SEACOR Marine Announces Third Quarter 2024 Results
SEACOR Marine Holdings (NYSE: SMHI) reported Q3 2024 results with operating revenues of $68.9 million, representing a 10.4% decrease from Q3 2023. The company posted an operating loss of $6.5 million and a net loss of $16.3 million ($0.59 loss per share). Key metrics include average day rates of $18,879 (4.6% YoY increase), 67% utilization (down from 73% in Q3 2023), and Direct Vessel Profit (DVP) of $16.0 million with a 23.2% margin. The quarter was impacted by a heavy maintenance schedule, softer demand in key markets, and increased operating expenses, with crewing costs up 9.9% and maintenance costs rising 30.0% YoY.
SEACOR Marine Holdings (NYSE: SMHI) ha riportato i risultati del terzo trimestre 2024 con ricavi operativi di 68,9 milioni di dollari, che rappresentano una diminuzione del 10,4% rispetto al terzo trimestre 2023. L'azienda ha registrato una perdita operativa di 6,5 milioni di dollari e una perdita netta di 16,3 milioni di dollari (perdita di $0,59 per azione). Tra i dati chiave figurano le tariffe medie giornaliere di $18,879 (aumento del 4,6% su base annua), un tasso di utilizzo del 67% (in calo dal 73% nel terzo trimestre 2023) e un Profitto Diretto della Nave (DVP) di 16,0 milioni di dollari con un margine del 23,2%. Il trimestre è stato influenzato da un pesante programma di manutenzione, una domanda più debole in mercati chiave e un aumento delle spese operative, con i costi di equipaggio in aumento del 9,9% e i costi di manutenzione in crescita del 30,0% su base annua.
SEACOR Marine Holdings (NYSE: SMHI) informó los resultados del tercer trimestre de 2024 con ingresos operativos de 68.9 millones de dólares, lo que representa una disminución del 10.4% en comparación con el tercer trimestre de 2023. La compañía reportó una pérdida operativa de 6.5 millones de dólares y una pérdida neta de 16.3 millones de dólares (pérdida de $0.59 por acción). Las métricas clave incluyen tarifas diarias promedio de $18,879 (aumento del 4.6% interanual), 67% de utilización (bajo del 73% en el tercer trimestre de 2023) y una Ganancia Directa por Embarcación (DVP) de $16.0 millones con un margen del 23.2%. El trimestre se vio afectado por un intenso programa de mantenimiento, una demanda más suave en mercados clave y un aumento en los gastos operativos, con costos de tripulación en aumento del 9.9% y costos de mantenimiento en incremento del 30.0% interanual.
SEACOR Marine Holdings (NYSE: SMHI)은 2024년 3분기 결과를 보고하며 운영 수익이 6,890만 달러로 2023년 3분기 대비 10.4% 감소했다고 발표했습니다. 회사는 650만 달러의 운영 손실과 1,630만 달러의 순손실을 기록했습니다 ($0.59 주당 손실). 주요 지표로는 평균 일일 요금이 $18,879(전년 대비 4.6% 증가), 67%의 활용률(2023년 3분기 73%에서 감소), 그리고 1600만 달러의 직선 선박 이익(DVP)과 23.2%의 마진이 포함됩니다. 이번 분기는 잦은 유지 보수 일정, 주요 시장에서의 수요 감소, 그리고 운영 비용 증가의 영향을 받았으며, 승무원 비용이 9.9% 증가하고 유지 보수 비용이 전년 대비 30.0% 상승했습니다.
SEACOR Marine Holdings (NYSE: SMHI) a publié les résultats du 3ème trimestre 2024, avec des revenus opérationnels de 68,9 millions de dollars, représentant une baisse de 10,4% par rapport au 3ème trimestre 2023. L'entreprise a affiché une perte opérationnelle de 6,5 millions de dollars et une perte nette de 16,3 millions de dollars (perte de $0,59 par action). Les indicateurs clés comprennent des tarifs journaliers moyens de 18 879 $ (augmentation de 4,6% d'une année sur l'autre), un taux d'utilisation de 67% (en baisse par rapport à 73% au 3ème trimestre 2023), et un bénéfice net de navire (DVP) de 16,0 millions de dollars avec une marge de 23,2%. Le trimestre a été impacté par un programme de maintenance lourd, une demande plus faible sur les marchés clés et une augmentation des frais d'exploitation, les coûts d'équipage ayant augmenté de 9,9% et les coûts de maintenance ayant augmenté de 30,0% d'une année sur l'autre.
SEACOR Marine Holdings (NYSE: SMHI) hat die Ergebnisse für das 3. Quartal 2024 bekannt gegeben, mit Betriebseinnahmen von 68,9 Millionen Dollar, was einen Rückgang von 10,4% im Vergleich zum 3. Quartal 2023 darstellt. Das Unternehmen meldete einen Betriebsverlust von 6,5 Millionen Dollar und einen Nettoverlust von 16,3 Millionen Dollar (Verlust von $0,59 pro Aktie). Wichtige Kennzahlen umfassen durchschnittliche Tagesraten von $18,879 (4,6% Anstieg im Jahresvergleich), eine Auslastung von 67% (ein Rückgang von 73% im 3. Quartal 2023) und einen Direct Vessel Profit (DVP) von $16,0 Millionen bei einer Marge von 23,2%. Das Quartal wurde von einem hohen Wartungsaufwand, einer schwächeren Nachfrage in wichtigen Märkten und erhöhten Betriebskosten beeinflusst, bei denen die Crewkosten um 9,9% und die Wartungskosten im Jahresvergleich um 30,0% gestiegen sind.
