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Helix Energy Solutions(HLX) - 2024 Q3 - Quarterly Results
HLXHelix Energy Solutions(HLX)2024-10-23 22:21

Financial Performance - Helix reported net income of 29.5million,or29.5 million, or 0.19 per diluted share, for Q3 2024, a decrease from 32.3million,or32.3 million, or 0.21 per diluted share, in Q2 2024[2]. - Adjusted EBITDA for Q3 2024 was 87.6million,downfrom87.6 million, down from 96.9 million in Q2 2024[2]. - For the nine months ended September 30, 2024, net income was 35.5million,or35.5 million, or 0.23 per diluted share, compared to 17.5million,or17.5 million, or 0.11 per diluted share, for the same period in 2023[3]. - Net revenues for the three months ended September 30, 2024, were 342,419thousand,adecreaseof13.4342,419 thousand, a decrease of 13.4% compared to 395,670 thousand for the same period in 2023[25]. - Gross profit for the three months ended September 30, 2024, was 65,665thousand,down18.465,665 thousand, down 18.4% from 80,545 thousand in the prior year[25]. - Net income for the three months ended September 30, 2024, was 29,514thousand,representinganincreaseof89.629,514 thousand, representing an increase of 89.6% compared to 15,560 thousand for the same period in 2023[25]. - Adjusted EBITDA for the three months ended September 30, 2024, was 87,621thousand,comparedto87,621 thousand, compared to 96,385 thousand in the same period last year, reflecting a decrease of 9.1%[27]. - Free cash flow for the three months ended September 30, 2024, was 52,645thousand,anincreasefrom52,645 thousand, an increase from 23,366 thousand in the prior year[27]. - The company reported a basic earnings per share of 0.19forthethreemonthsendedSeptember30,2024,comparedto0.19 for the three months ended September 30, 2024, compared to 0.10 for the same period in 2023, an increase of 90%[25]. Revenue Breakdown - Well Intervention revenues decreased by 42.0million,or1942.0 million, or 19%, in Q3 2024 due to increased transit and mobilization days[6]. - Robotics revenues increased by 3.3 million, or 4%, in Q3 2024, attributed to higher vessel, trenching, and ROV activities[8]. - Shallow Water Abandonment revenues increased by 20.8million,or4120.8 million, or 41%, in Q3 2024, driven by increased vessel and heavy lift activity[10]. - Shallow Water Abandonment revenues decreased by 15.7 million, or 18%, in Q3 2024 compared to Q3 2023, primarily due to lower vessel and system utilization[11]. - Production Facilities revenues decreased by 4.7million,or194.7 million, or 19%, in Q3 2024 compared to the prior quarter, attributed to lower oil and gas production and prices[12]. Cash Flow and Liquidity - Cash flows from operating activities for Q3 2024 were 55.7 million, compared to 31.6millioninQ22024[3].−FreecashflowforQ32024was31.6 million in Q2 2024[3]. - Free cash flow for Q3 2024 was 52.6 million, an increase from 23.4millioninQ22024[3].−Operatingcashflowswere23.4 million in Q2 2024[3]. - Operating cash flows were 55.7 million in Q3 2024, a significant increase from (12.2)millioninthepriorquarterand(12.2) million in the prior quarter and 31.6 million in Q3 2023[18]. - Free Cash Flow was 52.6millioninQ32024,comparedto52.6 million in Q3 2024, compared to (16.2) million in the prior quarter and 23.4millioninQ32023,drivenbyhigheroperatingcashflows[19].−Cashandcashequivalentstotaled23.4 million in Q3 2023, driven by higher operating cash flows[19]. - Cash and cash equivalents totaled 324.1 million as of September 30, 2024, with total liquidity of 398.8million[19].−CashandcashequivalentsasofSeptember30,2024,were398.8 million[19]. - Cash and cash equivalents as of September 30, 2024, were 324,120 thousand, a slight decrease from 332,191thousandattheendof2023[26].DebtandLiabilities−Consolidatedlong−termdebtwas332,191 thousand at the end of 2023[26]. Debt and Liabilities - Consolidated long-term debt was 314.7 million on September 30, 2024, resulting in negative Net Debt of 9.4million[19].−Long−termdebt,includingcurrentmaturities,was9.4 million[19]. - Long-term debt, including current maturities, was 314,673 thousand as of September 30, 2024, compared to 227,257thousandintheprioryear,indicatinganincreaseof38.5227,257 thousand in the prior year, indicating an increase of 38.5%[27]. - Current liabilities decreased to 303,219 thousand as of September 30, 2024, down from 448,618thousandattheendof2023,areductionof32.4448,618 thousand at the end of 2023, a reduction of 32.4%[26]. Operational Metrics - Overall Well Intervention vessel utilization was 97% in Q3 2024, up from 94% in Q2 2024[6]. - Vessel utilization (excluding heavy lift) was 76% in Q3 2024, down from 89% in Q3 2023, while P&A and Coiled Tubing systems utilization declined to 607 days, or 25%[11]. - The company entered into three well intervention contracts, increasing its backlog by over 800 million[4]. Expenses - Selling, general and administrative expenses were 21.1million,or6.221.1 million, or 6.2% of revenue, in Q3 2024, down from 22.3 million, or 6.1% of revenue, in the prior quarter[14]. - Regulatory certifications for vessels and systems were 8.9millioninQ32024,downfrom8.9 million in Q3 2024, down from 10.7 million in the prior quarter and 17.9millioninQ32023[18].−Otherexpense,netwas17.9 million in Q3 2023[18]. - Other expense, net was 0.0 million in Q3 2024, compared to 0.4millioninthepriorquarter,primarilyduetoachargerelatedtoincentivecredits[15].Assets−TotalassetsasofSeptember30,2024,were0.4 million in the prior quarter, primarily due to a charge related to incentive credits[15]. Assets - Total assets as of September 30, 2024, were 2,661,149 thousand, an increase of 4.1% from $2,556,036 thousand at the end of 2023[26].