colorlogockh1.jpg
FOR IMMEDIATE RELEASE

SEACOR HOLDINGS ANNOUNCES RESULTS FOR THE
FIRST QUARTER ENDED MARCH 31, 2020

Fort Lauderdale, FL, April 28, 2020. SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the first quarter ended March 31, 2020:
Net income attributable to stockholders for the quarter ended March 31, 2020 was $1.5 million ($0.07 per diluted share) compared with $7.7 million ($0.41 per diluted share) for the quarter ended March 31, 2019. The current quarter included a $12.7 million ($0.64 per diluted share) income tax benefit as a result of the passage of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") and included net foreign currency losses of $3.6 million ($0.18 per diluted share) primarily due to the depreciation of the Colombian peso relative to the U.S. dollar.
Operating loss for the quarter ended March 31, 2020 was $0.1 million compared with operating income of $19.0 million for the quarter ended March 31, 2019.
“Cash Earnings” for the quarter ended March 31, 2020 were $17.1 million compared with $26.7 million for the quarter ended March 31, 2019.
The Company uses the non-GAAP financial measures "Cash Earnings" and OIBDA in this release; a reconciliation to their closest U.S. GAAP measure is included in "Use of non-GAAP Financial Measures" in this release.
Charles Fabrikant, Executive Chairman, commented on the quarter's results and impact of COVID-19 as follows:
"Our first and most important operational priority is, at all times and in all circumstances, the safety and well-being of our more than 2,000 employees. We are taking enhanced precautions in response to the unprecedented challenges of COVID-19. We look to local, state and federal directives and follow best practices.
All SEACOR operations have been deemed essential. Our ships, tugs and warehouses, continue to fulfill their mission transporting and distributing essential goods. I want to express deep-felt appreciation to SEACOR’s dedicated workforce for providing these necessary services to support our customers and the common effort.
The COVID-19 pandemic had a limited impact on our first quarter financial performance. Our diversified services dampened, and, hopefully, will continue to mitigate for us the severe economic fallout of COVID-19 on the economy. SEA-Vista, our Jones Act tanker business, benefits from charters that extend through the first quarter of 2021 and beyond. SCF’s barges continue to move grain on the inland waterways and its terminals transfer agricultural and industrial essentials. Our Granite City, Illinois based oil storage facility is fully utilized for the first time in many months. Our harbor tugs continue docking ships with inbound goods and exports.
Two of our service lines, SEACOR Island Lines, our liner and logistics support for the Bahamas and Caribbean, and Waterman Steamship, our Government Services group, have in the recent weeks experienced weaker demand. The Bahamas, like the U.S. has a “shelter in place” order in effect and in April the U.S. military instituted a moratorium on movements of cargo handled by vessels such as ours.
I am quite pleased with our first quarter results. The primary cause for the large swing in cash earnings relates to performing periodic, heavy maintenance for some of our vessels and a falloff in revenues related to Witt-O’Brien’s engagement in the U.S. Virgin Islands. Witt has been able to leverage its expertise in
1