- Average day rates increased 4.6% YoY to $18,879
- Contracted revenue backlog, including options, exceeds $360.0 million
- Operating revenues decreased 10.4% YoY to $68.9 million
- Net loss widened to $16.3 million from $0.9 million in Q3 2023
- Utilization dropped to 67% from 73% YoY
- DVP margin decreased to 23.2% from 47.8% YoY
- Operating expenses increased with 9.9% higher crewing costs and 30.0% higher maintenance costs
- Operating loss of $6.5 million compared to operating income of $9.8 million in Q3 2023
Insights
The Q3 2024 results reveal significant operational challenges for SEACOR Marine. Key concerns include a 10.4% year-over-year revenue decline to
Several operational metrics deteriorated: utilization dropped to
The offshore energy services sector faces mixed dynamics. While SEACOR maintains a modern, fuel-efficient fleet positioning it well for future opportunities, current market conditions present challenges. The volatile commodity prices in 2024 have impacted demand, particularly in key markets like the U.S. Gulf of Mexico and North Sea. However, emerging opportunities in decommissioning work for 2025-2026 and increased charter inquiries suggest potential medium-term recovery.
The industry-wide challenges with shipyard capacity and skilled labor shortages are creating operational inefficiencies, affecting not just SEACOR but the entire sector. These structural issues may continue to pressure margins until supply chain constraints ease.
HOUSTON, Oct. 30, 2024 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its third quarter ended September 30, 2024.
SEACOR Marine’s consolidated operating revenues for the third quarter of 2024 were
Notable third quarter items include:
10.4% decrease in revenues from the third quarter of 2023 and a1.4% decrease from the second quarter of 2024.- Average day rates of
$18,879 , a4.6% increase from the third quarter of 2023, and a1.4% decrease from the second quarter of 2024. 67% utilization, a decrease from73% in the third quarter of 2023 and a decrease from69% in the second quarter of 2024.- DVP margin of
23.2% , a decrease from47.8% in the third quarter of 2023 and a decrease from29.1% in the second quarter of 2024, due in part to$8.3 million of drydocking and major repairs during the quarter compared to$2.0 million in the third quarter of 2023 and$8.5 million in the second quarter of 2024, all of which are expensed as incurred.
For the third quarter of 2024, net loss was
Chief Executive Officer John Gellert commented:
“The third quarter results reflect overall lower utilization driven by our heavy 2024 maintenance schedule and softer than expected demand during the quarter, particularly in the U.S. Gulf of Mexico and the North Sea markets. While we made progress in remarketing and repositioning our available tonnage, these efforts reduced the utilization of these vessels during the quarter. Our utilization figures were also affected by continuing work on drydockings and major repairs, some of which experienced additional delays as a result of ongoing shipyard and vendor capacity issues. We continue to see challenges as shipyards and other vendors expand their support teams, expertise and production capacity to respond to demand growth. In addition to lower utilization, these results also reflect higher operating expenses, driven mostly by
In the near term, one of our premium liftboats located in the U.S. Gulf of Mexico will return to work in early November after being in the shipyard for maintenance since April. We are also seeing a stronger volume of inquiries for decommissioning work for our liftboats in the 2025-2026 timeframe, which is coming from both the U.S. Gulf of Mexico as well as international markets. We own one of the youngest and most fuel efficient and versatile fleets of offshore vessels in the world. Although demand for our services remains highly correlated to the underlying commodity prices, which have been very volatile during 2024, we are well positioned to capture attractive opportunities servicing offshore energy.”
___________________
(1) | Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure. |
SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.
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 the 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, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk 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 Securities and Exchange Commission, 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.
Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com
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, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Operating Revenues | $ | 68,916 | $ | 76,900 | $ | 201,553 | $ | 206,428 | ||||||||
