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FOR IMMEDIATE RELEASE

SEACOR HOLDINGS ANNOUNCES RESULTS FOR THE
THIRD QUARTER ENDED SEPTEMBER 30, 2019

Fort Lauderdale, FL, October 28, 2019. SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the quarter ended September 30, 2019:
Net income attributable to stockholders was $6.4 million ($0.32 per diluted share) compared with $17.1 million ($0.88 per diluted share) for the quarter ended September 30, 2018. The prior year quarter included $5.5 million ($0.26 per diluted share) related to the amortization of previously deferred gains and net mark-to-market gains on marketable securities.
“Cash Earnings” were $27.7 million compared with $30.0 million for the same quarter last year. In the current quarter, "cash earnings" included $4.5 million for August and September's results from the acquisition of our partner's 49% ownership in SEA-Vista.
Operating income attributable to stockholders, was $12.9 million compared with $23.2 million for the quarter ended September 30, 2018. The prior year quarter benefited from the amortization of previously deferred gains of $5.3 million.
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.
Charles Fabrikant, Executive Chairman, commented on the quarter's results as follows:
"The quarter’s disappointing results were primarily due to the extremely difficult conditions in the inland transportation and logistics services segment and a more typical level of demand for our emergency response services.
The third calendar quarter usually produces improved results in the inland sector compared with the second quarter, but this quarter the inland river system continued to suffer from the carryover effects of extreme flooding earlier in the year. Our inland group experienced curtailed demand for fleeting and terminal services, and the barge pool incurred higher costs. The U.S. trade dispute with China and competition from cheaper grain in South America were additional challenges. These challenges continue today. Corn export demand continues to be dismal with shipments approximately 60% and export sales approximately 45% below last year. Export sales are also lagging. Brazil, whose share of the soybean export market increased after the commencement of the trade dispute, continues to compete aggressively.
Witt-O’Brien’s higher activity level in the third quarter of last year reflected a multitude of early stage response and recovery task orders following the hurricanes of 2017. Witt O’Brien’s continues to support the long-term recovery efforts of public sector clients such as the U.S. Virgin Islands as well as expand into the private sector.
The overall operating results for the ocean sector in the current quarter were positive and in general compare favorably with the prior year, despite incurring a dry-docking this quarter and an accounting benefit in the prior year from the amortization of previously deferred gains. The operating discussion below provides more details."

