Helix Energy Solutions(HLX) - 2020 Q4 - Annual Report

Financial Position - As of December 31, 2020, the company reported total assets of $2,498.3 million, a decrease from $2,596.7 million in 2019[265] - The company reported a decrease in total liabilities to $753.9 million in 2020 from $893.7 million in 2019[265] - The carrying value of property and equipment as of December 31, 2020, was $1,783 million[252] - Total property and equipment increased to $2.95 billion in 2020 from $2.92 billion in 2019, with vessels accounting for $2.35 billion[335] - The principal amount of total debt as of December 31, 2020, was $404,732,000, down from $436,146,000 in 2019[433] - Long-term debt decreased to $258.9 million in 2020 from $306.1 million in 2019, with total debt at $349.6 million[343] Cash Flow and Liquidity - The company had $83.3 million of outstanding debt subject to floating rates as of December 31, 2020, with an estimated additional interest expense of $0.9 million if rates increased by 100 basis points[241] - Cash and cash equivalents at the end of 2020 increased to $291.320 million from $262.561 million at the end of 2019, representing an increase of 10.9%[276] - Net cash provided by operating activities was $98.800 million, down 41.7% from $169.669 million in 2019[276] - The company had a net cash used in investing activities of $19.281 million, a decrease from $142.385 million in 2019[276] - The company repaid $183.150 million in convertible senior notes during 2020, compared to no repayments in 2019[276] Revenue and Profitability - Net revenues for 2020 were $733,555, a decrease of 2.4% from $751,909 in 2019[268] - Gross profit for 2020 was $79,909, down 42.0% from $137,838 in 2019[268] - Net income attributable to common shareholders for 2020 was $22,174, a decline of 61.7% compared to $57,919 in 2019[268] - Comprehensive income for 2020 was $33,204, compared to $66,921 in 2019, reflecting a decrease of 50.3%[271] - The company recognized a goodwill impairment of $6,689 in 2020, with no such impairment reported in 2019[268] Segment Performance - Well Intervention segment generated $539.2 million in revenues, down from $593.3 million in 2019, with an operating income of $26.9 million compared to $89.6 million in the previous year[417] - Robotics segment revenues increased to $178.0 million from $171.7 million in 2019, with operating income rising to $13.8 million from $7.3 million[417] - Production Facilities segment reported revenues of $58.3 million, a slight decrease from $61.2 million in 2019, with operating income of $16.0 million compared to $17.2 million[417] Foreign Currency and Hedging - Approximately 40% of the company's net assets were impacted by changes in foreign currencies in relation to the U.S. dollar as of December 31, 2020[243] - The company recorded foreign currency translation gains of $12.8 million in 2020, compared to gains of $5.4 million in 2019[243] - The company engages in cash flow hedges to mitigate market risks associated with interest rates and foreign currency exchange rates, enhancing predictability of cash flows[322] Tax and Regulatory Matters - The company recognized a net tax benefit of $7.6 million in 2020 due to the CARES Act, which included an $18.9 million current tax benefit and an $11.3 million deferred tax expense[377] - Deferred tax liabilities totaled $162.5 million as of December 31, 2020, with net operating losses available for carryforward amounting to $197.4 million[379] - The company had a valuation allowance of $2.9 million against U.S. deferred tax assets for foreign tax credits, indicating uncertainty in utilizing these credits[380] Shareholder and Equity Matters - The company has not repurchased any shares under its stock buyback program since 2015, with 6,913,705 shares available for repurchase as of December 31, 2020[390] - The 2005 Long-Term Incentive Plan currently has 17.3 million shares authorized for issuance, with 6.8 million shares available as of December 31, 2020[402] - The company recognized $4.2 million in share-based compensation related to restricted stock for the year ended December 31, 2020[408] Capital Expenditures - Capital expenditures decreased significantly to $20.244 million from $140.854 million in 2019, reflecting a reduction of 85.6%[276] - The company took delivery of the Q7000 vessel in November 2019, which commenced operations in January 2020, completing all planned major capital commitments[423]