(110		)
Equity in Losses of 50% or Less Owned Companies, Net of Tax	(1,306		)		(1,102		)		(2,982		)		(4,793		)		(1,802		)
Net Income (Loss)	10,798				3,189				7,875				1,469				(1,912		)
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries	28				(1		)		(9		)		2				5
Net Income (Loss) attributable to SEACOR Holdings Inc.	$	10,770			$	3,190			$	7,884			$	1,467			$	(1,917	)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.	$	0.54			$	0.16			$	0.39			$	0.07			$	(0.10	)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.	$	0.52			$	0.16			$	0.39			$	0.07			$	(0.10	)
Weighted Average Common Shares Outstanding:
Basic	20,042				19,995				19,981				19,950				19,933
Diluted	21,141				20,018				21,099				19,994				19,933
Common Shares Outstanding at Period End	20,473				20,373				20,340				20,333				20,176
OIBDA(1)	$	31,250			$	22,926			$	31,401			$	17,631			$	20,013

______________________
1.  Non-GAAP Financial Measure.  See explanation of use of non-GAAP financial measures included elsewhere in this release.

SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
	Three Months Ended
	Dec. 31, 2020				Sep. 30, 2020				Jun. 30, 2020				Mar. 31, 2020				Dec. 31, 2019
Ocean Transportation & Logistics Services
Operating Revenues	$	100,258			$	88,771			$	86,111			$	106,115			$	101,674
Costs and Expenses:
Operating	65,808				59,985				57,827				77,604				72,759
Administrative and general	12,887				10,436				8,780				10,744				11,190
Depreciation and amortization	10,111				10,124				10,270				10,282				10,228
	88,806				80,545				76,877				98,630				94,177
Gains on Asset Dispositions, Net	1,197				191				113				9				121
Operating Income	12,649				8,417				9,347				7,494				7,618
Other Income (Expense):
Foreign currency gains (losses), net	234				213				83				(78		)		52
Other, net	(7		)		5				(18		)		22				6
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax	372				505				(1,426		)		(1,357		)		(1,238		)
Segment Profit	$	13,248			$	9,140			$	7,986			$	6,081			$	6,438
OIBDA(2)	$	22,760			$	18,541			$	19,617			$	17,776			$	17,846
Dry-docking expenditures for U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s (included in operating costs and expenses)	$	103			$	420			$	908			$	7,816			$	8,752
Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s	—				9				13				38				76
Dry-docking expenditures for all other vessels	$	1,153			$	1,155			$	292			$	1,704			$	289
Inland Transportation & Logistics Services
Operating Revenues	$	82,996			$	64,069			$	63,513			$	61,311			$	68,257
Costs and Expenses:
Operating	63,014				54,338				53,915				50,919				57,611
Administrative and general	3,855				3,321				3,292				3,488				3,625
Depreciation and amortization	6,653				6,036				6,016				6,212				6,144
	73,522				63,695				63,223				60,619				67,380
Gains on Asset Dispositions, Net	338				427				8,085				315				522
Operating Income	9,812				801				8,375				1,007				1,399
Other Income (Expense):
Foreign currency gains (losses), net	2,412				(439		)		1,653				(4,478		)		1,249
Other, net	1				1,939				(3		)		—				—
Equity in Losses of 50% or Less Owned Companies, Net of Tax	(2,538		)		(1,141		)		(701		)		(3,376		)		(2,346		)
Segment Profit (Loss)(1)	$	9,687			$	1,160			$	9,324			$	(6,847	)		$	302
OIBDA(2)	$	16,465			$	6,837			$	14,391			$	7,219			$	7,543

______________________
1.  Includes amounts attributable to both SEACOR and noncontrolling interests.
2.  Non-GAAP Financial Measure.  See explanation of use of non-GAAP financial measures included elsewhere in this release.

SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
	Three Months Ended
	Dec. 31, 2020				Sep. 30, 2020				Jun. 30, 2020				Mar. 31, 2020				Dec. 31, 2019
Witt O’Brien’s
Operating Revenues	$	28,283			$	20,518			$	21,173			$	22,506			$	20,742
Costs and Expenses:
Operating	16,932				12,793				13,104				15,691				14,266
Administrative and general	10,507				4,913				4,961				7,679				7,008
Depreciation and amortization	361				359				356				259				210
	27,800				18,065				18,421				23,629				21,484
Gains on Asset Dispositions	—				—				—				—				8
Operating Income (Loss)	483				2,453				2,752				(1,123		)		(734		)
Other Income (Expense):
Foreign currency gains (losses), net	(33		)		(18		)		(9		)		12				(1		)
Other, net	79				—				—				70				(457		)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax	428				130				256				(8		)		333
Segment Profit (Loss)	$	957			$	2,565			$	2,999			$	(1,049	)		$	(859	)
OIBDA(2)	$	844			$	2,812			$	3,108			$	(864	)		$	(524	)
Other
Operating Revenues	$	2,000			$	2,069			$	1,798			$	2,399			$	2,099
Costs and Expenses:
Operating	1,537				1,442				1,342				1,847				1,335
Administrative and general	580				706				877				1,124				967
Depreciation and amortization	474				459				615				619				499
	2,591				2,607				2,834				3,590				2,801
Gains on Asset Dispositions	—				—				—				60				—
Operating Loss	(591		)		(538		)		(1,036		)		(1,131		)		(702		)
Other Income (Expense):
Other, net	28				1				—				—				431
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax	432				(596		)		(1,111		)		(52		)		1,449
Segment Profit (Loss)(1)	$	(131	)		$	(1,133	)		$	(2,147	)		$	(1,183	)		$	1,178
Corporate and Eliminations
Operating Revenues	$	(6	)		$	(13	)		$	(10	)		$	(35	)		$	(11	)
Costs and Expenses:
Operating	(3		)		(12		)		(10		)		(33		)		(7		)
Administrative and general	8,699				5,184				5,294				5,986				4,645
Depreciation and amortization	334				328				328				357				370
	9,030				5,500				5,612				6,310				5,008
Operating Loss	$	(9,036	)		$	(5,513	)		$	(5,622	)		$	(6,345	)		$	(5,019	)
Other Income (Expense):
Foreign currency gains (losses), net	$	47			$	41			$	16			$	(38	)		$	51
Other, net	1				297				679				—				—

______________________
1. Includes amounts attributable to both SEACOR and noncontrolling interests.
2. Non-GAAP Financial Measure.  See explanation of use of non-GAAP financial measures included elsewhere in this release.

SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
	Dec. 31, 2020				Sep. 30, 2020				Jun. 30, 2020				Mar. 31, 2020				Dec. 31, 2019
ASSETS
Current Assets:
Cash and cash equivalents	$	65,703			$	98,015			$	128,389			$	76,106			$	77,222
Restricted cash and restricted cash equivalents	1,119				1,119				1,119				1,224				1,222
Marketable securities	7,597				7,597				6,418				7,832				7,936
Receivables:
Trade, net of allowance for doubtful accounts	246,911				196,076				179,350				192,350				194,022
Other	71,453				67,862				64,098				67,938				38,881
Inventories	2,933				3,871				3,668				4,050				5,255
Prepaid expenses and other	8,615				6,364				6,705				5,387				6,971
Total current assets	404,331				380,904				389,747				354,887				331,509
Property and Equipment:
Historical cost	1,441,871				1,442,442				1,439,245				1,441,509				1,442,382
Accumulated depreciation	(647,679		)		(663,277		)		(647,400		)		(639,424		)		(624,024		)
Net property and equipment	794,192				779,165				791,845				802,085				818,358
Operating Lease Right-of-Use Assets	117,097				124,855				131,628				136,180				144,539
Investments, at Equity, and Advances to 50% or Less Owned Companies	155,399				152,744				152,228				151,568				157,108
Goodwill	32,677				32,616				32,626				32,586				32,701
Intangible Assets, Net	20,123				21,041				21,990				22,952				20,996
Other Assets	8,285				8,404				8,718				8,615				7,761
	$	1,532,104			$	1,499,729			$	1,528,782			$	1,508,873			$	1,512,972
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	12,839			$	10,845			$	44,819			$	44,495			$	58,854
Current portion of long-term operating lease liabilities	37,599				37,124				37,441				35,258				36,011
Current portion of other long-term financial liabilities	1,491				1,479				1,466				—				—
Accounts payable and accrued expenses	55,816				58,640				46,129				43,663				57,595
Other current liabilities	74,609				77,429				77,901				75,225				57,501
Total current liabilities	182,354				185,517				207,756				198,641				209,961
Long-Term Debt	264,205				238,005				239,698				254,272				255,612
Long-Term Operating Lease Liabilities	79,419				87,579				93,867				100,789				108,295
Other Long-Term Financial Liabilities	31,324				31,701				32,076				—				—
Deferred Income Taxes	110,915				109,664				113,586				123,054				105,661
Deferred Gains and Other Liabilities	18,470				18,910				19,320				19,103				20,929
Total liabilities	686,687				671,376				706,303				695,859				700,458
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock	—				—				—				—				—
Common stock	411				410				410				410				408
Additional paid-in capital	1,671,869				1,666,218				1,664,617				1,662,938				1,661,002
Retained earnings	540,417				529,647				526,457				518,573				517,106
Shares held in treasury, at cost	(1,365,938		)		(1,365,921		)		(1,366,787		)		(1,366,787		)		(1,365,792		)
Accumulated other comprehensive loss, net of tax	(2,148		)		(2,779		)		(2,998		)		(2,909		)		(998		)
	844,611				827,575				821,699				812,225				811,726
Noncontrolling interests in subsidiaries	806				778				780				789				788
Total equity	845,417				828,353				822,479				813,014				812,514
	$	1,532,104			$	1,499,729			$	1,528,782			$	1,508,873			$	1,512,972

Use of non-GAAP Financial Measures

The information furnished in this release includes non-GAAP financial measures that differ from measures calculated in accordance with U.S. GAAP, including OIBDA and Cash Earnings.

The Company defines OIBDA as operating income (loss) plus depreciation and amortization.  The Company includes maintenance and repair costs, including major overhauls and regulatory dry-dockings, and gains or losses (or impairments) on asset dispositions in OIBDA.  The Company defines Cash Earnings as OIBDA further adjusted to exclude the amortization of non-cash deferred gains and amounts attributable to its minority partner in SEA-Vista as well as the gain or loss associated with marking-to-market securities held for investment, accrued net cash expense associated with interest on debt obligations, and the Company’s estimate of cash taxes.  Other companies may calculate OIBDA and Cash Earnings differently than the Company, which may limit their usefulness as comparative measures.  In addition, each of these measures does not necessarily represent funds available for discretionary use and are not measures of the Company’s ability to fund its cash needs.  OIBDA and Cash Earnings are each financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to Company officers and other shore-based employees; and (iii) to compare to the OIBDA and Cash Earnings of other companies when evaluating potential acquisitions.  In addition, the Company believes Cash Earnings is meaningful to investors because it assists in evaluating the Company’s results of operations and net cash generated by business activities across previous and subsequent accounting periods and to better understand the long-term performance of the Company.  The Company views OIBDA and Cash Earnings as measures of operating performance not liquidity.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

The following tables reconcile these non-GAAP measures to their most closely comparable U.S. GAAP measures (amounts in thousands, except per share data).