government consulting to assist hospitals, helping them to expedite access to FEMA funding. It also expanded its services with its recent acquisition of Navigate which advises clients on crisis communications and public relations.
As a result of the passage of the CARES Act, we can carryback net operating tax losses from 2019 to recoup $32 million of cash. This will boost SEACOR’s already strong levels of liquidity."
The "Operating Discussion" below is a comparison of results for the quarter ended March 31, 2020 with the prior year quarter ended March 31, 2019.
Operating Discussion
Ocean Transportation & Logistics Services - Operating income and OIBDA were $7.5 million and $17.8 million, in the current year quarter compared with $18.8 million and $20.1 million, respectively. Operating results were impacted by a $6.7 million increase in dry-docking costs, which included the installation of a ballast water treatment system for one U.S.-flag petroleum and chemical carrier, and major overhauls for five harbor tugs. The related off-hire time for dry-docking the U.S.-flag petroleum and chemical carrier accounted for a $2.5 million decrease in operating income. Projected dry-docking costs for the remainder of 2020 are $5.5 million.
Two U.S.-flag petroleum and chemical carriers embarked on extensions of prior charters that last year had been at more favorable rates. In addition, operating results were impacted by a change in contract status for one U.S.-flag petroleum and chemical carrier, which commenced a multiyear bareboat charter following the conclusion of a multiyear time charter.
Our port and infrastructure services business and SEACOR Island Lines both experienced revenue growth year over year and made an increased contribution to operating income. Waterman Logistics had continued success this quarter winning bids to move specialized cargo for the U.S. government. The Jones Act dry bulk carrier fleet benefited from steady cargo volumes and a full quarter of operations with no dry-dockings. In the aggregate, these service lines had a positive incremental contribution of $4.8 million compared with the prior year quarter.
Inland Transportation & Logistics Services - Operating income and OIBDA were $1.0 million and $7.2 million in the current year quarter compared with $2.7 million and $8.4 million, respectively. The 4% year over year decline in U.S. grain exports through the Gulf of Mexico reduced demand for barge freight and activity levels at the Company's terminals on the Mississippi and Illinois Rivers. The primary culprits were the China trade war, U.S. government farm subsidy programs which were a disincentive to exports, and competition from South America as a result of a stronger U.S. dollar.
Witt O’Brien’s - Operating loss and negative OIBDA were $(1.1) million and $(0.9) million, respectively, in the current year quarter compared with operating income and OIBDA of $4.6 million and $4.8 million, respectively. Operating revenues and operating income in the U.S. Virgin Islands were $8.4 million and $5.2 million lower, respectively, than the prior year quarter when certain key task orders related to immediate requirements of responding to hurricanes were still being completed. The current year quarter's results were also negatively impacted by an accrual of $1.4 million for a retroactive charge due to a change in the application of the gross receipts tax in the U.S. Virgin Islands.
Capital Commitments - The Company’s capital commitments as of March 31, 2020 were $61.0 million and included four U.S.-flag harbor tugs, the Company's interest in two foreign-flag rail ferries, six inland river dry-cargo barges, two inland river towboats, other equipment and vessel and terminal improvements. Subsequent to March 31, 2020, the Company committed to purchase other property and equipment for $1.1 million.
Income Taxes - The current quarter included a $12.7 million ($0.64 per diluted share) income tax benefit as a result of the passage of the CARES Act into law, which allows net operating losses generated in 2018 through 2020 to be carried back up to five years. As a result, the Company expects a tax refund of approximately $32 million once the refund requests are processed.
Liquidity and Debt - During the current year quarter, the Company repurchased $15.6 million in principal amount of its 3.0% Convertible Senior Notes for $15.4 million.
As of March 31, 2020, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities totaled $85.2 million. As of March 31, 2020, total outstanding debt was $298.8 million, and the Company had $225.0 million of borrowing capacity under its credit facilities.
Equity - As of March 31, 2020, the total shares outstanding were 20,333,024.
* * * * *
2


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.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including risks relating to the COVID-19 pandemic, volatility the pandemic has caused in the capital markets and the effects it has had and could continue to have on the global economy, 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 SEACOR at (954) 523-2200, e-mail SEACOR at communications@seacorholdings.com or visit SEACOR’s website at www.seacorholdings.com.
3


SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
Three Months Ended
March 31,
20202019
Operating Revenues
$192,296  $209,524  
Costs and Expenses:
Operating146,028  147,111  
Administrative and general29,021  26,746  
Depreciation and amortization17,729  17,136  
192,778  190,993  
Gains on Asset Dispositions, Net
384  437  
Operating Income (Loss)
(98) 18,968  
Other Income (Expense):
Interest income1,601  1,900  
Interest expense(4,470) (5,113) 
Debt extinguishment losses, net(319) (793) 
Marketable security gains (losses), net(104) 3,068  
Foreign currency gains (losses), net(4,582) 405  
Other, net92  (644) 
(7,782) (1,177) 
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies(7,880) 17,791  
Income Tax Expense (Benefit)
(14,142) 2,205  
Income Before Equity in Losses of 50% or Less Owned Companies6,262  15,586  
Equity in Losses of 50% or Less Owned Companies, Net of Tax(4,793) (2,518) 
Net Income
1,469  13,068  
Net Income Attributable to Noncontrolling Interests in Subsidiaries
 5,335  
Net Income Attributable to SEACOR Holdings Inc.$1,467  $7,733  
Basic Earnings Per Common Share of SEACOR Holdings Inc.$0.07  $0.42  
Diluted Earnings Per Common Share of SEACOR Holdings Inc.$0.07  $0.41  
Weighted Average Common Shares Outstanding:
Basic19,950,444  18,232,562  
Diluted19,994,025  19,571,339  
OIBDA(1)
$17,631  $36,104  
OIBDA Attributable to SEACOR Holdings Inc.(1)
$17,631  $26,996  
______________________
1.Non-GAAP Financial Measure. See explanation of use of non-GAAP financial measures included elsewhere in this release.
4


SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data, unaudited)
Three Months Ended
Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019
Operating Revenues
$192,296  $192,761  $200,658  $197,023  $209,524  
Costs and Expenses:
Operating146,028  146,265  147,386  142,871  147,111  
Administrative and general29,021  27,134  24,923  26,714  26,746  
Depreciation and amortization17,729  17,451  16,975  17,009  17,136  
192,778  190,850  189,284  186,594  190,993  
Gains on Asset Dispositions, Net
384  651  1,145  677  437  
Operating Income (Loss)
(98) 2,562  12,519  11,106  18,968  
Other Income (Expense):
Interest income1,601  1,488  2,198  1,885  1,900  
Interest expense(4,470) (4,401) (4,816) (4,903) (5,113) 
Debt extinguishment losses, net(319) (171) (777) (503) (793) 
Marketable security gains (losses), net(104) 1,898  144  13,284  3,068  
Foreign currency gains (losses), net(4,582) 1,351  (1,877) (191) 405  
Other, net92  (20) 505  25  (644) 
(7,782) 145  (4,623) 9,597  (1,177) 
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies(7,880) 2,707  7,896  20,703  17,791  
Income Tax Expense (Benefit)
(14,142) 2,817  1,417  3,390  2,205  
Income (Loss) Before Equity in Losses of 50% or Less Owned Companies6,262  (110) 6,479  17,313  15,586  
Equity in Losses of 50% or Less Owned Companies, Net of Tax(4,793) (1,802) (618) (312) (2,518) 
Net Income (Loss)
1,469  (1,912) 5,861  17,001  13,068  
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries
  (544) 2,448  5,335  
Net Income (Loss) attributable to SEACOR Holdings Inc.$1,467  $(1,917) $6,405  $14,553  $7,733  
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.
$0.07  $(0.10) $0.33  $0.80  $0.42  
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.
$0.07  $(0.10) $0.32  $0.76  $0.41  
Weighted Average Common Shares Outstanding:
Basic
19,950  19,933  19,322  18,289  18,233  
Diluted
19,994  19,933  20,739  19,634  19,571  
Common Shares Outstanding at Period End20,333  20,176  20,179  18,550  18,528  
OIBDA(1)
$17,631  $20,013  $29,494  $28,115  $36,104  
OIBDA attributable to SEACOR Holdings Inc.(1)
$17,631  $20,013  $28,813  $21,905  $26,996  
______________________
2.Non-GAAP Financial Measure. See explanation of use of non-GAAP financial measures included elsewhere in this release.
5


SEACOR HOLDINGS INC.
SEGMENT INFORMATION
(in thousands, unaudited)
Three Months Ended
Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019
Ocean Transportation & Logistics Services
Operating Revenues
$106,115  $101,674  $102,661  $109,681  $109,272  
Costs and Expenses:
Operating77,604  72,759  66,888  71,230  69,932  
Administrative and general10,744  11,190  9,404  9,423  10,198  
Depreciation and amortization10,282  10,228  10,191  10,230  10,337  
98,630  94,177  86,483  90,883  90,467  
Gains on Asset Dispositions
 121  804  349  17  
Operating Income
7,494  7,618  16,982  19,147  18,822  
Other Income (Expense):
Foreign currency gains (losses), net(78) 52  (104)  (47) 
Other, net22   505  28  (651) 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax(1,357) (1,238) (242) 700  111  
Segment Profit(1)
$6,081  $6,438  $17,141  $19,876  $18,235  
OIBDA(2)
$17,776  $17,846  $27,173  $29,377  $29,159  
OIBDA(2) attributable to stockholders
$17,776  $17,846  $26,492  $23,167  $20,051  
Dry-docking expenditures for U.S.-flag petroleum and chemical
carriers, dry bulk carriers and PCTC’s (included in operating costs and expenses)
$7,816  $8,752  $4,310  $1,925  $1,581  
Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s38  76  42  30  15  
Dry-docking expenditures for all other vessels
$1,704  $289  $1,783  $1,447  $1,250  
Inland Transportation & Logistics Services
Operating Revenues
$61,311  $68,257  $72,020  $61,455  $65,602  
Costs and Expenses:
Operating50,919  57,912  62,775  54,486  54,245  
Administrative and general3,488  3,324  3,327  3,133  3,356  
Depreciation and amortization6,212  6,144  5,694  5,699  5,725  
60,619  67,380  71,796  63,318  63,326  
Gains on Asset Dispositions, Net
315  522  330  330  420  
Operating Income (Loss)
1,007  1,399  554  (1,533) 2,696  
Other Income (Expense):
Foreign currency gains (losses), net(4,478) 1,249  (1,729) (191) 459  
Equity in Losses of 50% or Less Owned Companies, Net of Tax(3,376) (2,346) (1,084) (618) (2,472) 
Segment Profit (Loss)(1)
$(6,847) $302  $(2,259) $(2,342) $683  
OIBDA(2)
$7,219  $7,543  $6,248  $4,166  $8,421  
6


