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v3.10.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
Current Assets:    
Cash and cash equivalents $ 144,221 $ 239,246
Restricted cash and restricted cash equivalents 2,991 2,982
Marketable securities 30,316 42,761
Receivables:    
Trade, net of allowance for doubtful accounts of $3,481 and $2,390 in 2018 and 2017, respectively 171,828 110,465
Other 38,881 33,870
Inventories 4,530 4,377
Prepaid expenses and other 5,382 6,594
Total current assets 398,149 440,295
Property and Equipment:    
Historical cost 1,407,329 1,380,469
Accumulated depreciation (560,819) (502,544)
Net property and equipment 846,510 877,925
Investments, at Equity, and Advances to 50% or Less Owned Companies 156,886 173,441
Construction Reserve Funds 3,908 51,339
Goodwill 32,708 32,761
Intangible Assets, Net 24,551 28,106
Other Assets 8,312 9,469
Total Assets 1,471,024 1,613,336
Current Liabilities:    
Current portion of long-term debt 8,497 77,842
Accounts payable and accrued expenses 59,607 44,013
Accrued wages and benefits 21,203 14,624
Accrued interest 1,184 4,209
Accrued capital, repair and maintenance expenditures 3,254 2,172
Other current liabilities 30,018 36,325
Total current liabilities 123,763 179,185
Long-Term Debt 346,128 501,505
Deferred Income Taxes 94,420 101,422
Deferred Gains and Other Liabilities 52,871 77,863
Total liabilities 617,182 859,975
SEACOR Holdings Inc. stockholders’ equity:    
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued nor outstanding 0 0
Common stock, $.01 par value, 60,000,000 shares authorized; 39,001,924 and 38,656,505 shares issued in 2018 and 2017, respectively 390 387
Additional paid-in capital 1,596,642 1,573,013
Retained earnings 474,809 419,128
Shares held in treasury of 20,671,627 and 20,716,878 in 2018 and 2017, respectively, at cost (1,366,773) (1,368,300)
Accumulated other comprehensive loss, net of tax (914) (545)
Stockholders' equity attributable to SEACOR Holdings Inc. 704,154 623,683
Noncontrolling interests in subsidiaries 149,688 129,678
Total equity 853,842 753,361
Liabilities and stockholders' equity, total $ 1,471,024 $ 1,613,336
v3.10.0.1
Consolidated Statements Of Income (Loss) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]      
Operating Revenues $ 835,750 $ 650,847 $ 524,163
Costs and Expenses:      
Operating 591,848 433,837 358,953
Administrative and general 102,907 103,106 86,362
Depreciation and amortization 74,579 75,058 62,565
Total costs and expenses 769,334 612,001 507,880
Gains (Losses) on Asset Dispositions and Impairments, Net 19,583 11,637 (25,983)
Operating Income (Loss) 85,999 50,483 (9,700)
Other Income (Expense):      
Interest income 8,730 8,547 15,641
Interest expense (31,683) (41,530) (39,804)
Debt extinguishment gains (losses), net (11,626) (819) 5,184
Marketable security losses, net (12,431) (1,782) (32,154)
Derivative gains (losses), net 0 19,727 (14,131)
Foreign currency gains (losses), net (2,264) 323 1,444
Other, net 54,964 256 (18,716)
Nonoperating Income (Expense) 5,690 (15,278) (82,536)
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies 91,689 35,205 (92,236)
Income Tax Expense (Benefit):      
Current 23,928 (15,712) 12,207
Deferred (15,513) (51,477) (48,932)
Income tax expense (benefit) 8,415 (67,189) (36,725)
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies 83,274 102,394 (55,511)
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (72) 2,952 (21,040)
Income (Loss) from Continuing Operations 83,202 105,346 (76,551)
Loss from Discontinued Operations, Net of Tax 0 (23,637) (119,221)
Net Income (Loss) 83,202 81,709 (195,772)
Net Income attributable to Noncontrolling Interests in Subsidiaries 25,054 20,066 20,125
Net Income (Loss) attributable to SEACOR Holdings Inc. 58,148 61,643 (215,897)
Net Income (Loss) attributable to SEACOR Holdings Inc.:      
Continuing Operations 58,148 82,849 (94,091)
Discontinued Operations $ 0 $ (21,206) $ (121,806)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:      
Continuing Operations (in dollars per share) $ 3.22 $ 4.77 $ (5.56)
Discontinued Operations (in dollars per share) 0.00 (1.22) (7.20)
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. (in dollars per share) 3.22 3.55 (12.76)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.:      
Continuing Operations (in dollars per share) 3.04 4.24 (5.56)
Discontinued Operations (in dollars per share) 0.00 (0.93) (7.20)