Costs and Expenses: | ||||||||||||||||
Operating | 52,907 | 40,142 | 150,526 | 116,381 | ||||||||||||
Administrative and general | 11,019 | 12,300 | 33,825 | 37,636 | ||||||||||||
Lease expense | 364 | 651 | 1,331 | 2,069 | ||||||||||||
Depreciation and amortization | 12,928 | 13,462 | 38,749 | 40,799 | ||||||||||||
77,218 | 66,555 | 224,431 | 196,885 | |||||||||||||
Gains (Losses) on Asset Dispositions and Impairments, Net | 1,821 | (512 | ) | 1,857 | 3,352 | |||||||||||
Operating (Loss) Income | (6,481 | ) | 9,833 | (21,021 | ) | 12,895 | ||||||||||
Other Income (Expense): | ||||||||||||||||
Interest income | 358 | 340 | 1,396 | 1,222 | ||||||||||||
Interest expense | (10,127 | ) | (9,536 | ) | (30,626 | ) | (27,060 | ) | ||||||||
Loss on debt extinguishment | — | (2,004 | ) | — | (2,004 | ) | ||||||||||
Derivative gains (losses), net | 67 | — | (372 | ) | — | |||||||||||
Foreign currency (losses) gains, net | (1,717 | ) | 571 | (2,357 | ) | (857 | ) | |||||||||
Other, net | 29 | — | (66 | ) | — | |||||||||||
(11,390 | ) | (10,629 | ) | (32,025 | ) | (28,699 | ) | |||||||||
Loss Before Income Tax (Benefit) Expense and Equity in Earnings of | (17,871 | ) | (796 | ) | (53,046 | ) | (15,804 | ) | ||||||||
Income Tax (Benefit) Expense | (513 | ) | 2,360 | (270 | ) | 2,421 | ||||||||||
Loss Before Equity in Earnings of | (17,358 | ) | (3,156 | ) | (52,776 | ) | (18,225 | ) | ||||||||
Equity in Earnings of | 1,012 | 2,273 | 878 | 3,182 | ||||||||||||
Net Loss | $ | (16,346 | ) | $ | (883 | ) | $ | (51,898 | ) | $ | (15,043 | ) | ||||
Net Loss Per Share: | ||||||||||||||||
Basic | $ | (0.59 | ) | $ | (0.03 | ) | $ | (1.88 | ) | $ | (0.56 | ) | ||||
Diluted | $ | (0.59 | ) | $ | (0.03 | ) | $ | (1.88 | ) | $ | (0.56 | ) | ||||
Weighted Average Common Stock and Warrants Outstanding: | ||||||||||||||||
Basic | 27,772,733 | 27,181,754 | 27,615,699 | 27,048,656 | ||||||||||||
Diluted | 27,772,733 | 27,181,754 | 27,615,699 | 27,048,656 |
SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | |||||||||||||||||
Time Charter Statistics: | |||||||||||||||||||||
Average Rates Per Day | $ | 18,879 | $ | 19,141 | $ | 19,042 | $ | 18,031 | $ | 18,046 | |||||||||||
Fleet Utilization | 67 | % | 69 | % | 62 | % | 71 | % | 73 | % | |||||||||||
Fleet Available Days(2) | 5,026 | 4,994 | 5,005 | 5,170 | 5,182 | ||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Time charter | $ | 63,313 | $ | 65,649 | $ | 59,263 | $ | 66,498 | $ | 68,668 | |||||||||||
Bareboat charter | 372 | 364 | 364 | 368 | 368 | ||||||||||||||||
Other marine services | 5,231 | 3,854 | 3,143 | 6,217 | 7,864 | ||||||||||||||||
68,916 | 69,867 | 62,770 | 73,083 | 76,900 | |||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating: | |||||||||||||||||||||
Personnel | 21,940 | 21,566 | 21,670 | 22,080 | 19,943 | ||||||||||||||||
Repairs and maintenance | 9,945 | 10,244 | 9,763 | 7,604 | 7,418 | ||||||||||||||||
Drydocking | 6,068 | 6,210 | 6,706 | 2,561 | 1,768 | ||||||||||||||||
Insurance and loss reserves | 2,584 | 3,099 | 1,738 | 2,944 | 1,833 | ||||||||||||||||
Fuel, lubes and supplies | 6,574 | 3,966 | 4,523 | 3,683 | 5,047 | ||||||||||||||||
Other | 5,796 | 4,435 | 3,699 | 4,397 | 4,133 | ||||||||||||||||
52,907 | 49,520 | 48,099 | 43,269 | 40,142 | |||||||||||||||||
Direct Vessel Profit(1) | 16,009 | 20,347 | 14,671 | 29,814 | 36,758 | ||||||||||||||||
Other Costs and Expenses: | |||||||||||||||||||||
Lease expense | 364 | 486 | 481 | 679 | 651 | ||||||||||||||||
Administrative and general | 11,019 | 10,889 | 11,917 | 11,547 | 12,300 | ||||||||||||||||
Depreciation and amortization | 12,928 | 12,939 | 12,882 | 13,022 | 13,462 | ||||||||||||||||
24,311 | 24,314 | 25,280 | 25,248 | 26,413 | |||||||||||||||||
Gains (Losses) on Asset Dispositions and Impairments, Net | 1,821 | 37 | (1 | ) | 18,057 | (512 | ) | ||||||||||||||
Operating (Loss) Income | (6,481 | ) | (3,930 | ) | (10,610 | ) | 22,623 | 9,833 | |||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Interest income | 358 | 445 | 593 | 222 | 340 | ||||||||||||||||
Interest expense | (10,127 | ) | (10,190 | ) | (10,309 | ) | (10,444 | ) | (9,536 | ) | |||||||||||
Derivative gains (losses), net | 67 | 104 | (543 | ) | 608 | — | |||||||||||||||
Loss on debt extinguishment | — | — | — | — | (2,004 | ) | |||||||||||||||
Foreign currency (losses) gains, net | (1,717 | ) | (560 | ) | (80 | ) | (1,276 | ) | 571 | ||||||||||||
Other, net | 29 | — | (95 | ) | — | — | |||||||||||||||
(11,390 | ) | (10,201 | ) | (10,434 | ) | (10,890 | ) | (10,629 | ) | ||||||||||||
(Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of | (17,871 | ) | (14,131 | ) | (21,044 | ) | 11,733 | (796 | ) | ||||||||||||