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Fabrikant continued, "The highlight of the quarter was the acquisition of our partner’s interest in Sea-Vista, strengthening our position in the Jones Act market and also adding substantial revenue backlog. As of September 30th, the contracted backlog in SEA-Vista was $237.7 million through 2026. (The acquisition also should reduce complexity in our financial statements, no doubt an added plus. We encourage you to review the tables provided in the release which include a reconciliation of cash earnings.)"
Operating Discussion
Ocean Transportation & Logistics Services - Operating income and OIBDA attributable to stockholders were $17.4 million and $26.5 million, in the current year quarter compared with $19.5 million and $27.6 million in the prior year quarter, respectively. Operating income and OIBDA attributable to stockholders in the prior year quarter benefited from the amortization of previously deferred gains of $4.5 million.
The operating results from harbor towing activities and SEACOR Island Lines improved meaningfully with a combined incremental contribution of $5.3 million and $5.1 million in operating income and OIBDA, respectively, as a consequence of increases in ship docking requirements in various ports and increased unit freight activity into the Bahamas. These increases were partially offset by lost revenue associated with 42 days of planned out-of-service time required for dry-docking one SEA-Vista vessel and the corresponding dry-docking expense. This quarter's results also reflected a reduction in the time charter rate for another SEA-Vista vessel in exchange for a multiyear extension of its charter. Operating results for the Company's military and commercial cargo activities, marketed under the Waterman brand, were also modestly lower in the current quarter.
Inland Transportation & Logistics Services - Operating income and OIBDA were $0.6 million and $6.2 million in the current year quarter compared with $4.3 million and $10.5 million in the prior year quarter, respectively. As previously detailed, the flooding throughout the inland waterways system and weak demand negatively impacted this year’s Inland’s results. Margins on freight operations suffered as weak freight rates were exacerbated by usually extended cycle times for trips and higher towing costs.
Witt O’Brien’s - Operating income and OIBDA were $2.1 million and $2.3 million in the current year quarter compared with $6.1 million and $6.6 million in the prior year quarter, respectively. As previously noted, the prior year had benefited from the initial activity surge that followed the late season hurricanes in 2017.
Capital Commitments - The Company’s capital commitments as of September 30, 2019 were $21.3 million and included the Company's interest in two foreign-flag rail ferries, two inland river towboats, other equipment and vessel and terminal improvements. Subsequent to September 30, 2019, the Company committed to purchase additional equipment for $0.3 million.
Liquidity and Debt - During the current year quarter, the Company repurchased $18.2 million in principal amount of its 3.0% Convertible Senior Notes for $18.1 million resulting in debt extinguishment losses of $0.8 million.
As of September 30, 2019, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, marketable securities and construction reserve funds totaled $88.0 million. As of September 30, 2019, the Company had exited its position in Dorian LPG Ltd. Total outstanding debt was $317.8 million, including $25.0 million of outstanding borrowings under the Company's revolving credit facilities, which has subsequently been repaid. As of September 30, 2019, the Company had $200.0 million of borrowing capacity under its credit facilities.
Equity - For the quarter ended September 30, 2019, basic and diluted weighted average shares outstanding were 19,322,423 and 20,738,919, respectively. As of September 30, 2019, the total shares outstanding were 20,179,218.
* * * * *
SEACOR Holdings Inc. (“SEACOR”) is a diversified holding company with interests in domestic and international transportation and logistics and risk management consultancy. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.
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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 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, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change 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 Investor Relations at (954) 627-5278 or visit SEACOR’s website at www.seacorholdings.com.
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SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2019201820192018
Operating Revenues
$200,658  $220,257  $607,205  $621,912  
Costs and Expenses:
Operating147,386  147,529  437,368  441,474  
Administrative and general24,923  26,083  78,383  76,189  
Depreciation and amortization16,975  18,616  51,120  57,069  
189,284  192,228  566,871  574,732  
Gains on Asset Dispositions, Net
1,145  6,018  2,259  13,569  
Operating Income
12,519  34,047  42,593  60,749  
Other Income (Expense):
Interest income2,198  2,450  5,983  6,485  
Interest expense(4,816) (8,335) (14,832) (25,502) 
Debt extinguishment losses, net(777) (160) (2,073) (5,609) 
Marketable security gains (losses), net144  1,713  16,496  (1,303) 