SEACOR HOLDINGS INC.
SEGMENT INFORMATION (continued)
(in thousands, unaudited)
Three Months Ended
Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019
Witt O’Brien’s
Operating Revenues
$22,506  $20,742  $24,345  $23,753  $32,943  
Costs and Expenses:
Operating15,691  14,266  16,323  15,691  21,772  
Administrative and general7,679  7,008  5,718  6,831  6,402  
Depreciation and amortization259  210  210  209  206  
23,629  21,484  22,251  22,731  28,380  
Gains on Asset Dispositions—   10  —  —  
Operating Income (Loss)(1,123) (734) 2,104  1,022  4,563  
Other Income (Expense):
Foreign currency gains (losses), net12  (1) —  —  —  
Other, net70  (457) (1) (2) (3) 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax(8) 333  764  (128) (67) 
Segment Profit (Loss)
$(1,049) $(859) $2,867  $892  $4,493  
OIBDA(2)
$(864) $(524) $2,314  $1,231  $4,769  
Other
Operating Revenues
$2,399  $2,099  $1,635  $2,142  $1,805  
Costs and Expenses:
Operating1,847  1,335  1,404  1,472  1,253  
Administrative and general1,124  967  846  837  839  
Depreciation and amortization619  499  501  493  489  
3,590  2,801  2,751  2,802  2,581  
Gains (Losses) on Asset Dispositions60  —  34  (2) —  
Operating Loss(1,131) (702) (1,082) (662) (776) 
Other Income (Expense):
Other, net—  431  —  —  —  
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax(52) 1,449  (56) (266) (90) 
Segment Profit (Loss)(1)
$(1,183) $1,178  $(1,138) $(928) $(866) 
Corporate and Eliminations
Operating Revenues
$(35) $(11) $(3) $(8) $(98) 
Costs and Expenses:
Operating(33) (7) (4) (8) (91) 
Administrative and general5,986  4,645  5,628  6,490  5,951  
Depreciation and amortization357  370  379  378  379  
6,310  5,008  6,003  6,860  6,239  
Losses on Asset Dispositions—  —  (33) —  —  
Operating Loss$(6,345) $(5,019) $(6,039) $(6,868) $(6,337) 
Other Income (Expense):
Foreign currency gains (losses), net$(38) $51  $(44) $(1) $(7) 
Other, net—  —   (1) 10  
______________________
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.
7


SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019
ASSETS
Current Assets:
Cash and cash equivalents
$76,106  $77,222  $76,815  $138,757  $141,152  
Restricted cash and restricted cash equivalents
1,224  1,222  1,221  1,221  2,992  
Marketable securities
7,832  7,936  6,038  39,368  33,384  
Receivables:
Trade, net of allowance for doubtful accounts
192,350  194,022  199,013  164,964  174,278  
Other
67,938  38,881  43,449  38,297  32,635  
Inventories
4,050  5,255  5,224  5,293  4,914  
Prepaid expenses and other
5,387  6,971  6,130  5,640  5,809  
Total current assets
354,887  331,509  337,890  393,540  395,164  
Property and Equipment:
Historical cost
1,441,509  1,442,382  1,424,907  1,416,084  1,413,488  
Accumulated depreciation(639,424) (624,024) (607,727) (593,168) (577,136) 
Net property and equipment802,085  818,358  817,180  822,916  836,352  
Operating Lease Right-of-Use Assets136,180  144,539  153,464  161,518  167,325  
Investments, at Equity, and Advances to 50% or Less Owned Companies151,568  157,108  154,968  155,645  155,290  
Construction Reserve Funds
—  —  3,908  3,908  3,908  
Goodwill
32,586  32,701  32,668  32,714  32,720  
Intangible Assets, Net
22,952  20,996  21,884  22,773  23,662  
Other Assets
8,615  7,761  8,284  10,376  7,385  
$1,508,873  $1,512,972  $1,530,246  $1,603,390  $1,621,806  
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt
$44,495  $58,854  $76,426  $78,301  $8,308  
Current portion of long-term operating lease liabilities
35,258  36,011  36,422  36,171  35,540  
Accounts payable and accrued expenses
43,663  57,595  54,921  35,132  50,097  
Other current liabilities
75,225  57,501  67,603  64,796  67,456  
Total current liabilities
198,641  209,961  235,372  214,400  161,401  
Long-Term Debt
254,272  255,612  241,408  234,445  315,303  
Long-Term Operating Lease Liabilities
100,789  108,295  116,866  125,182  131,862  
Deferred Income Taxes
123,054  105,661  103,489  99,938  97,758  
Deferred Gains and Other Liabilities
19,103  20,929  20,463  20,768  20,688  
Total liabilities
695,859  700,458  717,598  694,733  727,012  
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock
—  —  —  —  —  
Common stock
410  408  408  392  392  
Additional paid-in capital
1,662,938  1,661,002  1,659,428  1,600,838  1,598,804  
Retained earnings
518,573  517,106  519,023  512,618  498,065  
Shares held in treasury, at cost
(1,366,787) (1,365,792) (1,365,594) (1,366,432) (1,366,267) 
Accumulated other comprehensive loss, net of tax
(2,909) (998) (1,400) (995) (903) 
812,225  811,726  811,865  746,421  730,091  
Noncontrolling interests in subsidiaries
789  788  783  162,236  164,703  
Total equity
813,014  812,514  812,648  908,657  894,794  
$1,508,873  $1,512,972  $1,530,246  $1,603,390  $1,621,806  

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 March 31,
20202019
U.S. GAAP Measures
Net Income Attributable to Stockholders$1,467  $7,733  
Diluted Earnings Per Common Share(1)
$0.07  $0.41  
Reconciliation of non-GAAP Financial Measures
Operating Income (U.S. GAAP)$(98) $18,968  
(+) Depreciation and amortization17,729  17,136  
OIBDA(2)
17,631  36,104  
(–) Amortization of deferred gains(3)
(331) (331) 
(–) OIBDA attributable to noncontrolling interests—  (9,108) 
(–) Cash interest paid, net(4)
142  (912) 
(–) Income tax obligation(245) (2,080) 
(+/–) Marketable security gains (losses), net(104) 3,068  
Cash Earnings (proxy for cash earned)
$17,093  $26,741  
______________________
1.Includes diluted earnings per common share of $0.12 for the three months ended March 31, 2019, related to marking-to-market the Company’s marketable security portfolio.
2.All references to OIBDA in this release are calculated in the same manner.
3.Included in gains on asset dispositions.
4.Amount is net of interest income, excludes capitalized interest, and is net of our partner’s portion of SEA-Vista net interest expense of $0.5 million for the three months ended March 31, 2019.
9


SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019
Ocean Transportation & Logistics Services
Bulk Transportation Services:
Petroleum and chemical carriers - U.S.-flag
     
Bulk carriers - U.S.-flag
     
Port & Infrastructure Services:
Harbor tugs - U.S.-flag
25  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 vessels - 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
     
74  73  73  74  73  
Inland Transportation & Logistics Services
Bulk Transportation Services:
Dry-cargo barges1,372  1,372  1,375  1,372  1,374  
Liquid tank barges
20  20  20  20  20  
Specialty barges(4)
     
Towboats:
4,000 hp - 6,600 hp
19  19  18  18  18  
3,300 hp - 3,900 hp
     
Less than 3,300 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
35  35  32  35  33  
Towboats:
Less than 3,300 hp
  —  —  —  
1,481  1,481  1,479  1,479