SEACOR Marine(SMHI) - 2025 Q1 - Quarterly Results

Financial Performance - SEACOR Marine's consolidated operating revenues for Q1 2025 were $55.5 million, a 11.6% decrease from $62.8 million in Q1 2024 and a 20.5% decrease from $69.8 million in Q4 2024[2][6] - The net loss for Q1 2025 was $15.5 million ($0.56 loss per share), an improvement from a net loss of $23.1 million ($0.84 loss per share) in Q1 2024 and a net loss of $26.2 million ($0.94 loss per share) in Q4 2024[3][12] - Operating revenues for the three months ended March 31, 2025, were $55.499 million, a decrease of 20.5% compared to $69.808 million for the previous quarter[14] - Net loss for the period was $15.489 million, compared to a net loss of $26.226 million in the previous quarter, indicating a slight improvement[14] - Basic net loss per share was $0.56, an improvement from $0.94 in the previous quarter[14] Operational Metrics - Average day rates were $18,825, reflecting a 1.1% decrease from Q1 2024 and remaining flat compared to Q4 2024[6] - Utilization rate decreased to 60% in Q1 2025, down from 62% in Q1 2024 and 72% in Q4 2024[6] - Direct vessel profit (DVP) was $13.6 million, compared to $14.7 million in Q1 2024 and $23.1 million in Q4 2024[2] - DVP margin increased to 24.5% in Q1 2025, up from 23.4% in Q1 2024 but down from 33.1% in Q4 2024[6] - Average rates per day for time charters decreased to $18,825, down 0.4% from $18,901 in the previous quarter[14] - Fleet utilization dropped to 60%, a significant decline from 72% in the previous quarter[14] Segment Performance - Time charter revenues from the United States segment were $6.765 million, down from $10.744 million in the previous quarter[17] - Direct vessel profit in the Africa and Europe segment was $6.300 million, a decrease from $7.274 million in the previous quarter[17] - Operating revenues for the Middle East and Asia segment totaled $16,002, down from $20,020 in the previous quarter, reflecting a 20.1% decrease[19] - Direct vessel profit for the Middle East and Asia segment was $5,073, a decrease of 38.5% compared to $8,253 in the previous quarter[19] - Operating revenues for the Latin America segment decreased to $10,810 from $13,904 in the previous quarter, a decline of 22.3%[19] Asset and Liability Management - Total assets decreased to $694,164 million as of March 31, 2025, down from $727,111 million at December 31, 2024, representing a decline of approximately 4.5%[31] - Cash and cash equivalents decreased to $42,988 million from $59,491 million at the end of the previous quarter, a decline of approximately 27.7%[31] - Total current liabilities decreased to $75,410 million from $85,042 million at December 31, 2024, a reduction of about 11.5%[31] - Total liabilities decreased to $410,129 million from $428,789 million at December 31, 2024, a decrease of approximately 4.2%[31] - The accumulated deficit increased to $196,089 million as of March 31, 2025, compared to $180,600 million at the end of the previous quarter[31] Capital Expenditures and Cash Flow - The company reported a net cash used in operating activities of $11,466 million for the three months ended March 31, 2025, compared to net cash provided of $8,528 million in the previous quarter[33] - The company incurred $20,795 million in capital expenditures for property and equipment during the quarter, significantly higher than $3,010 million in the previous quarter[33] Shareholder Actions - SEACOR Marine repurchased shares and warrants representing 9.1% of outstanding shares for approximately $12.9 million[6][7] - The company completed the sale of a liftboat for $7.5 million, resulting in a gain of $5.6 million[6] - Three vessels were held for sale at the end of Q1 2025, with sales closing in April 2025 for total proceeds of $33.2 million and a gain of $20.6 million[6]