Foreign currency gains (losses), net(1,877) (328) (1,663) 16  
Other, net505  357  (114) 54,951  
(4,623) (4,303) 3,797  29,038  
Income Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies7,896  29,744  46,390  89,787  
Income Tax Expense
1,417  3,362  7,012  12,934  
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies6,479  26,382  39,378  76,853  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax(618) 821  (3,448) 1,915  
Net Income
5,861  27,203  35,930  78,768  
Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries
(544) 10,136  7,239  15,934  
Net Income Attributable to SEACOR Holdings Inc.$6,405  $17,067  $28,691  $62,834  
Basic Earnings Per Common Share of SEACOR Holdings Inc.$0.33  $0.94  $1.54  $3.48  
Diluted Earnings Per Common Share of SEACOR Holdings Inc.$0.32  $0.88  $1.48  $3.21  
Weighted Average Common Shares Outstanding:
Basic19,322,423  18,108,388  18,618,613  18,052,274  
Diluted20,738,919  21,192,554  19,984,302  22,508,622  
OIBDA(1)
$29,494  $52,663  $93,713  $117,818  
OIBDA Attributable to SEACOR Holdings Inc.(1)
$28,813  $38,630  $77,714  $96,120  
______________________
1.Non-GAAP Financial Measure. See explanation of use of non-GAAP financial measures included elsewhere in this release.
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SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
Three Months Ended
Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018
Operating Revenues
$200,658  $197,023  $209,524  $213,838  $220,257  
Costs and Expenses:
Operating147,386  142,871  147,111  150,374  147,529  
Administrative and general24,923  26,714  26,746  26,718  26,083  
Depreciation and amortization16,975  17,009  17,136  17,510  18,616  
189,284  186,594  190,993  194,602  192,228  
Gains on Asset Dispositions, Net
1,145  677  437  6,014  6,018  
Operating Income
12,519  11,106  18,968  25,250  34,047  
Other Income (Expense):
Interest income2,198  1,885  1,900  2,245  2,450  
Interest expense(4,816) (4,903) (5,113) (6,181) (8,335) 
Debt extinguishment losses, net(777) (503) (793) (6,017) (160) 
Marketable security gains (losses), net144  13,284  3,068  (11,128) 1,713  
Foreign currency gains (losses), net(1,877) (191) 405  (2,280) (328) 
Other, net505  25  (644) 13  357  
(4,623) 9,597  (1,177) (23,348) (4,303) 
Income Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies7,896  20,703  17,791  1,902  29,744  
Income Tax Expense (Benefit)
1,417  3,390  2,205  (4,519) 3,362  
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies6,479  17,313  15,586  6,421  26,382  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax(618) (312) (2,518) (1,987) 821  
Net Income
5,861  17,001  13,068  4,434  27,203  
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries
(544) 2,448  5,335  9,120  10,136  
Net Income (Loss) attributable to SEACOR Holdings Inc.$6,405  $14,553  $7,733  $(4,686) $17,067  
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.
$0.33  $0.80  $0.42  $(0.26) $0.94  
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.
$0.32  $0.76  $0.41  $(0.26) $0.88  
Weighted Average Common Shares Outstanding:
Basic
19,322  18,289  18,233  18,165  18,108  
Diluted
20,739  19,634  19,571  18,165  21,193  
Common Shares Outstanding at Period End20,179  18,550  18,528  18,330  18,243  
OIBDA(1)
$29,494  $28,115  $36,104  $42,760  $52,663  
OIBDA attributable to SEACOR Holdings Inc.(1)
$28,813  $21,905  $26,996  $29,822  $38,630  
______________________
2.Non-GAAP Financial Measure. See explanation of use of non-GAAP financial measures included elsewhere in this release.
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SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
Three Months Ended
Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018
Ocean Transportation & Logistics Services
Operating Revenues
$102,661  $109,681  $109,272  $97,366  $109,939  
Costs and Expenses:
Operating66,888  71,230  69,932  64,234  64,683  
Administrative and general9,404  9,423  10,198  10,132  9,170  
Depreciation and amortization10,191  10,230  10,337  10,707  11,298  
86,483  90,883  90,467  85,073  85,151  
Gains on Asset Dispositions, Net
804  349  17  5,496  5,505  
Operating Income
16,982  19,147  18,822  17,789  30,293  
Other Income (Expense):
Foreign currency gains (losses), net(104)  (47) (17) (24) 
Other, net505  28  (651) (15) (96) 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax(242) 700  111  (23) 2,073  
Segment Profit(1)
$17,141  $19,876  $18,235  $17,734  $32,246  
OIBDA(2)
$27,173  $29,377  $29,159  $28,496  $41,591  
OIBDA(2) attributable to stockholders
$26,492  $23,167  $20,051  $15,558  $27,558  
Dry-docking expenditures for U.S.-flag petroleum and chemical
carriers, dry bulk carriers and PCTC’s (included in operating costs and expenses)
$4,310  $1,925  $1,581  $6,430  $399  
Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s42  30  15  147  —  
Dry-docking expenditures for all other vessels
$1,783  $1,447  $1,250  $269  $1,489  
Inland Transportation & Logistics Services
Operating Revenues
$72,020  $61,455  $65,602  $77,513  $78,845  
Costs and Expenses:
Operating62,775  54,486  54,245  60,801  65,667  
Administrative and general3,327  3,133  3,356  3,381  3,230  
Depreciation and amortization5,694  5,699  5,725  5,490  6,197  
71,796  63,318  63,326  69,672  75,094  
Gains on Asset Dispositions
