SEACOR Marine Announces Second Quarter 2024 Results

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Jul 31, 2024

HOUSTON, July 31, 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 second quarter ended June 30, 2024.

SEACOR Marine’s consolidated operating revenues for the second quarter of 2024 were $69.9 million, operating loss was $3.9 million, and direct vessel profit (“DVP”)(1) was $20.3 million. This compares to consolidated operating revenues of $68.3 million, operating income of $2.9 million, and DVP of $30.6 million in the second quarter of 2023, and consolidated operating revenues of $62.8 million, operating loss of $10.6 million, and DVP of $14.7 million in the first quarter of 2024.

Notable second quarter items include:

  • 2.3% increase in revenues from the second quarter of 2023 and a 11.3% increase from the first quarter of 2024.
  • Average day rates of $19,141, a 25.5% increase from the second quarter of 2023, and in line with the first quarter of 2024.
  • 69% utilization, a decrease from 78% in the second quarter of 2023 and an increase from 62% in the first quarter of 2024.
  • DVP margin of 29.1%, a decrease from 44.8% in the second quarter of 2023 and an increase from 23.4% in the first quarter of 2024, due in part to $8.5 million of drydocking and major repairs during the quarter compared to $3.1 million in the second quarter of 2023 and $8.5 million in the first quarter of 2024, all of which are expensed as incurred.

For the second quarter of 2024, net loss was $12.5 million ($0.45 loss per basic and diluted share). This compares to a net loss for the second quarter of 2023 of $4.6 million ($0.17 loss per basic and diluted share). Sequentially, the second quarter 2024 results compare to a net loss of $23.1 million ($0.84 earnings per basic and diluted share) in the first quarter of 2024.

Chief Executive Officer John Gellert commented:

“During the second quarter, we continued to reprice our fleet at significantly improved day rates while working through a period of lower utilization. Our lower utilization was primarily driven by planned drydockings and major repairs as part of a heavier 2024 maintenance schedule, some of which have taken longer than expected as shipyards and vendors continue to address various capacity challenges. Utilization was also affected by near-term softer demand in the U.S. and longer re-marketing time between jobs internationally. We observed delays in the project schedules of our customers in the U.S., particularly in decommissioning and offshore wind, as properties with asset removal obligations in the U.S. Gulf of Mexico rotate to new customers and decisions are more generally deferred until after the U.S. election.

Looking forward, we currently have $403.9 million of contracted revenue backlog, including options, with an average contract duration of approximately one year. We continue to hit the mark on average day rates and achieve improved pricing as contracts roll off. Despite various capacity challenges, we are well advanced in this year’s maintenance schedule, which should translate into improved utilization for the rest of 2024 and into 2025. Utilization improvement, coupled with the more favorable pricing we are already experiencing, should lead to significant improvements in performance. We also continue to invest in our fleet. Over the next 12 months we will install hybrid battery systems on four of our platform supply vessels (“PSVs”). Once installations are completed, 11 of our 21 PSVs will be hybrid powered, comprising one of the youngest and most technologically advanced PSV fleets in the industry. I am very optimistic about the position of our fleet to benefit from improved market fundamentals.”
___________________

(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 [email protected]

SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)
Three Months Ended June 30,Six months ended June 30,
2024202320242023
Operating Revenues$69,867$68,319$132,637$129,528
Costs and Expenses:
Operating49,52037,73097,61976,239
Administrative and general10,88913,70422,80625,336
Lease expense4866989671,418
Depreciation and amortization12,93913,57525,82127,337
73,83465,707147,213130,330
Gains on Asset Dispositions and Impairments, Net37265363,864
Operating (Loss) Income(3,930)2,877(14,540)3,062
Other Income (Expense):
Interest income4454221,038882
Interest expense(10,190)(8,736)(20,499)(17,524)
Derivative gains (losses), net104(439)
Foreign currency losses, net(560)(603)(640)(1,428)
Other, net(95)
(10,201)(8,917)(20,635)(18,070)
Loss Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies(14,131)(6,040)(35,175)(15,008)
Income Tax (Benefit) Expense(682)(1,096)24361
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies(13,449)(4,944)(35,418)(15,069)
Equity in Earnings (Losses) of 50% or Less Owned Companies966373(134)909
Net Loss$(12,483)$(4,571)$(35,552)$(14,160)
Net Loss Per Share:
Basic$(0.45)$(0.17)$(1.29)$(0.52)
Diluted$(0.45)$(0.17)$(1.29)$(0.52)
Weighted Average Common Stock and Warrants Outstanding:
Basic27,729,03327,137,87327,536,31926,981,004
Diluted27,729,03327,137,87327,536,31926,981,004



SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)
Three Months Ended
Jun. 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023Jun. 30, 2023
Time Charter Statistics:
Average Rates Per Day$19,141$19,042$18,031$18,046$15,250
Fleet Utilization69%62%71%73%78%
Fleet Available Days(2)4,9945,0055,1705,1825,096
Operating Revenues:
Time charter$65,649$59,263$66,498$68,668$60,804
Bareboat charter364364368368364
Other marine services3,8543,1436,2177,8647,151
69,86762,77073,08376,90068,319
Costs and Expenses:
Operating:
Personnel21,56621,67022,08019,94319,944
Repairs and maintenance10,2449,7637,6047,4185,793
Drydocking6,2106,7062,5611,7682,256
Insurance and loss reserves3,0991,7382,9441,8332,390
Fuel, lubes and supplies3,9664,5233,6835,0473,638
Other4,4353,6994,3974,1333,709
49,52048,09943,26940,14237,730
Direct Vessel Profit(1)20,34714,67129,81436,75830,589
Other Costs and Expenses:
Lease expense486481679651698
Administrative and general10,88911,91711,54712,30013,704
Depreciation and amortization12,93912,88213,02213,46213,575
24,31425,28025,24826,41327,977
Gains (Losses) on Asset Dispositions and Impairments, Net37(1)18,057(512)265
Operating (Loss) Income(3,930)(10,610)22,6239,8332,877
Other Income (Expense):
Interest income445593222340422
Interest expense(10,190)(10,309)(10,444)(9,536)(8,736)
Derivative gains (losses), net104(543)608
Loss on debt extinguishment(2,004)
Foreign currency (losses) gains, net(560)(80)(1,276)571(603)
Other, net(95)
(10,201)(10,434)(10,890)(10,629)(8,917)
(Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies(14,131)(21,044)11,733(796)(6,040)
Income Tax (Benefit) Expense(682)9256,3782,360(1,096)
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies(13,449)(21,969)5,355(3,156)(4,944)
Equity in Earnings (Losses) of 50% or Less Owned Companies966(1,100)3742,273373
Net (Loss) Income$(12,483)$(23,069)$5,729$(883)$(4,571)
Net (Loss) Earnings Per Share:
Basic$(0.45)$(0.84)$0.21$(0.03)$(0.17)
Diluted$(0.45)$(0.84)$0.20$(0.03)$(0.17)
Weighted Average Common Stock and Warrants Outstanding:
Basic27,72927,34427,18227,18227,138
Diluted27,72927,34428,40127,18227,138
Common Shares and Warrants Outstanding at Period End28,94128,90628,48928,48128,481

________________________

(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
Jun. 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023Jun. 30, 2023
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked$22,356$28,156$22,584$23,663$16,115
Fleet utilization37%27%50%57%35%
Fleet available days9219271,1521,1961,080
Out-of-service days for repairs, maintenance and drydockings17913761151229
Out-of-service days for cold-stacked status(2)127182254206173
Operating Revenues:
Time charter$7,697$6,957$12,929$16,236$6,121
Other marine services4801,0265,3465,4783,004
8,1777,98318,27521,7149,125
Direct Costs and Expenses:
Operating:
Personnel6,2845,7816,9066,7125,957
Repairs and maintenance1,8791,4048191,5601,573
Drydocking2,5701,9683034621,506
Insurance and loss reserves9433961,2973321,082
Fuel, lubes and supplies8666671,032958924
Other226(171)475375346
12,76810,04510,83210,39911,388
Direct Vessel Profit (Loss)(1)$(4,591)$(2,062)$7,443$11,315$(2,263)
Other Costs and Expenses:
Lease expense$141$138$141$116$143
Depreciation and amortization3,1942,7503,4793,8103,861
Africa and Europe
Time Charter Statistics:
Average rates per day worked$18,580$15,197$15,233$15,388$14,982
Fleet utilization74%76%82%84%94%
Fleet available days1,9691,7751,7481,7481,729
Out-of-service days for repairs, maintenance and drydockings20323812411158
Out-of-service days for cold-stacked status(3)91919254
Operating Revenues:
Time charter$27,047$20,555$21,791$22,528$24,414
Other marine services1,0281691891,943225
28,07520,72421,98024,47124,639
Direct Costs and Expenses:
Operating:
Personnel4,9695,1816,0075,0894,833
Repairs and maintenance3,1613,2092,8072,2142,050
Drydocking1,2262,0321,298320144
Insurance and loss reserves819334416573420
Fuel, lubes and supplies1,1701,2876232,5731,419
Other2,8012,1992,2672,4482,608
14,14614,24213,41813,21711,474
Direct Vessel Profit(1)$13,929$6,482$8,562$11,254$13,165
Other Costs and Expenses:
Lease expense$172$178$289$372$408
Depreciation and amortization4,5653,9153,7473,8213,853

