EX-99 2 exhibit991q32020earningsre.htm EX-99.1 Document

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FOR IMMEDIATE RELEASE

SEACOR HOLDINGS ANNOUNCES RESULTS FOR THE
THIRD QUARTER ENDED SEPTEMBER 30, 2020

FORT LAUDERDALE, FL, October 29, 2020 (GLOBE NEWSWIRE) — SEACOR Holdings Inc. (NYSE:CKH) (the “Company”) today announced its results for the third quarter ended September 30, 2020:
•Net income attributable to stockholders for the quarter ended September 30, 2020 was $3.2 million ($0.16 per diluted share) compared with $6.4 million ($0.32 per diluted share) for the quarter ended September 30, 2019.
•Operating income for the quarter ended September 30, 2020 was $5.6 million compared with $12.5 million for the quarter ended September 30, 2019.
•“Cash Earnings” for the quarter ended September 30, 2020 were $18.0 million compared with $27.7 million for the quarter ended September 30, 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 and Chief Executive Officer, commented on the quarter's results as follows:
"All of our businesses have continued to operate during these challenging times. We recently, and very carefully, reopened several of our office locations. Fulfilling our commitment to, and success in providing our customers uninterrupted, quality service, is only possible due to the dedication and hard work - and flexibility - of our more than 2,000 employees. It is their safety and well-being which remains our top priority.
Several of our businesses started to recover in July from the severe falloff of activity in the second quarter. Harbor towing enjoyed better results early in the third quarter but major storm activity in August and September caused short term reductions in activity. Activity in October, thus far, has been trending positive again.
Demand for freight services into the Bahamas and Turks & Caicos started to pick up in July. SEACOR Island Lines is positioned to perform even better in the fourth quarter as the Bahamian government is expected to reopen its borders on November 1st in time for the seasonal spike in tourist activity.
Additional good news is China increased imports of U.S. agricultural products late in the third quarter pushing barge rates higher. I hope the better margins will be sustained as exports to China and other destinations pick up with the seasonal harvest.
By way of an update, there are several post quarter events to report. SEA-Vista was able to secure a new multiyear time charter for a chemical-suited tanker, adding approximately $45 million of revenue backlog to the almost $200 million we had as of September 30.
Our inland business, SCF, was also successful in finalizing terms to acquire a strategic center gulf fleeting location. This adds approximately 220 fleeting spaces strategically positioned near grain export elevators allowing us to expedite cycle times of our equipment while improving service to our customers. The acquisition is expected to close in early November. Additionally, SCF, supported by three Port Authorities in the St. Louis region, was awarded a $21 million grant for rail expansion, efficiency upgrades, and safety projects at several of our SCF Lewis & Clark terminal locations.
I am pleased that we have been able to make forward progress but mindful that the pandemic is not yet over."
1

The "Operating Discussion" below is a comparison of results for the quarter ended September 30, 2020 with the prior year quarter ended September 30, 2019.
Operating Discussion
Ocean Transportation & Logistics Services - Operating income and OIBDA were $8.4 million and $18.5 million, respectively, in the current year quarter compared with $17.0 million and $26.5 million, respectively.
SEA-Vista's operating results were $4.2 million higher. The improvement was due to lower dry-docking expenses and related out-of-service time, partially offset by lower operating results for one vessel due to the change in contract status from a multiyear time charter to a long-term multiyear bareboat charter.
Operating results for SEACOR Island Lines and Seabulk Towing continue to be negatively impacted by the COVID-19 pandemic. Early in the quarter, demand for freight into the Bahamas and the Turks & Caicos rebounded from the lows in the preceding quarter, although activity remained below pre-pandemic levels. Ship calls into harbor towing's port network were also beginning to recover but were negatively impacted by port closures along the U.S. Gulf Coast as a consequence of hurricane and major storm activity.
Waterman Logistics' operating results were impacted by softer revenues from government cargo voyages and the timing, and non-recurring nature, of certain expenses.
Inland Transportation & Logistics Services - Operating income and OIBDA were $0.8 million and $6.8 million, respectively, in the current year quarter compared with $0.6 million and $6.2 million, respectively.
Barge pool operating results continued to be impacted by idle equipment, as the supply and demand balance was exacerbated by the delayed start to the harvest in the lower Mississippi River region. Fleeting operations suffered from lock maintenance and closures on the Illinois River and less activity in the St. Louis region. Results from the terminal operation improved due to increased activity levels; the prior year quarter was negatively impacted by the lingering effects of flooding in and around the St. Louis harbor.
