Helix Energy Solutions(US:HLX)2025-02-24 23:44Financial Performance - Helix reported a net income of $20.1 million, or $0.13 per diluted share, for Q4 2024, compared to a net loss of $28.3 million in Q4 2023[2]. - For the full year 2024, Helix achieved a net income of $55.6 million, or $0.36 per diluted share, compared to a net loss of $10.8 million in 2023[3]. - Adjusted EBITDA for Q4 2024 was $71.6 million, down from $87.6 million in Q3 2024, but up from $70.6 million in Q4 2023[2]. - Free Cash Flow for 2024 was the highest in two decades, totaling $163.2 million, despite a $58 million earnout payment included in operating cash flows[6]. - Free Cash Flow was $65.5 million in Q4 2024, down from $91.9 million in Q4 2023, attributed to lower operating cash flow and higher capital expenditures[20]. - Adjusted EBITDA for the year ended December 31, 2024, was $303,147, representing an increase of 10.9% from $273,403 in 2023[44]. Revenue Breakdown - Total revenues for Q4 2024 were $355.1 million, a 6% increase from $335.2 million in Q4 2023[5]. - Well Intervention revenues increased by $51.6 million, or 30%, in Q4 2024 compared to Q3 2024, driven by higher day rates and fewer mobilization days[8]. - Robotics revenues increased by $18.6 million, or 30%, in Q4 2024 compared to Q4 2023, primarily due to higher rates and increased vessel activities[11]. - Well Intervention revenues increased by $122.1 million, or 17%, in 2024 compared to 2023, driven by higher rates and utilization[21]. - Robotics revenues increased by $39.8 million, or 15%, in 2024 compared to 2023, due to higher vessel and ROV utilization[22]. - Shallow Water Abandonment revenues decreased by $88.0 million, or 32%, in 2024 compared to 2023, with vessel utilization declining to 61%[23]. - Production Facilities revenues increased by $0.8 million, or 1%, in 2024 compared to 2023, primarily due to higher oil and gas production volumes[24]. Cash Flow and Debt - Helix ended 2024 with significant cash levels and negative net debt of $52.9 million, reflecting a strong financial position[5]. - Operating cash flows were $78.0 million in Q4 2024, compared to $94.7 million in Q4 2023, primarily due to higher regulatory certification costs[19]. - Net cash provided by operating activities for the year ended December 31, 2024, was $186,028,000, compared to $152,457,000 for the year ended December 31, 2023[42]. - Long-term debt, including current maturities, decreased to $315,157 as of December 31, 2024, from $361,722 a year earlier[44]. - Net Debt improved to $(52,873) as of December 31, 2024, compared to $29,531 in the previous year[44]. Expenses - Selling, general and administrative expenses were $27.6 million, or 7.8% of revenue, in Q4 2024, up from $21.1 million, or 6.2% of revenue, in the prior quarter[16]. - Net interest expense increased to $22.6 million in 2024 compared to $17.3 million in 2023, due to a full year of interest on $300 million Senior Notes issued in Q4 2023[26]. - The company reported a net interest expense of $22,629 for the year ended December 31, 2024, compared to $17,338 in 2023[44]. - Depreciation and amortization expenses for the year ended December 31, 2024, were $173,292, an increase from $164,116 in 2023[44]. Asset and Liability Overview - Total assets as of December 31, 2024, were $2,597,080,000, a slight increase from $2,556,036,000 as of December 31, 2023[41]. - Total liabilities decreased to $1,077,424,000 as of December 31, 2024, from $1,144,648,000 as of December 31, 2023[41]. Other Notable Information - The company signed new awards that provide over half of its well intervention fleet with contracted work for multiple years entering 2025[6]. - The company reported a net cash used in investing activities of $22,840,000 for the year ended December 31, 2024[42]. - The company experienced a change in fair value of contingent consideration amounting to $42,246 for the year ended December 31, 2024[44]. - The company has not provided reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures due to impracticality[37].