Income Tax (Benefit) Expense | (513 | ) | (682 | ) | 925 | 6,378 | 2,360 | ||||||||||||||
(Loss) Income Before Equity in Earnings (Losses) of | (17,358 | ) | (13,449 | ) | (21,969 | ) | 5,355 | (3,156 | ) | ||||||||||||
Equity in Earnings (Losses) of | 1,012 | 966 | (1,100 | ) | 374 | 2,273 | |||||||||||||||
Net (Loss) Income | $ | (16,346 | ) | $ | (12,483 | ) | $ | (23,069 | ) | $ | 5,729 | $ | (883 | ) | |||||||
Net (Loss) Earnings Per Share: | |||||||||||||||||||||
Basic | $ | (0.59 | ) | $ | (0.45 | ) | $ | (0.84 | ) | $ | 0.21 | $ | (0.03 | ) | |||||||
Diluted | $ | (0.59 | ) | $ | (0.45 | ) | $ | (0.84 | ) | $ | 0.20 | $ | (0.03 | ) | |||||||
Weighted Average Common Stock and Warrants Outstanding: | |||||||||||||||||||||
Basic | 27,773 | 27,729 | 27,344 | 27,182 | 27,182 | ||||||||||||||||
Diluted | 27,773 | 27,729 | 27,344 | 28,401 | 27,182 | ||||||||||||||||
Common Shares and Warrants Outstanding at Period End | 28,950 | 28,941 | 28,906 | 28,489 | 28,481 |
____________________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | |||||||||||||||||
United States, primarily Gulf of Mexico | |||||||||||||||||||||
Time Charter Statistics: | |||||||||||||||||||||
Average rates per day worked | $ | 17,188 | $ | 22,356 | $ | 28,156 | $ | 22,584 | $ | 23,663 | |||||||||||
Fleet utilization | 42 | % | 37 | % | 27 | % | 50 | % | 57 | % | |||||||||||
Fleet available days | 920 | 921 | 927 | 1,152 | 1,196 | ||||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 116 | 179 | 137 | 61 | 151 | ||||||||||||||||
Out-of-service days for cold-stacked status(2) | 175 | 127 | 182 | 254 | 206 | ||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Time charter | $ | 6,593 | $ | 7,697 | $ | 6,957 | $ | 12,929 | $ | 16,236 | |||||||||||
Other marine services | 1,188 | 480 | 1,026 | 5,346 | 5,478 | ||||||||||||||||
7,781 | 8,177 | 7,983 | 18,275 | 21,714 | |||||||||||||||||
Direct Costs and Expenses: | |||||||||||||||||||||
Operating: | |||||||||||||||||||||
Personnel | 6,297 | 6,284 | 5,781 | 6,906 | 6,712 | ||||||||||||||||
Repairs and maintenance | 1,655 | 1,879 | 1,404 | 819 | 1,560 | ||||||||||||||||
Drydocking | 2,615 | 2,570 | 1,968 | 303 | 462 | ||||||||||||||||
Insurance and loss reserves | 799 | 943 | 396 | 1,297 | 332 | ||||||||||||||||
Fuel, lubes and supplies | 964 | 866 | 667 | 1,032 | 958 | ||||||||||||||||
Other | 225 | 226 | (171 | ) | 475 | 375 | |||||||||||||||
12,555 | 12,768 | 10,045 | 10,832 | 10,399 | |||||||||||||||||
Direct Vessel (Loss) Profit(1) | $ | (4,774 | ) | $ | (4,591 | ) | $ | (2,062 | ) | $ | 7,443 | $ | 11,315 | ||||||||
Other Costs and Expenses: | |||||||||||||||||||||
Lease expense | $ | 140 | $ | 141 | $ | 138 | $ | 141 | $ | 116 | |||||||||||
Depreciation and amortization | 3,194 | 3,194 | 2,750 | 3,479 | 3,810 | ||||||||||||||||
Africa and Europe | |||||||||||||||||||||
Time Charter Statistics: | |||||||||||||||||||||
Average rates per day worked | $ | 18,875 | $ | 18,580 | $ | 15,197 | $ | 15,233 | $ | 15,388 | |||||||||||
Fleet utilization | 77 | % | 74 | % | 76 | % | 82 | % | 84 | % | |||||||||||
Fleet available days | 1,990 | 1,969 | 1,775 | 1,748 | 1,748 | ||||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 203 | 203 | 238 | 124 | 111 | ||||||||||||||||
Out-of-service days for cold-stacked status | 58 | 91 | 91 | 92 | 54 | ||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Time charter | $ | 28,809 | $ | 27,047 | $ | 20,555 | $ | 21,791 | $ | 22,528 | |||||||||||
Other marine services | 3,048 | 1,028 | 169 | 189 | 1,943 | ||||||||||||||||
31,857 | 28,075 | 20,724 | 21,980 | 24,471 | |||||||||||||||||
Direct Costs and Expenses: | |||||||||||||||||||||
Operating: | |||||||||||||||||||||
Personnel | 6,083 | 4,969 | 5,181 | 6,007 | 5,089 | ||||||||||||||||
Repairs and maintenance | 3,455 | 3,161 | 3,209 | 2,807 | 2,214 | ||||||||||||||||
Drydocking | 681 | 1,226 | 2,032 | 1,298 | 320 | ||||||||||||||||
Insurance and loss reserves | 599 | 819 | 334 | 416 | 573 | ||||||||||||||||
Fuel, lubes and supplies | 2,514 | 1,170 | 1,287 | 623 | 2,573 | ||||||||||||||||
Other | 3,975 | 2,801 | 2,199 | 2,267 | 2,448 | ||||||||||||||||
17,307 | 14,146 | 14,242 | 13,418 | 13,217 | |||||||||||||||||
Direct Vessel Profit(1) | $ | 14,550 | $ | 13,929 | $ | 6,482 | $ | 8,562 | $ | 11,254 | |||||||||||
Other Costs and Expenses: | |||||||||||||||||||||
Lease expense | $ | 75 | $ | 172 | $ | 178 | $ | 289 | $ | 372 | |||||||||||
Depreciation and amortization | 4,540 | 4,565 | 3,915 | 3,747 | 3,821 |
____________________
(1) See full description of footnote above.
(2) Includes one liftboat and one FSV cold-stacked in this region as of September 30, 2024.