Witt O’Brien’s - Operating income and OIBDA were $2.5 million and $2.8 million in the current year quarter compared with $2.1 million and $2.3 million, respectively. The improvement was primarily due to reduced administrative and general expenses reflecting a cost reduction plan implemented earlier in the year.
Capital Commitments - The Company’s capital commitments as of September 30, 2020 were $55.3 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, one inland river towboat, other equipment, and vessel and terminal improvements.
Liquidity and Debt - During the current year quarter, the Company redeemed its outstanding 3.0% Convertible Senior Notes for $34.5 million.
As of September 30, 2020, the Company’s balances of cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities totaled $106.7 million. As of September 30, 2020, total outstanding debt was $248.9 million, and the Company had $225.0 million of borrowing capacity under its credit facilities.
Equity - As of September 30, 2020, the total shares outstanding were 20,372,510.
* * * * *
SEACOR Holdings Inc. (“SEACOR”) is a diversified holding company with interests in domestic and international transportation and logistics, crisis and emergency management, and clean fuel and power solutions. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.
2

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, the potential impact of governmental responses to the pandemic on the Company's business, operations and personnel, financial condition, results of operations, cash flows and liquidity, 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 or the COVID-19 pandemic, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, interest rate fluctuations, availability of credit, inflation rates, changes 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.
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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,
2020201920202019
Operating Revenues
$175,414 $200,658 $540,295 $607,205 
Costs and Expenses:
Operating128,546 147,386 400,752 437,368 
Administrative and general24,560 24,923 76,785 78,383 
Depreciation and amortization17,306 16,975 52,620 51,120 
170,412 189,284 530,157 566,871 
Gains on Asset Dispositions, Net
618 1,145 9,200 2,259 
Operating Income
5,620 12,519 19,338 42,593 
Other Income (Expense):
Interest income1,425 2,198 4,544 5,983 
Interest expense(3,938)(4,816)(12,587)(14,832)
Debt extinguishment gains (losses), net(254)(777)1,348 (2,073)
Marketable security gains (losses), net951 144 (567)16,496 
Foreign currency losses, net(203)(1,877)(3,042)(1,663)
Other, net2,242 505 2,992 (114)
223 (4,623)(7,312)3,797 
Income Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies5,843 7,896 12,026 46,390 
Income Tax Expense (Benefit)
1,552 1,417 (9,384)7,012 
Income Before Equity in Losses of 50% or Less Owned Companies4,291 6,479 21,410 39,378 
Equity in Losses of 50% or Less Owned Companies, Net of Tax(1,102)(618)(8,877)(3,448)
Net Income
3,189 5,861 12,533 35,930 
Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries
(1)(544)(8)7,239 
Net Income Attributable to SEACOR Holdings Inc.$3,190 $6,405 $12,541 $28,691 
Basic Earnings Per Common Share of SEACOR Holdings Inc.$0.16 $0.33 $0.63 $1.54 
Diluted Earnings Per Common Share of SEACOR Holdings Inc.$0.16 $0.32 $0.63 $1.48 
Weighted Average Common Shares Outstanding:
Basic19,995,413 19,322,423 19,975,635 18,618,613 
Diluted20,017,551 20,738,919 19,993,982 19,984,302 
OIBDA(1)
$22,926 $29,494 $71,958 $93,713 
OIBDA Attributable to SEACOR Holdings Inc.(1)
$22,926 $28,813 $71,958 $77,714 
______________________
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
Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019
Operating Revenues
$175,414 $172,585 $192,296 $192,761 $200,658 
Costs and Expenses:
Operating128,546 126,178 146,028 146,265 147,386 
Administrative and general24,560 23,204 29,021 27,134 24,923 
Depreciation and amortization17,306 17,585 17,729 17,451 16,975 
170,412 166,967 192,778 190,850 189,284 
Gains on Asset Dispositions, Net
618 8,198 384 651 1,145 
Operating Income (Loss)
5,620 13,816 (98)2,562 12,519 
Other Income (Expense):
Interest income1,425 1,518 1,601 1,488 2,198 
Interest expense(3,938)(4,179)(4,470)(4,401)(4,816)
Debt extinguishment gains (losses), net(254)1,921 (319)(171)(777)
Marketable security gains (losses), net951 (1,414)(104)1,898 144 
Foreign currency gains (losses), net(203)1,743 (4,582)1,351 (1,877)
Other, net2,242 658 92 (20)505 
223 247 (7,782)145 (4,623)
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Losses of 50% or Less Owned Companies5,843 14,063 (7,880)2,707 7,896 
Income Tax Expense (Benefit)
1,552 3,206 (14,142)2,817 1,417 
Income (Loss) Before Equity in Losses of 50% or Less Owned Companies4,291 10,857 6,262 (110)6,479 
Equity in Losses of 50% or Less Owned Companies, Net of Tax(1,102)(2,982)(4,793)(1,802)(618)
Net Income (Loss)
3,189 7,875 1,469 (1,912)5,861 
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries
(1)(9)2 5 (544)
Net Income (Loss) attributable to SEACOR Holdings Inc.$3,190 $7,884 $1,467 $(1,917)$6,405 
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.