330  330  420  481  513  
Operating Income (Loss)
554  (1,533) 2,696  8,322  4,264  
Other Income (Expense):
Foreign currency gains (losses), net(1,729) (191) 459  (2,240) (282) 
Other, net—  —  —  37  —  
Equity in Losses of 50% or Less Owned Companies, Net of Tax(1,084) (618) (2,472) (2,571) (1,245) 
Segment Profit (Loss)(1)
$(2,259) $(2,342) $683  $3,548  $2,737  
OIBDA(2)
$6,248  $4,166  $8,421  $13,812  $10,461  
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SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018
Witt O’Brien’s
Operating Revenues
$24,345  $23,753  $32,943  $37,702  $30,267  
Costs and Expenses:
Operating16,323  15,691  21,772  24,258  16,240  
Administrative and general5,718  6,831  6,402  6,876  7,389  
Depreciation and amortization210  209  206  660  492  
22,251  22,731  28,380  31,794  24,121  
Gains on Asset Dispositions and Impairments10  —  —  —  —  
Operating Income2,104  1,022  4,563  5,908  6,146  
Other Income (Expense):
Foreign currency losses, net—  —  —  (1) (12) 
Other, net(1) (2) (3) —  —  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax764  (128) (67) 113  (13) 
Segment Profit
$2,867  $892  $4,493  $6,020  $6,121  
OIBDA(2)
$2,314  $1,231  $4,769  $6,568  $6,638  
Other
Operating Revenues
$1,635  $2,142  $1,805  $1,290  $1,214  
Costs and Expenses:
Operating1,404  1,472  1,253  1,106  957  
Administrative and general846  837  839  551  606  
Depreciation and amortization501  493  489  237  202  
2,751  2,802  2,581  1,894  1765  
Gains (Losses) on Asset Dispositions34  (2) —  37  —  
Operating Loss(1,082) (662) (776) (567) (551) 
Other Income (Expense):
Foreign currency losses, net—  —  —  (4) —  
Other, net—  —  —  (105) 452  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax(56) (266) (90) 494   
Segment Loss(1)
$(1,138) $(928) $(866) $(182) $(93) 
Corporate and Eliminations
Operating Revenues
$(3) $(8) $(98) $(33) $(8) 
Costs and Expenses:
Operating(4) (8) (91) (25) (18) 
Administrative and general5,628  6,490  5,951  5,778  5,688  
Depreciation and amortization379  378  379  416  427  
6,003  6,860  6,239  6,169  6,097  
Losses on Asset Dispositions(33) —  —  —  —  
Operating Loss$(6,039) $(6,868) $(6,337) $(6,202) $(6,105) 
Other Income (Expense):
Foreign currency losses, net$(44) $(1) $(7) $(18) $(10) 
Other, net (1) 10  96   
______________________
3.Includes amounts attributable to both SEACOR and noncontrolling interests.
4.Non-GAAP Financial Measure. See explanation of use of non-GAAP financial measures included elsewhere in this release.
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SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018
ASSETS
Current Assets:
Cash and cash equivalents
$76,815  $138,757  $141,152  $144,221  $324,564  
Restricted cash and restricted cash equivalents
1,221  1,221  2,992  2,991  2,990  
Marketable securities
6,038  39,368  33,384  30,316  41,445  
Receivables:
Trade, net of allowance for doubtful accounts
199,013  164,964  174,278  171,828  151,217  
Other
43,449  38,297  32,635  38,881  45,197  
Inventories
5,224  5,293  4,914  4,530  5,139  
Prepaid expenses and other
6,130  5,640  5,809  5,382  6,087  
Total current assets
337,890  393,540  395,164  398,149  576,639  
Property and Equipment:
Historical cost
1,424,907  1,416,084  1,413,488  1,407,329  1,403,886  
Accumulated depreciation(607,727) (593,168) (577,136) (560,819) (545,179) 
Net property and equipment817,180  822,916  836,352  846,510  858,707  
Operating Lease Right-of-Use Assets153,464  161,518  167,325  —  —  
Investments, at Equity, and Advances to 50% or Less Owned Companies154,968  155,645  155,290  156,886  149,184  
Construction Reserve Funds
3,908  3,908  3,908  3,908  5,908  
Goodwill
32,668  32,714  32,720  32,708  32,767  
Intangible Assets, Net
21,884  22,773  23,662  24,551  25,724  
Other Assets
8,284  10,376  7,385  8,312  8,938  
$1,530,246  $1,603,390  $1,621,806  $1,471,024  $1,657,867  
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt
$76,426  $78,301  $8,308  $8,497  $155,737  
Current portion of long-term operating lease liabilities
36,422  36,171  35,540  —  —  
Accounts payable and accrued expenses
54,921  35,132  50,097  59,607  56,533  
Other current liabilities
67,603  64,796  67,456  55,659  66,179  
Total current liabilities
235,372  214,400  161,401  123,763  278,449  
Long-Term Debt
241,408  234,445  315,303  346,128  372,657  
Long-Term Operating Lease Liabilities
116,866  125,182  131,862  —  —  
Deferred Income Taxes
103,489  99,938  97,758  94,420  99,565  
Deferred Gains and Other Liabilities
20,463  20,768  20,688  52,871  60,502  
Total liabilities
717,598  694,733  727,012  617,182  811,173  
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock
—  —  —  —  —  
Common stock
408  392  392  390  389  
Additional paid-in capital
1,659,428  1,600,838  1,598,804  1,596,642  1,593,430  
Retained earnings
519,023  512,618  498,065  474,809  479,495  
Shares held in treasury, at cost
(1,365,594) (1,366,432) (1,366,267) (1,366,773) (1,366,773) 
Accumulated other comprehensive loss, net of tax
(1400) (995) (903) (914) (444) 
811,865  746,421  730,091  704,154  706,097  
Noncontrolling interests in subsidiaries
783  162,236  164,703  149,688  140,597  
Total equity
812,648  908,657  894,794  853,842  846,694  
$1,530,246  $1,603,390  $1,621,806  $1,471,024  $1,657,867  