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | ||||||||||||||||
Middle East and Asia | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 17,825 | $ | 17,083 | $ | 16,934 | $ | 17,590 | $ | 16,313 | ||||||||||
Fleet utilization | 71 | % | 82 | % | 71 | % | 69 | % | 67 | % | ||||||||||
Fleet available days | 1,288 | 1,296 | 1,365 | 1,461 | 1,472 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 229 | 168 | 224 | 360 | 297 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 16,411 | $ | 18,073 | $ | 16,477 | $ | 17,729 | $ | 16,087 | ||||||||||
Other marine services | 375 | 619 | 350 | 539 | 267 | |||||||||||||||
16,786 | 18,692 | 16,827 | 18,268 | 16,354 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 5,769 | 6,930 | 5,963 | 5,522 | 5,157 | |||||||||||||||
Repairs and maintenance | 3,318 | 3,443 | 2,712 | 2,590 | 2,623 | |||||||||||||||
Drydocking | 832 | 707 | 1,483 | 624 | 1,056 | |||||||||||||||
Insurance and loss reserves | 927 | 798 | 618 | 1,022 | 711 | |||||||||||||||
Fuel, lubes and supplies | 1,043 | 1,103 | 1,198 | 1,242 | 743 | |||||||||||||||
Other | 1,131 | 989 | 1,000 | 1,133 | 943 | |||||||||||||||
13,020 | 13,970 | 12,974 | 12,133 | 11,233 | ||||||||||||||||
Direct Vessel Profit(1) | $ | 3,766 | $ | 4,722 | $ | 3,853 | $ | 6,135 | $ | 5,121 | ||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | $ | 73 | $ | 71 | $ | 85 | $ | 158 | $ | 59 | ||||||||||
Depreciation and amortization | 3,261 | 3,247 | 3,496 | 3,643 | 3,721 | |||||||||||||||
Latin America | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 21,984 | $ | 22,437 | $ | 28,308 | $ | 20,745 | $ | 20,656 | ||||||||||
Fleet utilization | 63 | % | 71 | % | 58 | % | 84 | % | 87 | % | ||||||||||
Fleet available days(2) | 828 | 808 | 938 | 809 | 766 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 94 | 41 | 1 | — | 67 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 11,500 | $ | 12,832 | $ | 15,274 | $ | 14,049 | $ | 13,817 | ||||||||||
Bareboat charter | 372 | 364 | 364 | 368 | 368 | |||||||||||||||
Other marine services | 620 | 1,727 | 1,598 | 143 | 176 | |||||||||||||||
12,492 | 14,923 | 17,236 | 14,560 | 14,361 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 3,791 | 3,383 | 4,745 | 3,645 | 2,985 | |||||||||||||||
Repairs and maintenance | 1,517 | 1,761 | 2,438 | 1,388 | 1,021 | |||||||||||||||
Drydocking | 1,940 | 1,707 | 1,223 | 336 | (70 | ) | ||||||||||||||
Insurance and loss reserves | 259 | 539 | 390 | 209 | 217 | |||||||||||||||
Fuel, lubes and supplies | 2,053 | 827 | 1,371 | 786 | 773 | |||||||||||||||
Other | 465 | 419 | 671 | 522 | 367 | |||||||||||||||
10,025 | 8,636 | 10,838 | 6,886 | 5,293 | ||||||||||||||||
Direct Vessel Profit(1) | $ | 2,467 | $ | 6,287 | $ | 6,398 | $ | 7,674 | $ | 9,068 | ||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | $ | 76 | $ | 102 | $ | 80 | $ | 91 | $ | 104 | ||||||||||
Depreciation and amortization | 1,933 | 1,933 | 2,721 | 2,153 | 2,110 |
_______________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | |||||||||||||||||
AHTS | |||||||||||||||||||||
Time Charter Statistics: | |||||||||||||||||||||
Average rates per day worked | $ | 10,316 | $ | 8,125 | $ | 8,538 | $ | 8,937 | $ | 9,947 | |||||||||||
Fleet utilization | 46 | % | 49 | % | 75 | % | 64 | % | 50 | % | |||||||||||
Fleet available days | 334 | 364 | 364 | 368 | 368 | ||||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 87 | 29 | — | 41 | 111 | ||||||||||||||||
Out-of-service days for cold-stacked status | 58 | 91 | 91 | 92 | 54 | ||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Time charter | $ | 1,576 | $ | 1,459 | $ | 2,331 | $ | 2,102 | $ | 1,831 | |||||||||||
Other marine services | 13 | 219 | — | 6 | 930 | ||||||||||||||||
1,589 | 1,678 | 2,331 | 2,108 | 2,761 | |||||||||||||||||
Direct Costs and Expenses: | |||||||||||||||||||||
Operating: | |||||||||||||||||||||
Personnel | $ | 981 | $ | 1,045 | $ | 1,064 | $ | 944 | $ | 1,019 | |||||||||||
Repairs and maintenance | 239 | 465 | 220 | 612 | 484 | ||||||||||||||||
Drydocking | 436 | 280 | 68 | 58 | 747 | ||||||||||||||||
Insurance and loss reserves | 66 | 97 | 43 | 73 | 88 | ||||||||||||||||
Fuel, lubes and supplies | 90 | 69 | 616 | 375 | 428 | ||||||||||||||||
Other | 263 | 230 | 287 | 295 | 378 | ||||||||||||||||
2,075 | 2,186 | 2,298 | 2,357 | 3,144 | |||||||||||||||||
Other Costs and Expenses: | |||||||||||||||||||||
Lease expense | $ | 4 | $ | 164 | $ | 171 | $ | 253 | $ | 331 | |||||||||||
Depreciation and amortization | 175 | 175 | 175 | 175 | 249 | ||||||||||||||||
FSV | |||||||||||||||||||||
Time Charter Statistics: | |||||||||||||||||||||