$0.16 $0.39 $0.07 $(0.10)$0.33 
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.
$0.16 $0.39 $0.07 $(0.10)$0.32 
Weighted Average Common Shares Outstanding:
Basic
19,995 19,981 19,950 19,933 19,322 
Diluted
20,018 21,099 19,994 19,933 20,739 
Common Shares Outstanding at Period End20,373 20,340 20,333 20,176 20,179 
OIBDA(1)
$22,926 $31,401 $17,631 $20,013 $29,494 
OIBDA attributable to SEACOR Holdings Inc.(1)
$22,926 $31,401 $17,631 $20,013 $28,813 
______________________
1.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
Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019
Ocean Transportation & Logistics Services
Operating Revenues
$88,771 $86,111 $106,115 $101,674 $102,661 
Costs and Expenses:
Operating59,985 57,827 77,604 72,759 66,888 
Administrative and general10,436 8,780 10,744 11,190 9,404 
Depreciation and amortization10,124 10,270 10,282 10,228 10,191 
80,545 76,877 98,630 94,177 86,483 
Gains on Asset Dispositions, Net
191 113 9 121 804 
Operating Income
8,417 9,347 7,494 7,618 16,982 
Other Income (Expense):
Foreign currency gains (losses), net213 83 (78)52 (104)
Other, net5 (18)22 6 505 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax505 (1,426)(1,357)(1,238)(242)
Segment Profit(1)
$9,140 $7,986 $6,081 $6,438 $17,141 
OIBDA(2)
$18,541 $19,617 $17,776 $17,846 $27,173 
OIBDA(2) attributable to stockholders
$18,541 $19,617 $17,776 $17,846 $26,492 
Dry-docking expenditures for U.S.-flag petroleum and chemical
carriers, dry bulk carriers and PCTC’s (included in operating costs and expenses)		$420 $908 $7,816 $8,752 $4,310 
Out-of-service days for dry-dockings of U.S.-flag petroleum and chemical carriers, dry bulk carriers and PCTC’s9 13 38 76 42 
Dry-docking expenditures for all other vessels
$1,155 $292 $1,704 $289 $1,783 
Inland Transportation & Logistics Services
Operating Revenues
$64,069 $63,513 $61,311 $68,257 $72,020 
Costs and Expenses:
Operating54,338 53,915 50,919 57,912 62,775 
Administrative and general3,321 3,292 3,488 3,324 3,327 
Depreciation and amortization6,036 6,016 6,212 6,144 5,694 
63,695 63,223 60,619 67,380 71,796 
Gains on Asset Dispositions, Net
427 8,085 315 522 330 
Operating Income
801 8,375 1,007 1,399 554 
Other Income (Expense):
Foreign currency gains (losses), net(439)1,653 (4,478)1,249 (1,729)
Other, net1,939 (3)— — — 
Equity in Losses of 50% or Less Owned Companies, Net of Tax(1,141)(701)(3,376)(2,346)(1,084)
Segment Profit (Loss)(1)
$1,160 $9,324 $(6,847)$302 $(2,259)
OIBDA(2)
$6,837 $14,391 $7,219 $7,543 $6,248 
______________________
1.Includes amounts attributable to both SEACOR and noncontrolling interests.