________________________

(1)See full description of footnote above.
(2)Includes one liftboat cold-stacked in this region as of June 30, 2024.
(3)Includes one AHTS cold-stacked in this region that is classified as held for sale as of June 30, 2024.
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)
Three Months Ended
Jun. 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023Jun. 30, 2023
Middle East and Asia
Time Charter Statistics:
Average rates per day worked$17,083$16,934$17,590$16,313$13,245
Fleet utilization82%71%69%67%86%
Fleet available days1,2961,3651,4611,4721,456
Out-of-service days for repairs, maintenance and drydockings16822436029758
Operating Revenues:
Time charter$18,073$16,477$17,729$16,087$16,563
Other marine services6193505392673,512
18,69216,82718,26816,35420,075
Direct Costs and Expenses:
Operating:
Personnel6,9305,9635,5225,1575,266
Repairs and maintenance3,4432,7122,5902,6231,219
Drydocking7071,4836241,056(684)
Insurance and loss reserves7986181,022711720
Fuel, lubes and supplies1,1031,1981,242743425
Other9891,0001,133943389
13,97012,97412,13311,2337,335
Direct Vessel Profit(1)$4,722$3,853$6,135$5,121$12,740
Other Costs and Expenses:
Lease expense$71$85$158$59$67
Depreciation and amortization3,2473,4963,6433,7213,708
Latin America
Time Charter Statistics:
Average rates per day worked$22,437$28,308$20,745$20,656$18,846
Fleet utilization71%58%84%87%88%
Fleet available days(2)808938809766831
Out-of-service days for repairs, maintenance and drydockings4116779
Operating Revenues:
Time charter$12,832$15,274$14,049$13,817$13,706
Bareboat charter364364368368364
Other marine services1,7271,598143176410
14,92317,23614,56014,36114,480
Direct Costs and Expenses:
Operating:
Personnel3,3834,7453,6452,9853,888
Repairs and maintenance1,7612,4381,3881,021951
Drydocking1,7071,223336(70)1,290
Insurance and loss reserves539390209217168
Fuel, lubes and supplies8271,371786773870
Other419671522367366
8,63610,8386,8865,2937,533
Direct Vessel Profit(1)$6,287$6,398$7,674$9,068$6,947
Other Costs and Expenses:
Lease expense$102$80$91$104$80
Depreciation and amortization1,9332,7212,1532,1102,153

________________________

(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
Jun. 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023Jun. 30, 2023
AHTS
Time Charter Statistics:
Average rates per day worked$8,125$8,538$8,937$9,947$8,916
Fleet utilization49%75%64%50%85%
Fleet available days364364368368364
Out-of-service days for repairs, maintenance and drydockings294111113
Out-of-service days for cold-stacked status91919254
Operating Revenues:
Time charter$1,459$2,331$2,102$1,831$2,762
Other marine services2196930
1,6782,3312,1082,7612,762
Direct Costs and Expenses:
Operating:
Personnel$1,045$1,064$944$1,019$1,069
Repairs and maintenance465220612484186
Drydocking2806858747131
Insurance and loss reserves9743738878
Fuel, lubes and supplies69616375428192
Other230287295378329
2,1862,2982,3573,1441,985
Other Costs and Expenses:
Lease expense$164$171$253$331$332
Depreciation and amortization175175175249298
FSV
Time Charter Statistics:
Average rates per day worked$12,978$11,834$11,841$11,441$11,314
Fleet utilization80%72%74%79%92%
Fleet available days2,0022,0022,1052,1162,093
Out-of-service days for repairs, maintenance and drydockings12821633722786
Out-of-service days for cold-stacked status3691926982
Operating Revenues:
Time charter$20,698$17,081$18,502$19,135$21,747
Other marine services51612616365271
21,21417,20718,66519,78721,818
Direct Costs and Expenses:
Operating:
Personnel$5,829$5,649$5,320$5,144$5,083
Repairs and maintenance4,5723,0932,6912,7871,134
Drydocking4571,8691,7108701,342
Insurance and loss reserves546277507185337
Fuel, lubes and supplies9931,0511,4411,5011,108
Other1,8501,6491,6321,5521,536
14,24713,58813,30112,03910,540
Other Costs and Expenses:
Depreciation and amortization$4,746$4,744$4,879$5,002$4,952



SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
Three Months Ended
Jun. 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023Jun. 30, 2023
PSV
Time Charter Statistics:
Average rates per day worked$20,952$19,133$19,778$19,528$17,545
Fleet utilization66%53%77%78%80%
Fleet available days (1)1,9001,9111,9021,8701,820
Out-of-service days for repairs, maintenance and drydockings29130710911092
Operating Revenues:
Time charter$26,390$19,390$29,140$28,580$25,458
Bareboat charter364364368368364
Other marine services2,266416595696584
29,02020,17030,10329,64426,406
Direct Costs and Expenses:
Operating:
Personnel$8,979$8,850$9,017$8,793$8,738
Repairs and maintenance3,1514,3933,5202,5042,998
Drydocking2,6163,38647223212
Insurance and loss reserves1,037395690682421
Fuel, lubes and supplies1,5751,8891,0272,3522,124
Other1,8501,3951,9221,7611,405
19,20820,30816,64816,32415,698
Other Costs and Expenses:
Lease expense$3$$$$
Depreciation and amortization4,1284,0734,0734,0734,072

________________________

(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
Jun. 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023Jun. 30, 2023
Liftboats
Time Charter Statistics:
Average rates per day worked$43,204$53,506$40,181$39,419$35,623
Fleet utilization54%53%52%59%37%
Fleet available days728728795828819
Out-of-service days for repairs, maintenance and drydockings1437860111233
Out-of-service days for cold-stacked status919116213791
Operating Revenues:
Time charter$17,102$20,461$16,754$19,122$10,837
Other marine services6661,7724,6664,7105,495
17,76822,23321,42023,83216,332
Direct Costs and Expenses:
Operating:
Personnel$6,842$6,140$5,316$4,983$5,065
Repairs and maintenance2,0542,0357691,6431,472
Drydocking2,8571,383321(81)849
Insurance and loss reserves1,4821,2821,5541,1481,418
Fuel, lubes and supplies1,329967838766219
Other519343531445441
15,08312,1509,3298,9049,464
Other Costs and Expenses:
Depreciation and amortization3,8653,8663,8674,0994,215
Other Activity
Operating Revenues:
Other marine services$187$829$787$876$1,001
1878297878761,001
Direct Costs and Expenses:
Operating:
Personnel$(1,129)$(33)$1,483$4$(11)
Repairs and maintenance222123
Drydocking(78)
Insurance and loss reserves(63)(259)120(270)136
Fuel, lubes and supplies2(5)
Other(14)2517(3)(2)
(1,204)(245)1,634(269)43
Other Costs and Expenses:
Lease expense$319$310$426$320$366
Depreciation and amortization2524283938



SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Jun. 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023Jun. 30, 2023
ASSETS
Current Assets:
Cash and cash equivalents$40,605$59,593$67,455$55,840$40,750
Restricted cash2,2552,56616,6762,7962,796
Receivables:
Trade, net of allowance for credit loss70,77058,27263,72863,24660,022
Other6,21012,21011,0498,66212,032
Note receivable5,000
Tax receivable983983983445445
Inventories3,1172,5161,6091,7381,653
Prepaid expenses and other5,6593,4252,6862,9573,112
Assets held for sale5005005006,093
Total current assets130,099140,065164,686141,777125,810
Property and Equipment:
Historical cost921,443919,139918,823936,520966,338
Accumulated depreciation(349,799)(337,001)(324,141)(318,549)(334,678)
571,644582,138594,682617,971631,660
Construction in progress11,51813,41010,3629,4138,876
Net property and equipment583,162595,548605,044627,384640,536
Right-of-use asset - operating leases3,6833,9884,2914,9075,703
Right-of-use asset - finance leases282937456,495
Investments, at equity, and advances to 50% or less owned companies2,6413,1224,1253,8573,253
Other assets1,9532,0942,1532,0952,139
Total assets$721,566$744,846$780,336$780,065$783,936
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities$861$1,285$1,591$1,856$1,792
Current portion of finance lease liabilities26333535611
Current portion of long-term debt28,60528,60528,36528,00563,959
Accounts payable17,79023,45327,56232,46839,013
Other current liabilities23,79521,06719,53321,34021,027
Total current liabilities71,07774,44377,08683,704126,402
Long-term operating lease liabilities3,2763,3903,5293,5714,030
Long-term finance lease liabilities56156,462
Long-term debt277,740281,989287,544291,843243,960
Deferred income taxes30,08333,87335,71833,07834,038
Deferred gains and other liabilities1,4472,2852,2292,2172,189
Total liabilities383,628395,980406,112414,428417,081
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock286286280280280
Additional paid-in capital476,020474,433472,692471,158469,618
Accumulated deficit(138,028)(125,609)(102,425)(108,154)(107,271)
Shares held in treasury(8,110)(8,071)(4,221)(4,221)(4,221)
Accumulated other comprehensive income, net of tax7,4497,5067,5776,2538,128
337,617348,545373,903365,316366,534
Noncontrolling interests in subsidiaries321321321321321
Total equity337,938348,866374,224365,637366,855
Total liabilities and equity$721,566$744,846$780,336$780,065$783,936



SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
Jun. 30, 2024Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023Jun. 30, 2023
Cash Flows from Operating Activities:
Net (Loss) Income$(12,483)$(23,069)$5,729$(883)$(4,571)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization12,93912,88213,02213,46213,575
Deferred financing costs amortization297295279459423
Stock-based compensation expense1,5871,6451,5101,5401,723
Debt discount amortization1,9931,9261,8621,7141,627
Allowance for credit losses3932665942,763
(Gain) loss from equipment sales, retirements or impairments(37)1(18,057)512(265)
Losses on debt extinguishment177
Derivative (gains) losses(104)543(608)
Interest on finance lease115970
Settlements on derivative transactions, net164197226
Currency losses (gains)560801,276(571)603
Deferred income taxes(3,790)(1,845)2,640(960)(5,082)
Equity (earnings) losses(966)1,100(374)(2,273)(373)
Dividends received from equity investees1,4181661,0311,044
Changes in Operating Assets and Liabilities:
Accounts receivables(6,928)4,291(3,472)(747)(3,139)
Other assets(2,395)(1,290)7334931,017
Accounts payable and accrued liabilities(4,378)(3,895)(6,456)(7,705)(5,758)
Net cash (used in) provided by operating activities(12,247)(7,169)(1,483)7,0993,883
Cash Flows from Investing Activities:
Purchases of property and equipment(658)(3,416)(3,644)(6,455)(35)
Proceeds from disposition of property and equipment8636,692427
Net investing activities in property and equipment(572)(3,416)33,048(6,455)392
Principal payments on notes due from others5,0005,000
Net cash (used in) provided by investing activities(572)(3,416)33,048(1,455)5,392
Cash Flows from Financing Activities:
Payments on long-term debt(6,533)(7,530)(6,173)(4,901)(9,483)
Payments on debt extinguishment(104,832)(26,772)
Payments on debt extinguishment cost(1,827)
Proceeds from issuance of long-term debt, net of issue costs87121,20727,181
Payments on finance leases(9)(9)(9)(204)(204)
Proceeds from issuance of common stock, net of issue costs24
Proceeds from exercise of stock options102
Tax withholdings on restricted stock vesting(39)(3,850)(102)
Net cash (used in) provided by financing activities(6,479)(11,389)(6,071)9,443(9,380)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents(1)213(1)
Net Change in Cash, Restricted Cash and Cash Equivalents(19,299)(21,972)25,49515,090(106)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period62,15984,13158,63643,54643,652
Cash, Restricted Cash and Cash Equivalents, End of Period$42,860$62,159$84,131$58,636$43,546



SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS
OwnedLeased-inManagedTotal
June 30, 2024
AHTS314
FSV22123
PSV2121
Liftboats88
541156
December 31, 2023
AHTS314
FSV22325
PSV2121
Liftboats88
541358

SEACOR-Marine-Holdings-Inc-.png