8


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 September 30,Nine Months Ended September 30,
2019201820192018
U.S. GAAP Measures
Net Income Attributable to Stockholders$6,405  $17,067  $28,691  $62,834  
Diluted Earnings Per Common Share(1)
$0.32  $0.88  $1.48  $3.21  
Reconciliation of non-GAAP Financial Measures
Operating Income (U.S. GAAP)$12,519  $34,047  $42,593  $60,749  
(+) Depreciation and amortization16,975  18,616  51,120  57,069  
OIBDA(2)
29,494  52,663  93,713  117,818  
(–) Amortization of deferred gains(3)
(330) (11,293) (991) (19,031) 
(–) OIBDA less amortization of deferred gains attributable to noncontrolling interests(681) (9,687) (15,999) (21,698) 
(–) Cash interest expense, net(4)
(900) (3,301) (2,675) (11,029) 
(–) Income tax obligation(6) (52) (19) (17,847) 
(+/–) Marketable security gains (losses), net144  1,713  16,496  (1,303) 
Cash Earnings
$27,721  $30,043  $90,525  $46,910  
______________________
1.Includes diluted earnings per common share of $0.01 and $0.06 for the quarter ended September 30, 2019 and 2018, respectively, related to marking-to-market the Company’s marketable security portfolio. Includes diluted earnings per common share of $0.65 and diluted loss per common share of $0.05 for the six months ended September 30, 2019 and 2018, respectively, 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.For the three and nine months ended September 30, 2019, amortization of deferred gains is included in gains on asset dispositions. For the three and nine months ended September 30, 2018, amortization of deferred gains may be included in operating expenses as a reduction to rental expense and/or 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 interest expense of $0.2 million and $0.7 million for the three months ended September 30, 2019 and 2018, respectively, and $1.2 million and $2.1 million for the nine months ended September 30, 2019 and 2018, respectively.
9


SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018
Ocean Transportation & Logistics Services
Bulk Transportation Services:
Petroleum and chemical carriers - U.S.-flag
   10  10  
Bulk carriers - U.S.-flag
     
Port & Infrastructure Services:
Harbor tugs - U.S.-flag
24  24  24  24  24  
Harbor tugs - Foreign-flag
     
Offshore tug - U.S.-flag
     
Ocean liquid tank barges - U.S.-flag
     
Ocean liquid tank barges - Foreign-flag
     
Specialty vessel - Foreign-flag(1)
   —  —  
Logistics Services:
PCTC(2) - U.S.-flag
     
Short-sea container/RORO(3) vessels - Foreign-flag
     
RORO(3) & deck barges - U.S.-flag
     
Rail ferries - Foreign-flag
     
73  74  73  73  73  
Inland Transportation & Logistics Services
Bulk Transportation Services:
Dry-cargo barges1,374  1,374  1,374  1,372  1,372  
Liquid tank barges
20  20  20  20  20  
Specialty barges(4)
     
Towboats:
4,000 hp - 6,600 hp
18  18  18  18  18  
3,300 hp - 3,900 hp
     
Less than 3,200 hp
     
Port & Infrastructure Services:
Harbor boats:
1,100 hp - 2,000 hp
18  18  18  18  18  
Less than 1,100 hp
     
Logistics Services:
Dry-cargo barges
33  33  33  35  35  
1,479  1,479  1,479