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. (in dollars per share) $ 3.04 $ 3.31 $ (12.76)
Weighted Average Common Shares Outstanding:      
Basic (in shares) 18,080,778 17,368,081 16,914,928
Diluted (in shares) 19,575,689 22,934,158 16,914,928
v3.10.0.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash Flows from Operating Activities of Continuing Operations:      
Income (Loss) from Continuing Operations $ 83,202 $ 105,346 $ (76,551)
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities of continuing operations:      
Depreciation and amortization 74,579 75,058 62,565
Amortization of deferred gains on sale leaseback transactions (12,774) (15,035) (15,073)
Debt discount and issuance cost amortization, net 7,829 12,997 15,901
Amortization of share awards 3,907 32,419 13,951
Director stock awards 140 83 190
Bad debt expense (income) 2,067 (175) 2,774
(Gains) losses on asset dispositions and impairments, net (19,583) (11,637) 25,983
Debt extinguishment (gains) losses, net 11,626 819 (5,184)
Marketable security losses, net 12,431 1,782 32,154
Purchases of marketable securities 0 (1,720) 0
Proceeds from sale of marketable securities 14 674 0
Derivative (gains) losses, net 0 (19,727) 14,131
Cash settlements on derivative transactions, net 0 255 (327)
Foreign currency (gains) losses, net 2,264 (323) (1,444)
Deferred income tax benefit (15,513) (51,477) (48,932)
Equity in (earnings) losses of 50% or less owned companies, net of tax 72 (2,952) 21,040
Dividends received from 50% or less owned companies 5,907 12,891 5,162
Other, net (53,902) 0 19,106
Changes in operating assets and liabilities:      
(Increase) decrease in receivables (63,764) 2,195 (26,273)
Increase in prepaid expenses and other assets (1,577) (8,174) (8,974)
Increase (decrease) in accounts payable, accrued expenses and other liabilities 12,503 (25,724) 9,607
Net cash provided by operating activities of continuing operations 49,428 107,575 39,806
Cash Flows from Investing Activities of Continuing Operations:      
Purchases of property and equipment (50,272) (114,595) (252,806)
Proceeds from disposition of property and equipment 16,100 164,789 143,028
Investments in and advances to 50% or less owned companies (20,586) (9,663) (8,094)
Return of investments and advances from 50% or less owned companies 8,988 15,568 9,519
Proceeds on sale of 50% or less owned companies 78,015 0 0
Proceeds on sale of a controlling interest in a subsidiary 0 5,000 0
Net repayments on revolving credit line to 50% or less owned companies 0 0 2,397
(Issuances of) payments received on third party leases and notes receivable, net 506 24,485 (2,707)
Deposits into construction reserve funds 0 (13,807) (1,586)
Withdrawals from construction reserve funds 47,431 38,221 42,626
Business acquisitions, net of cash acquired 310 5,868 (20,539)
Net cash provided by (used in) investing activities of continuing operations 80,492 115,866 (88,162)
Cash Flows from Financing Activities of Continuing Operations:      
Payments on long-term debt (225,541) (303,485) (168,599)
Proceeds from issuance of long-term debt, net of offering costs (2,495) 44,900 94,379
Purchase of conversion option in convertible debt (33) (1,354) (7,374)
Common stock acquired for treasury 0 (12,300) (2,396)
Proceeds and tax benefits from share award plans 8,410 22,597 4,911
Purchase of subsidiary shares from noncontrolling interests (29) 0 0
Distributions to noncontrolling interests (5,111) (4) (248)
Net cash used in financing activities of continuing operations (224,799) (249,646) (79,327)
Effects of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (137) 956 (2,928)
Net Decrease in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents from Continuing Operations (95,016) (25,249) (130,611)
Cash Flows from Discontinued Operations:      
Operating Activities 0 12,811 41,206
Investing Activities 0 2,720 (21,581)
Financing Activities 0 (7,149) 12,290
Effect of Exchange Rate Changes on Cash and Cash Equivalents 0 208 437
Net Increase in Cash and Cash Equivalents from Discontinued Operations 0 8,590 32,352
Net Decrease in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (95,016) (16,659) (98,259)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning of Year 242,228 258,887 357,146
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, End of Year 147,212 242,228 258,887
Restricted Cash and Restricted Cash Equivalents, End of Year 2,991 2,982 2,249
Cash and Cash Equivalents, End of Year $ 144,221 $ 239,246 $ 256,638