	Three Months Ended December 31,								Twelve Months Ended December 31,
	2020				2019				2020				2019
U.S. GAAP Measures
Net Income (Loss) Attributable to Stockholders	$	10,770			$	(1,917	)		$	23,311			$	26,774
Diluted Earnings (Loss) Per Common Share(1)	$	0.52			$	(0.10	)		$	1.16			$	1.38
Reconciliation of non-GAAP Financial Measures
Operating Income (U.S. GAAP)	$	13,317			$	2,562			$	32,655			$	45,155
(+) Depreciation and amortization	17,933				17,451				70,553				68,571
OIBDA(2)	31,250				20,013				103,208				113,726
(–) Amortization of deferred gains(3)	(330		)		(330		)		(1,322		)		(1,322		)
(–) OIBDA attributable to noncontrolling interests	—				—				—				(15,999		)
(–) Cash interest paid, net(4)	(1,816		)		(1,459		)		(4,799		)		(4,220		)
(–) Income tax obligation	(6,097		)		(1,641		)		(19,275		)		(1,660		)
(+/–) Marketable security gains (losses), net	—				1,898				(567		)		18,394
Cash Earnings (proxy for cash earned)	$	23,007			$	18,481			$	77,245			$	108,919

______________________
1.  Includes diluted earnings per common share of $0.72 for the twelve months ended December 31, 2019, related to marking-to-market the Company’s marketable security portfolio.
2.  All references to OIBDA in this release are calculated in the same manner.
3.  Included in gains on asset dispositions.
4.  Amount is net of interest income, excludes capitalized interest, and is net of our partner’s portion of SEA-Vista net interest expense of $1.2 million for the twelve months ended December 31, 2019.

SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
	Dec. 31, 2020		Sep. 30, 2020		Jun. 30, 2020		Mar. 31, 2020		Dec. 31, 2019
Ocean Transportation & Logistics Services
Bulk Transportation Services:
Petroleum and chemical carriers - U.S.-flag	9		9		9		9		9
Bulk carriers - U.S.-flag	1		2		2		2		2
Port & Infrastructure Services:
Harbor tugs - U.S.-flag	24		24		25		25		24
Harbor tugs - Foreign-flag	8		8		8		8		8
Offshore tug - U.S.-flag	—		1		1		1		1
Ocean liquid tank barges - U.S.-flag	5		5		5		5		5
Ocean liquid tank barges - Foreign-flag	1		1		1		1		1
Specialty vessels - Foreign-flag(1)	2		2		2		2		2
Logistics Services:
PCTC(2) - U.S.-flag	4		4		4		4		4
Short-sea container/RORO(3) vessels - Foreign-flag	8		8		8		8		8
RORO(3) & deck barges - U.S.-flag	7		7		7		7		7
Rail ferries - Foreign-flag	2		2		2		2		2
	71		73		74		74		73
Inland Transportation & Logistics Services
Bulk Transportation Services:
Dry-cargo barges	1,322		1,322		1,341		1,372		1,372
Liquid tank barges	20		20		20		20		20
Specialty barges(4)	5		5		5		5		5
Towboats:
4,000 hp - 6,600 hp	19		19		19		19		19
3,300 hp - 3,900 hp	3		3		3		3		3
Less than 3,300 hp	2		2		2		2		2
Port & Infrastructure Services:
Harbor boats:
1,100 hp - 2,000 hp	20		18		18		18		18
Less than 1,100 hp	12		6		6		6		6
Launch support boats	22		—		—		—		—
Logistics Services:
Dry-cargo barges	41		35		35		35		35
Towboats:
Less than 3,300 hp	2		2		2		1		1
	1,468		1,432		1,451		1,481		1,481

______________________
1.  One line handling and one crew transport vessel.
2.  Pure Car/Truck Carrier.
3.  Roll On/Roll Off.
4.  Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges.

FAQ

What were SEACOR Holdings Inc.'s earnings for Q4 2020?

SEACOR reported a net income of $10.8 million, or $0.52 per diluted share, for Q4 2020.

What is the operating income for SEACOR in Q4 2020?

The operating income for SEACOR in Q4 2020 was $13.3 million.

How did SEACOR's Cash Earnings perform in Q4 2020?

SEACOR's Cash Earnings increased to $23.0 million in Q4 2020, compared to $18.5 million in Q4 2019.

What challenges did SEACOR Holdings face in Q4 2020?

The company faced challenges due to the COVID-19 pandemic affecting SEACOR Island Lines and Seabulk Towing.

What is the tender offer price for SEACOR Holdings shares?

The tender offer price for SEACOR Holdings shares is $41.50 per share.