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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
________________________________________
FORM 10-Q
__________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020              or  
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             
Commission file number 1-12289
SEACOR Holdings Inc.
(Exact Name of Registrant as Specified in Its Charter)
__________________________________________________________________
Delaware
13-3542736
(State or Other Jurisdiction of
Incorporation or Organization) 
(IRS Employer
Identification No.)
 2200 Eller Drive, P.O. Box 13038,
Fort Lauderdale, Florida 
33316
(Address of Principal Executive Offices)
(Zip Code)

954-523-2200
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
__________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.01 per share
CKH
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes       No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer  Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No  
The total number of shares of common stock, par value $.01 per share, outstanding as of July 24, 2020 was 20,339,641. The Registrant has no other class of common stock outstanding.


Table of Contents
SEACOR HOLDINGS INC.
Table of Contents

Part I.
Item 1.
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

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Table of Contents
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data, unaudited)
June 30,
2020
December 31,
2019
ASSETS
Current Assets:
Cash and cash equivalents$128,389  $77,222  
Restricted cash and restricted cash equivalents1,119  1,222  
Marketable securities6,418  7,936  
Receivables:
Trade, net of allowance for doubtful accounts of $2,618 and $2,871 in 2020 and 2019, respectively
179,350  194,022  
Other64,098  38,881  
Inventories3,668  5,255  
Prepaid expenses and other6,705  6,971  
Total current assets389,747  331,509  
Property and Equipment:
Historical cost1,439,245  1,442,382  
Accumulated depreciation(647,400) (624,024) 
Net property and equipment791,845  818,358  
Operating Lease Right-of-Use Assets131,628  144,539  
Investments, at Equity, and Advances to 50% or Less Owned Companies152,228  157,108  
Goodwill32,626  32,701  
Intangible Assets, Net21,990  20,996  
Other Assets8,718  7,761  
$1,528,782  $1,512,972  
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt$44,819  $58,854  
Current portion of long-term operating lease liabilities37,441  36,011  
Current portion of other long-term financial liabilities1,466    
Accounts payable and accrued expenses46,129  57,595  
Other current liabilities77,901  57,501  
Total current liabilities207,756  209,961  
Long-Term Debt239,698  255,612  
Long-Term Operating Lease Liabilities93,867  108,295  
Other Long-Term Financial Liabilities32,076    
Deferred Income Taxes113,586  105,661  
Deferred Gains and Other Liabilities19,320  20,929  
Total liabilities706,303  700,458  
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized; none issued nor outstanding
    
Common stock, $0.01 par value, 60,000,000 shares authorized; 41,012,192 and 40,819,892 shares issued in 2020 and 2019, respectively
410  408  
Additional paid-in capital1,664,617  1,661,002  
Retained earnings526,457  517,106  
Shares held in treasury of 20,672,551 and 20,643,724 in 2020 and 2019, respectively, at cost
(1,366,787) (1,365,792) 
Accumulated other comprehensive loss, net of tax(2,998) (998) 
821,699  811,726  
Noncontrolling interests in subsidiaries780  788  
Total equity822,479  812,514  
$1,528,782  $1,512,972  

The accompanying notes are an integral part of these condensed consolidated financial statements
and should be read in conjunction herewith.
1

Table of Contents
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Operating Revenues$172,585  $197,023  $364,881  $406,547  
Costs and Expenses:
Operating126,178  142,871  272,206  289,982  
Administrative and general23,204  26,714  52,225  53,460  
Depreciation and amortization17,585  17,009  35,314  34,145  
166,967  186,594  359,745  377,587  
Gains on Asset Dispositions, Net8,198  677  8,582  1,114  
Operating Income13,816  11,106  13,718  30,074  
Other Income (Expense):
Interest income1,518  1,885  3,119  3,785  
Interest expense(4,179) (4,903) (8,649) (10,016) 
Debt extinguishment gains (losses), net1,921  (503) 1,602  (1,296) 
Marketable security gains (losses), net(1,414) 13,284  (1,518) 16,352  
Foreign currency gains (losses), net1,743  (191) (2,839) 214  
Other, net658  25  750  (619) 
247  9,597  (7,535) 8,420  
Income Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies14,063  20,703  6,183  38,494  
Income Tax Expense (Benefit)3,206  3,390  (10,936) 5,595  
Income Before Equity in Losses of 50% or Less Owned Companies10,857  17,313  17,119  32,899  
Equity in Losses of 50% or Less Owned Companies, Net of Tax(2,982) (312) (7,775) (2,830) 
Net Income7,875  17,001  9,344  30,069  
Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries(9) 2,448  (7) 7,783  
Net Income Attributable to SEACOR Holdings Inc.$7,884  $14,553  $9,351  $22,286  
Basic Earnings Per Common Share of SEACOR Holdings Inc.$0.39  $0.80  $0.47  $1.22  
Diluted Earnings Per Common Share of SEACOR Holdings Inc.$0.39  $0.76  $0.47  $1.17  
Weighted Average Common Shares Outstanding:
Basic19,980,830  18,288,879  19,965,637  18,260,876  
Diluted21,099,079  19,633,523  19,986,582  19,599,990  












