Helix Energy Solutions(HLX) - 2023 Q4 - Annual Results

Financial Performance - Helix reported a net loss of $28.3 million for Q4 2023, compared to net income of $15.6 million in Q3 2023 and $2.7 million in Q4 2022[1] - Full-year 2023 net loss was $10.8 million, an improvement from the $87.8 million net loss in 2022[2] - The company reported a net loss of $28.333 million for Q4 2023, compared to a net income of $2.709 million in Q4 2022[47] Adjusted EBITDA - Adjusted EBITDA for Q4 2023 was $70.6 million, down from $96.4 million in Q3 2023 but up from $49.2 million in Q4 2022[1] - Full-year 2023 adjusted EBITDA was $273.4 million, more than double the $121.0 million in 2022[2] - Adjusted EBITDA for Q4 2023 was $70.632 million, up 43.6% from $49.169 million in Q4 2022[51] Revenue and Profit - Net revenues for Q4 2023 increased to $335.157 million, up 16.5% from $287.816 million in Q4 2022[47] - Full-year 2023 net revenues reached $1.289 billion, a 47.7% increase from $873.1 million in 2022[47] - Gross profit for Q4 2023 was $49.278 million, a 57.1% increase from $31.364 million in Q4 2022[47] Cash Flow and Liquidity - Cash and cash equivalents increased to $332.2 million at year-end 2023, up from $186.6 million in 2022[4] - Free cash flow for 2023 was $133.8 million, a significant increase from $17.6 million in 2022[4] - Operating cash flows increased to $94.7 million in Q4 2023 from $31.6 million in the prior quarter, driven by strong working capital inflows and lower capital spending[23] - Free Cash Flow rose to $91.9 million in Q4 2023 from $23.4 million in the prior quarter, supported by higher operating cash flows and lower capital expenditures[25] - Helix generated operating cash flows of $152.5 million in 2023, compared to $51.1 million in 2022, driven by higher operating income[36] - Free Cash Flow for 2023 was $133.8 million, up from $17.6 million in 2022, due to higher operating cash flows and lower capital expenditures[37] - Free cash flow for Q4 2023 was $91.878 million, a significant increase from $21.198 million in Q4 2022[51] - Cash and cash equivalents increased to $332.191 million at the end of 2023, up from $186.604 million in 2022[49] Debt and Capital Structure - Helix repurchased $159.8 million principal amount of its 2026 Convertible Senior Notes, resulting in a $37.3 million pre-tax loss[1][2] - Net debt decreased to $29.531 million as of Dec 31, 2023, down from $74.964 million at the end of 2022[51] - Long-term debt including current maturities increased to $361.722 million as of Dec 31, 2023, up from $264.075 million in 2022[51] Segment Performance - Well Intervention segment revenues increased 26% YoY to $210.7 million in Q4 2023, with vessel utilization at 95%[10][12] - Robotics segment revenues decreased 17% QoQ to $63.0 million in Q4 2023 due to seasonally lower rates and activity[13] - Shallow Water Abandonment revenues decreased 29% QoQ to $62.0 million in Q4 2023, with vessel utilization at 72%[15] - Production Facilities revenues decreased by $5.1 million (21%) in Q4 2023 compared to the prior quarter due to lower oil and gas production from Thunder Hawk wells being shut-in[17] - Production Facilities incurred operating losses of $1.0 million in Q4 2023, compared to operating income of $8.9 million in the previous quarter[17] - Well Intervention revenues increased by $208.5 million (40%) in 2023 compared to 2022, driven by higher vessel utilization and rates in the North Sea, Brazil, and Gulf of Mexico[26] - Robotics revenues grew by $66.0 million (34%) in 2023, with ROV and trencher utilization increasing to 62% from 53% in 2022[28] - Shallow Water Abandonment revenues reached $275.0 million in 2023, up from $124.8 million in 2022, following the Alliance acquisition[29] Operating Expenses - Selling, general and administrative expenses decreased to $23.0 million (6.9% of revenue) in Q4 2023 from $27.8 million (7.0% of revenue) in the prior quarter[19] Asset and Liability Position - Total assets grew to $2.556 billion as of Dec 31, 2023, compared to $2.389 billion at the end of 2022[49]