Average rates per day worked | $ | 13,102 | $ | 12,978 | $ | 11,834 | $ | 11,841 | $ | 11,441 | |||||||||||
Fleet utilization | 81 | % | 80 | % | 72 | % | 74 | % | 79 | % | |||||||||||
Fleet available days | 2,024 | 2,002 | 2,002 | 2,105 | 2,116 | ||||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 96 | 128 | 216 | 337 | 227 | ||||||||||||||||
Out-of-service days for cold-stacked status | 83 | 36 | 91 | 92 | 69 | ||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Time charter | $ | 21,606 | $ | 20,698 | $ | 17,081 | $ | 18,502 | $ | 19,135 | |||||||||||
Other marine services | 1,012 | 516 | 126 | 163 | 652 | ||||||||||||||||
22,618 | 21,214 | 17,207 | 18,665 | 19,787 | |||||||||||||||||
Direct Costs and Expenses: | |||||||||||||||||||||
Operating: | |||||||||||||||||||||
Personnel | $ | 5,637 | $ | 5,829 | $ | 5,649 | $ | 5,320 | $ | 5,144 | |||||||||||
Repairs and maintenance | 4,378 | 4,572 | 3,093 | 2,691 | 2,787 | ||||||||||||||||
Drydocking | 448 | 457 | 1,869 | 1,710 | 870 | ||||||||||||||||
Insurance and loss reserves | 532 | 546 | 277 | 507 | 185 | ||||||||||||||||
Fuel, lubes and supplies | 1,962 | 993 | 1,051 | 1,441 | 1,501 | ||||||||||||||||
Other | 2,238 | 1,850 | 1,649 | 1,632 | 1,552 | ||||||||||||||||
15,195 | 14,247 | 13,588 | 13,301 | 12,039 | |||||||||||||||||
Other Costs and Expenses: | |||||||||||||||||||||
Depreciation and amortization | $ | 4,744 | $ | 4,746 | $ | 4,744 | $ | 4,879 | $ | 5,002 |
SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | |||||||||||||||||
PSV | |||||||||||||||||||||
Time Charter Statistics: | |||||||||||||||||||||
Average rates per day worked | $ | 21,819 | $ | 20,952 | $ | 19,133 | $ | 19,778 | $ | 19,528 | |||||||||||
Fleet utilization | 58 | % | 66 | % | 53 | % | 77 | % | 78 | % | |||||||||||
Fleet available days(1) | 1,932 | 1,900 | 1,911 | 1,902 | 1,870 | ||||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 349 | 291 | 307 | 109 | 110 | ||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Time charter | $ | 24,488 | $ | 26,390 | $ | 19,390 | $ | 29,140 | $ | 28,580 | |||||||||||
Bareboat charter | 372 | 364 | 364 | 368 | 368 | ||||||||||||||||
Other marine services | 2,855 | 2,266 | 416 | 595 | 696 | ||||||||||||||||
27,715 | 29,020 | 20,170 | 30,103 | 29,644 | |||||||||||||||||
Direct Costs and Expenses: | |||||||||||||||||||||
Operating: | |||||||||||||||||||||
Personnel | $ | 9,360 | $ | 8,979 | $ | 8,850 | $ | 9,017 | $ | 8,793 | |||||||||||
Repairs and maintenance | 3,798 | 3,151 | 4,393 | 3,520 | 2,504 | ||||||||||||||||
Drydocking | 2,629 | 2,616 | 3,386 | 472 | 232 | ||||||||||||||||
Insurance and loss reserves | 636 | 1,037 | 395 | 690 | 682 | ||||||||||||||||
Fuel, lubes and supplies | 3,594 | 1,575 | 1,889 | 1,027 | 2,352 | ||||||||||||||||
Other | 2,821 | 1,850 | 1,395 | 1,922 | 1,761 | ||||||||||||||||
22,838 | 19,208 | 20,308 | 16,648 | 16,324 | |||||||||||||||||
Other Costs and Expenses: | |||||||||||||||||||||
Lease expense | $ | (3 | ) | $ | 3 | $ | — | $ | — | $ | — | ||||||||||
Depreciation and amortization | 4,117 | 4,128 | 4,073 | 4,073 | 4,073 |
___________________
(1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | |||||||||||||||||
Liftboats | |||||||||||||||||||||
Time Charter Statistics: | |||||||||||||||||||||
Average rates per day worked | $ | 36,423 | $ | 43,204 | $ | 53,506 | $ | 40,181 | $ | 39,419 | |||||||||||
Fleet utilization | 58 | % | 54 | % | 53 | % | 52 | % | 59 | % | |||||||||||
Fleet available days | 736 | 728 | 728 | 795 | 828 | ||||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 109 | 143 | 78 | 60 | 111 | ||||||||||||||||
Out-of-service days for cold-stacked status | 92 | 91 | 91 | 162 | 137 | ||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Time charter | $ | 15,643 | $ | 17,102 | $ | 20,461 | $ | 16,754 | $ | 19,122 | |||||||||||
Other marine services | 1,142 | 666 | 1,772 | 4,666 | 4,710 | ||||||||||||||||
16,785 | 17,768 | 22,233 | 21,420 | 23,832 | |||||||||||||||||
Direct Costs and Expenses: | |||||||||||||||||||||
Operating: | |||||||||||||||||||||
Personnel | $ | 5,926 | $ | 6,842 | $ | 6,140 | $ | 5,316 | $ | 4,983 | |||||||||||
Repairs and maintenance | 1,531 | 2,054 | 2,035 | 769 | 1,643 | ||||||||||||||||
Drydocking | 2,555 | 2,857 | 1,383 | 321 | (81 | ) | |||||||||||||||
Insurance and loss reserves | 1,334 | 1,482 | 1,282 | 1,554 | 1,148 | ||||||||||||||||
Fuel, lubes and supplies | 928 | 1,329 | 967 | 838 | 766 | ||||||||||||||||
Other | 473 | 519 | 343 | 531 | 445 | ||||||||||||||||
12,747 | 15,083 | 12,150 | 9,329 | 8,904 | |||||||||||||||||
Other Costs and Expenses: | |||||||||||||||||||||
Depreciation and amortization | 3,866 | 3,865 | 3,866 | 3,867 | 4,099 | ||||||||||||||||