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 (continued)
(in thousands, unaudited)
Three Months Ended
Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019
Witt O’Brien’s
Operating Revenues
$20,518 $21,173 $22,506 $20,742 $24,345 
Costs and Expenses:
Operating12,793 13,104 15,691 14,266 16,323 
Administrative and general4,913 4,961 7,679 7,008 5,718 
Depreciation and amortization359 356 259 210 210 
18,065 18,421 23,629 21,484 22,251 
Gains on Asset Dispositions— — — 8 10 
Operating Income (Loss)2,453 2,752 (1,123)(734)2,104 
Other Income (Expense):
Foreign currency gains (losses), net(18)(9)12 (1)— 
Other, net— — 70 (457)(1)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax130 256 (8)333 764 
Segment Profit (Loss)
$2,565 $2,999 $(1,049)$(859)$2,867 
OIBDA(2)
$2,812 $3,108 $(864)$(524)$2,314 
Other
Operating Revenues
$2,069 $1,798 $2,399 $2,099 $1,635 
Costs and Expenses:
Operating1,442 1,342 1,847 1,335 1,404 
Administrative and general706 877 1,124 967 846 
Depreciation and amortization459 615 619 499 501 
2,607 2,834 3,590 2,801 2,751 
Gains on Asset Dispositions— — 60 — 34 
Operating Loss(538)(1,036)(1,131)(702)(1,082)
Other Income (Expense):
Other, net1 — — 431 — 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax(596)(1,111)(52)1,449 (56)
Segment Profit (Loss)(1)
$(1,133)$(2,147)$(1,183)$1,178 $(1,138)
Corporate and Eliminations
Operating Revenues
$(13)$(10)$(35)$(11)$(3)
Costs and Expenses:
Operating(12)(10)(33)(7)(4)
Administrative and general5,184 5,294 5,986 4,645 5,628 
Depreciation and amortization328 328 357 370 379 
5,500 5,612 6,310 5,008 6,003 
Losses on Asset Dispositions— — — — (33)
Operating Loss$(5,513)$(5,622)$(6,345)$(5,019)$(6,039)
Other Income (Expense):
Foreign currency gains (losses), net$41 $16 $(38)$51 $(44)
Other, net297 679 — — 1 
______________________
1.Includes amounts attributable to both SEACOR and noncontrolling interests.
2.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)
Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019
ASSETS
Current Assets:
Cash and cash equivalents
$98,015 $128,389 $76,106 $77,222 $76,815 
Restricted cash and restricted cash equivalents
1,119 1,119 1,224 1,222 1,221 
Marketable securities
7,597 6,418 7,832 7,936 6,038 
Receivables:
Trade, net of allowance for doubtful accounts
196,076 179,350 192,350 194,022 199,013 
Other
67,862 64,098 67,938 38,881 43,449 
Inventories
3,871 3,668 4,050 5,255 5,224 
Prepaid expenses and other
6,364 6,705 5,387 6,971 6,130 
Total current assets
380,904 389,747 354,887 331,509 337,890 
Property and Equipment:
Historical cost
1,442,442 1,439,245 1,441,509 1,442,382 1,424,907 
Accumulated depreciation(663,277)(647,400)(639,424)(624,024)(607,727)
Net property and equipment779,165 791,845 802,085 818,358 817,180 
Operating Lease Right-of-Use Assets124,855 131,628 136,180 144,539 153,464 
Investments, at Equity, and Advances to 50% or Less Owned Companies152,744 152,228 151,568 157,108 154,968 
Construction Reserve Funds
— — — — 3,908 
Goodwill
32,616 32,626 32,586 32,701 32,668 
Intangible Assets, Net
21,041 21,990 22,952 20,996 21,884 
Other Assets
8,404 8,718 8,615 7,761 8,284 
$1,499,729 $1,528,782 $1,508,873 $1,512,972 $1,530,246 
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt
$10,845 $44,819 $44,495 $58,854 $76,426 
Current portion of long-term operating lease liabilities
37,124 37,441 35,258 36,011 36,422 
Current portion of other long-term financial liabilities
1,479 1,466 — — — 
Accounts payable and accrued expenses
58,640 46,129 43,663 57,595 54,921 
Other current liabilities
77,429 77,901 75,225 57,501 67,603 
Total current liabilities
185,517 207,756 198,641 209,961 235,372 