The accompanying notes are an integral part of these condensed consolidated financial statements
and should be read in conjunction herewith.
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Table of Contents
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net Income $7,875  $17,001  $9,344  $30,069  
Other Comprehensive Loss:
Foreign currency translation gains (losses), net45  (92) (951) (13) 
Derivative losses on cash flow hedges(137)   (1,055)   
(92) (92) (2,006) (13) 
Income tax benefit (expense)3    6  (68) 
(89) (92) (2,000) (81) 
Comprehensive Income 7,786  16,909  7,344  29,988  
Comprehensive Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries(9) 2,448  (7) 7,783  
Comprehensive Income Attributable to SEACOR Holdings Inc.$7,795  $14,461  $7,351  $22,205  






































The accompanying notes are an integral part of these condensed consolidated financial statements
and should be read in conjunction herewith.
3

Table of Contents
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in thousands, unaudited)
SEACOR Holdings Inc. Stockholders’ EquityNon-
Controlling
Interests In
Subsidiaries
Total
Equity
For the six months ended June 30, 2020Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Loss
December 31, 2019$408  $1,661,002  $517,106  $(1,365,792) $(998) $788  $812,514  
Issuance of common stock:
Employee Stock Purchase Plan—  —  —  949  —  —  949  
Exercise of stock options—  563  —  —  —  —  563  
Director stock awards—  38  —  —  —  —  38  
Restricted stock2  (2) —  —  —  —    
Purchase of treasury shares—  —  —  (1,944) —  —  (1,944) 
Amortization of share awards—  3,016  —  —  —  —  3,016  
Distributions to noncontrolling interests—  —  —  —  —  (1) (1) 
Net income (loss)—  —  9,351  —  —  (7) 9,344  
Other comprehensive loss—  —  —  —  (2,000) —  (2,000) 
June 30, 2020$410  $1,664,617  $526,457  $(1,366,787) $(2,998) $780  $822,479  

SEACOR Holdings Inc. Stockholders’ EquityNon-
Controlling
Interests In
Subsidiaries
Total
Equity
For the three months ended June 30, 2020Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Loss
March 31, 2020$410  $1,662,938  $518,573  $(1,366,787) $(2,909) $789  $813,014  
Issuance of common stock:
Exercise of stock options—  142  —  —  —  —  142  
Director stock awards—  17  —  —  —  —  17  
Amortization of share awards—  1,520  —  —  —  —  1,520  
Net income (loss)—  —  7,884  —  —  (9) 7,875  
Other comprehensive loss—  —  —  —  (89) —  (89) 
June 30, 2020$410  $1,664,617  $526,457  $(1,366,787) $(2,998) $780  $822,479  

4

Table of Contents

SEACOR Holdings Inc. Stockholders’ EquityNon-
Controlling
Interests In
Subsidiaries
Total
Equity
For the six months ended June 30, 2019Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Loss
December 31, 2018$390  $1,596,642  $474,809  $(1,366,773) $(914) $149,688  $853,842  
Impact of adoption of accounting principle, net of tax—  —  15,523  —  —  9,836  25,359  
December 31, 2018, As Adjusted390  1,596,642  490,332  (1,366,773) (914) 159,524  879,201  
Issuance of common stock:
Employee Stock Purchase Plan—  —  —  857  —  —  857  
Exercise of stock options—  1,734  —  —  —  —  1,734  
Director stock awards—  55  —  —  —  —  55  
Restricted stock2  (2) —  —  —  —    
Purchase of conversion option in convertible debt, net of tax—  (103) —  —  —  —  (103) 
Purchase of treasury shares—  —  —  (516) —  —  (516) 
Amortization of share awards—  2,512  —  —  —  —  2,512  
Distributions to noncontrolling interests—  —  —  —  —  (5,071) (5,071) 
Net income—  —  22,286  —  —  7,783  30,069  
Other comprehensive loss—  —  —  —  (81) —  (81) 
June 30, 2019$392  $1,600,838  $512,618  $(1,366,432) $(995) $162,236  $908,657  

SEACOR Holdings Inc. Stockholders’ EquityNon-
Controlling
Interests In
Subsidiaries
Total
Equity
For the three months ended June 30, 2019Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Loss
March 31, 2019$392  $1,598,804  $498,065  $(1,366,267) $(903) $164,703  $894,794  
Issuance of common stock:
Exercise of stock options—  861  —  —  —  —  861  
Director stock awards—  22  —  —  —  —  22  
Purchase of conversion option in convertible debt, net of tax—  (103) —  —  —  —  (103) 
Purchase of treasury shares—  —  —  (165) —  —  (165) 
Amortization of share awards—  1,254  —  —  —  —  1,254  
Distributions to noncontrolling interests—  —  —  —  —  (4,915) (4,915) 
Net income—  —  14,553  —  —  2,448  17,001  
Other comprehensive loss—  —  —  —  (92) —  (92) 
June 30, 2019$392  $1,600,838  $512,618  $(1,366,432) $(995) $162,236  $908,657  















The accompanying notes are an integral part of these condensed consolidated financial statements
and should be read in conjunction herewith.
5

Table of Contents
SEACOR HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
Six Months Ended June 30,
20202019
Net Cash Provided by Operating Activities$57,177  $51,508  
Cash Flows from Investing Activities:
Purchases of property and equipment(12,417) (7,750) 
Proceeds from disposition of property and equipment9,198  118  
Investments in and advances to 50% or less owned companies(3,688) (3,215) 
Return of investments and advances from 50% or less owned companies