Other Activity | |||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||
Other marine services | $ | 209 | $ | 187 | $ | 829 | $ | 787 | $ | 876 | |||||||||||
209 | 187 | 829 | 787 | 876 | |||||||||||||||||
Direct Costs and Expenses: | |||||||||||||||||||||
Operating: | |||||||||||||||||||||
Personnel | $ | 36 | $ | (1,129 | ) | $ | (33 | ) | $ | 1,483 | $ | 4 | |||||||||
Repairs and maintenance | (1 | ) | 2 | 22 | 12 | — | |||||||||||||||
Insurance and loss reserves | 16 | (63 | ) | (259 | ) | 120 | (270 | ) | |||||||||||||
Fuel, lubes and supplies | — | — | — | 2 | — | ||||||||||||||||
Other | 1 | (14 | ) | 25 | 17 | (3 | ) | ||||||||||||||
52 | (1,204 | ) | (245 | ) | 1,634 | (269 | ) | ||||||||||||||
Other Costs and Expenses: | |||||||||||||||||||||
Lease expense | $ | 363 | $ | 319 | $ | 310 | $ | 426 | $ | 320 | |||||||||||
Depreciation and amortization | 26 | 25 | 24 | 28 | 39 |
SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) | ||||||||||||||||||||
Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 35,601 | $ | 40,605 | $ | 59,593 | $ | 67,455 | $ | 55,840 | ||||||||||
Restricted cash | 2,263 | 2,255 | 2,566 | 16,676 | 2,796 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Trade, net of allowance for credit loss | 76,497 | 70,770 | 58,272 | 63,728 | 63,246 | |||||||||||||||
Other | 7,841 | 6,210 | 12,210 | 11,049 | 8,662 | |||||||||||||||
Tax receivable | 983 | 983 | 983 | 983 | 445 | |||||||||||||||
Inventories | 3,139 | 3,117 | 2,516 | 1,609 | 1,738 | |||||||||||||||
Prepaid expenses and other | 4,840 | 5,659 | 3,425 | 2,686 | 2,957 | |||||||||||||||
Assets held for sale | — | 500 | 500 | 500 | 6,093 | |||||||||||||||
Total current assets | 131,164 | 130,099 | 140,065 | 164,686 | 141,777 | |||||||||||||||
Property and Equipment: | ||||||||||||||||||||
Historical cost | 921,445 | 921,443 | 919,139 | 918,823 | 936,520 | |||||||||||||||
Accumulated depreciation | (362,604 | ) | (349,799 | ) | (337,001 | ) | (324,141 | ) | (318,549 | ) | ||||||||||
558,841 | 571,644 | 582,138 | 594,682 | 617,971 | ||||||||||||||||
Construction in progress | 11,935 | 11,518 | 13,410 | 10,362 | 9,413 | |||||||||||||||
Net property and equipment | 570,776 | 583,162 | 595,548 | 605,044 | 627,384 | |||||||||||||||
Right-of-use asset - operating leases | 3,575 | 3,683 | 3,988 | 4,291 | 4,907 | |||||||||||||||
Right-of-use asset - finance leases | 19 | 28 | 29 | 37 | 45 | |||||||||||||||
Investments, at equity, and advances to | 2,046 | 2,641 | 3,122 | 4,125 | 3,857 | |||||||||||||||
Other assets | 1,864 | 1,953 | 2,094 | 2,153 | 2,095 | |||||||||||||||
Total assets | $ | 709,444 | $ | 721,566 | $ | 744,846 | $ | 780,336 | $ | 780,065 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Current portion of operating lease liabilities | $ | 494 | $ | 861 | $ | 1,285 | $ | 1,591 | $ | 1,856 | ||||||||||
Current portion of finance lease liabilities | 17 | 26 | 33 | 35 | 35 | |||||||||||||||
Current portion of long-term debt | 28,605 | 28,605 | 28,605 | 28,365 | 28,005 | |||||||||||||||
Accounts payable | 22,744 | 17,790 | 23,453 | 27,562 | 32,468 | |||||||||||||||
Other current liabilities | 28,808 | 23,795 | 21,067 | 19,533 | 21,340 | |||||||||||||||
Total current liabilities | 80,668 | 71,077 | 74,443 | 77,086 | 83,704 | |||||||||||||||
Long-term operating lease liabilities | 3,221 | 3,276 | 3,390 | 3,529 | 3,571 | |||||||||||||||
Long-term finance lease liabilities | 4 | 5 | — | 6 | 15 | |||||||||||||||
Long-term debt | 272,325 | 277,740 | 281,989 | 287,544 | 291,843 | |||||||||||||||
Deferred income taxes | 26,802 | 30,083 | 33,873 | 35,718 | 33,078 | |||||||||||||||
Deferred gains and other liabilities | 1,416 | 1,447 | 2,285 | 2,229 | 2,217 | |||||||||||||||
Total liabilities | 384,436 | 383,628 | 395,980 | 406,112 | 414,428 | |||||||||||||||
Equity: | ||||||||||||||||||||
SEACOR Marine Holdings Inc. stockholders’ equity: | ||||||||||||||||||||
Common stock | 287 | 286 | 286 | 280 | 280 | |||||||||||||||
Additional paid-in capital | 477,661 | 476,020 | 474,433 | 472,692 | 471,158 | |||||||||||||||
Accumulated deficit | (154,374 | ) | (138,028 | ) | (125,609 | ) | (102,425 | ) | (108,154 | ) | ||||||||||
Shares held in treasury | (8,110 | ) | (8,110 | ) | (8,071 | ) | (4,221 | ) | (4,221 | ) | ||||||||||
Accumulated other comprehensive income, net of tax | 9,223 | 7,449 | 7,506 | 7,577 | 6,253 | |||||||||||||||
324,687 | 337,617 | 348,545 | 373,903 | 365,316 | ||||||||||||||||
Noncontrolling interests in subsidiaries | 321 | 321 | 321 | 321 | 321 | |||||||||||||||
Total equity | 325,008 | 337,938 | 348,866 | 374,224 | 365,637 | |||||||||||||||