Long-Term Debt
238,005 239,698 254,272 255,612 241,408 
Long-Term Operating Lease Liabilities
87,579 93,867 100,789 108,295 116,866 
Other Long-Term Financial Liabilities31,701 32,076 — — — 
Deferred Income Taxes
109,664 113,586 123,054 105,661 103,489 
Deferred Gains and Other Liabilities
18,910 19,320 19,103 20,929 20,463 
Total liabilities
671,376 706,303 695,859 700,458 717,598 
Equity:
SEACOR Holdings Inc. stockholders’ equity:
Preferred stock
— — — — — 
Common stock
410 410 410 408 408 
Additional paid-in capital
1,666,218 1,664,617 1,662,938 1,661,002 1,659,428 
Retained earnings
529,647 526,457 518,573 517,106 519,023 
Shares held in treasury, at cost
(1,365,921)(1,366,787)(1,366,787)(1,365,792)(1,365,594)
Accumulated other comprehensive loss, net of tax
(2,779)(2,998)(2,909)(998)(1,400)
827,575 821,699 812,225 811,726 811,865 
Noncontrolling interests in subsidiaries
778 780 789 788 783 
Total equity
828,353 822,479 813,014 812,514 812,648 
$1,499,729 $1,528,782 $1,508,873 $1,512,972 $1,530,246 

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,
2020201920202019
U.S. GAAP Measures
Net Income Attributable to Stockholders$3,190 $6,405 $12,541 $28,691 
Diluted Earnings Per Common Share(1)
$0.16 $0.32 $0.63 $1.48 
Reconciliation of non-GAAP Financial Measures
Operating Income (U.S. GAAP)$5,620 $12,519 $19,338 $42,593 
(+) Depreciation and amortization17,306 16,975 52,620 51,120 
OIBDA(2)
22,926 29,494 71,958 93,713 
(–) Amortization of deferred gains(3)
(331)(330)(992)(991)
(–) OIBDA attributable to noncontrolling interests— (681)— (15,999)
(–) Cash interest paid, net(4)
(177)(900)(2,983)(2,675)
(–) Income tax obligation(5,412)(6)(13,178)(19)
(+/–) Marketable security gains (losses), net951 144 (567)16,496 
Cash Earnings (proxy for cash earned)
$17,957 $27,721 $54,238 $90,525 
______________________
1.Includes diluted earnings per common share of $0.65 for the nine months ended September 30, 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 $0.2 million and $1.2 million for the three and nine months ended September 30, 2019, respectively.
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SEACOR HOLDINGS INC.
FLEET COUNTS
(unaudited)
Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019
Ocean Transportation & Logistics Services
Bulk Transportation Services:
Petroleum and chemical carriers - U.S.-flag
9 9 9 9 9 
Bulk carriers - U.S.-flag
2 2 2 2 2 
Port & Infrastructure Services:
Harbor tugs - U.S.-flag
24 25 25 24 24 
Harbor tugs - Foreign-flag
8 8 8 8 8 
Offshore tug - U.S.-flag
1 1 1 1 1 
Ocean liquid tank barges - U.S.-flag
5 5 5 5 5 
Ocean liquid tank barges - Foreign-flag
1 1 1 1 1 
Specialty vessels - Foreign-flag(1)
2 2 2 2 2 
Logistics Services:
PCTC(2) - U.S.-flag
4 4 4 4 4 
Short-sea container/RORO(3) vessels - Foreign-flag
8 8 8 8 8 
RORO(3) & deck barges - U.S.-flag
7 7 7 7 7 
Rail ferries - Foreign-flag
2 2 2 2 2 
73 74 74 73 73 
Inland Transportation & Logistics Services
Bulk Transportation Services:
Dry-cargo barges1,322 1,341 1,372 1,372 1,375 
Liquid tank barges
20 20 20 20 20 
Specialty barges(4)
5 5 5 5 5 
Towboats:
4,000 hp - 6,600 hp
19 19 19 19 18 
3,300 hp - 3,900 hp
3 3 3 3 3 
Less than 3,300 hp
2 2 2 2 2 
Port & Infrastructure Services:
Harbor boats:
1,100 hp - 2,000 hp
18 18 18 18 18 
Less than 1,100 hp
6 6 6 6 6 
Logistics Services:
Dry-cargo barges
35 35 35 35 32 
Towboats:
Less than 3,300 hp
2 2 1 1 — 
1,432 1,451 1,481 1,481 1,479 
______________________
1.One line handling and one crew transport vessel.
2.Pure Car/Truck Carrier.
3.Roll On/Roll Off.
4.Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges.
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