Total liabilities and equity | $ | 709,444 | $ | 721,566 | $ | 744,846 | $ | 780,336 | $ | 780,065 |
SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | ||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||
Net (Loss) Income | $ | (16,346 | ) | $ | (12,483 | ) | $ | (23,069 | ) | $ | 5,729 | $ | (883 | ) | ||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation and amortization | 12,928 | 12,939 | 12,882 | 13,022 | 13,462 | |||||||||||||||
Deferred financing costs amortization | 298 | 297 | 295 | 279 | 459 | |||||||||||||||
Stock-based compensation expense | 1,604 | 1,587 | 1,645 | 1,510 | 1,540 | |||||||||||||||
Debt discount amortization | 2,061 | 1,993 | 1,926 | 1,862 | 1,714 | |||||||||||||||
Allowance for credit losses | 101 | 39 | 3 | 266 | 594 | |||||||||||||||
(Gain) loss from equipment sales, retirements or impairments | (1,821 | ) | (37 | ) | 1 | (18,057 | ) | 512 | ||||||||||||
Losses on debt extinguishment | — | — | — | — | 177 | |||||||||||||||
Derivative (gains) losses | (67 | ) | (104 | ) | 543 | (608 | ) | — | ||||||||||||
Interest on finance lease | — | 1 | — | 1 | 59 | |||||||||||||||
Settlements on derivative transactions, net | — | — | 164 | — | 197 | |||||||||||||||
Currency losses (gains) | 1,717 | 560 | 80 | 1,276 | (571 | ) | ||||||||||||||
Deferred income taxes | (3,281 | ) | (3,790 | ) | (1,845 | ) | 2,640 | (960 | ) | |||||||||||
Equity (earnings) losses | (1,012 | ) | (966 | ) | 1,100 | (374 | ) | (2,273 | ) | |||||||||||
Dividends received from equity investees | 1,498 | 1,418 | — | 166 | 1,031 | |||||||||||||||
Changes in Operating Assets and Liabilities: | ||||||||||||||||||||
Accounts receivables | (7,411 | ) | (6,928 | ) | 4,291 | (3,472 | ) | (747 | ) | |||||||||||
Other assets | 1,032 | (2,395 | ) | (1,290 | ) | 733 | 493 | |||||||||||||
Accounts payable and accrued liabilities | 9,325 | (4,378 | ) | (3,895 | ) | (6,456 | ) | (7,705 | ) | |||||||||||
Net cash provided by (used in) operating activities | 626 | (12,247 | ) | (7,169 | ) | (1,483 | ) | 7,099 | ||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Purchases of property and equipment | (210 | ) | (658 | ) | (3,416 | ) | (3,644 | ) | (6,455 | ) | ||||||||||
Proceeds from disposition of property and equipment | 2,331 | 86 | — | 36,692 | — | |||||||||||||||
Net investing activities in property and equipment | 2,121 | (572 | ) | (3,416 | ) | 33,048 | (6,455 | ) | ||||||||||||
Principal payments on notes due from others | — | — | — | — | 5,000 | |||||||||||||||
Net cash provided by (used in) investing activities | 2,121 | (572 | ) | (3,416 | ) | 33,048 | (1,455 | ) | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Payments on long-term debt | (7,770 | ) | (6,533 | ) | (7,530 | ) | (6,173 | ) | (4,901 | ) | ||||||||||
Payments on debt extinguishment | — | — | — | — | (104,832 | ) | ||||||||||||||
Payments on debt extinguishment cost | — | — | — | — | (1,827 | ) | ||||||||||||||
Proceeds from issuance of long-term debt, net of issue costs | — | — | — | 87 | 121,207 | |||||||||||||||
Payments on finance leases | (10 | ) | (9 | ) | (9 | ) | (9 | ) | (204 | ) | ||||||||||
Proceeds from issuance of common stock, net of issue costs | — | — | — | 24 | — | |||||||||||||||
Proceeds from exercise of stock options | 38 | 102 | — | — | — | |||||||||||||||
Tax withholdings on restricted stock vesting | — | (39 | ) | (3,850 | ) | — | — | |||||||||||||
Net cash (used in) provided by financing activities | (7,742 | ) | (6,479 | ) | (11,389 | ) | (6,071 | ) | 9,443 | |||||||||||
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents | (1 | ) | (1 | ) | 2 | 1 | 3 | |||||||||||||
Net Change in Cash, Restricted Cash and Cash Equivalents | (4,996 | ) | (19,299 | ) | (21,972 | ) | 25,495 | 15,090 | ||||||||||||
Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 42,860 | 62,159 | 84,131 | 58,636 | 43,546 | |||||||||||||||
Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 37,864 | $ | 42,860 | $ | 62,159 | $ | 84,131 | $ | 58,636 |
SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS | ||||||||||||||||
Owned | Leased-in | Managed | Total | |||||||||||||
September 30, 2024 | ||||||||||||||||
AHTS | 2 | 1 | — | 3 | ||||||||||||
FSV | 22 | — | 1 | 23 | ||||||||||||
PSV | 21 | — | — | 21 | ||||||||||||
Liftboats | 8 | — | — | 8 | ||||||||||||
53 | 1 | 1 | 55 | |||||||||||||
December 31, 2023 | ||||||||||||||||
AHTS | 3 | 1 | — | 4 | ||||||||||||
FSV | 22 | — | 3 | 25 | ||||||||||||
PSV | 21 | — | — | 21 | ||||||||||||
Liftboats | 8 | — | — | 8 | ||||||||||||
54 | 1 | 3 | 58 |
FAQ
What was SEACOR Marine's (SMHI) revenue in Q3 2024?
What was SMHI's net loss per share in Q3 2024?
What was SEACOR Marine's (SMHI) vessel utilization rate in Q3 2024?