Helix Reports Fourth Quarter and Full Year 2024 Results
Helix Energy Solutions Group (NYSE: HLX) reported its fourth quarter and full year 2024 results. Net income for Q4 2024 was $20.1 million, or $0.13 per diluted share, down from $29.5 million, or $0.19 per share, in Q3 2024, but an improvement from a net loss of $28.3 million in Q4 2023. Adjusted EBITDA for Q4 2024 was $71.6 million, compared to $87.6 million in Q3 2024 and $70.6 million in Q4 2023. For the full year 2024, Helix reported net income of $55.6 million, or $0.36 per share, versus a net loss of $10.8 million in 2023. Full-year adjusted EBITDA was $303.1 million, up from $273.4 million in 2023.
Segment results showed varied performance: Well Intervention revenues increased by 30% QoQ and 11% YoY for Q4 2024. Robotics revenues decreased by 3% QoQ but increased by 30% YoY. Shallow Water Abandonment revenues fell by 47% QoQ and 39% YoY. Production Facilities revenues decreased by 11% QoQ and 5% YoY.
CEO Owen Kratz highlighted the company's highest EBITDA since 2014 and strong Free Cash Flow, despite a $58 million earnout payment. The company expects significant improvements in 2025, with strong contract coverage for its well intervention fleet. Helix also completed the retirement of its convertible notes and repurchased over $40 million in shares, with plans to increase repurchases in 2025.
Helix Energy Solutions Group (NYSE: HLX) ha riportato i risultati del quarto trimestre e dell'intero anno 2024. L'utile netto per il Q4 2024 è stato di 20,1 milioni di dollari, ovvero 0,13 dollari per azione diluita, in calo rispetto ai 29,5 milioni di dollari, o 0,19 dollari per azione, nel Q3 2024, ma in miglioramento rispetto a una perdita netta di 28,3 milioni di dollari nel Q4 2023. L'EBITDA rettificato per il Q4 2024 è stato di 71,6 milioni di dollari, rispetto ai 87,6 milioni di dollari nel Q3 2024 e ai 70,6 milioni di dollari nel Q4 2023. Per l'intero anno 2024, Helix ha riportato un utile netto di 55,6 milioni di dollari, ovvero 0,36 dollari per azione, rispetto a una perdita netta di 10,8 milioni di dollari nel 2023. L'EBITDA rettificato per l'intero anno è stato di 303,1 milioni di dollari, in aumento rispetto ai 273,4 milioni di dollari nel 2023.
I risultati per segmento hanno mostrato performance variabili: i ricavi da Intervento sui Pozzi sono aumentati del 30% rispetto al trimestre precedente e dell'11% rispetto all'anno precedente per il Q4 2024. I ricavi da Robotica sono diminuiti del 3% rispetto al trimestre precedente ma sono aumentati del 30% rispetto all'anno precedente. I ricavi da Abbandono in Acque Poco Profonde sono diminuiti del 47% rispetto al trimestre precedente e del 39% rispetto all'anno precedente. I ricavi da Impianti di Produzione sono diminuiti dell'11% rispetto al trimestre precedente e del 5% rispetto all'anno precedente.
Il CEO Owen Kratz ha evidenziato l'EBITDA più alto dell'azienda dal 2014 e un forte Flusso di Cassa Libero, nonostante un pagamento di earnout di 58 milioni di dollari. L'azienda prevede miglioramenti significativi nel 2025, con una solida copertura contrattuale per la sua flotta di intervento sui pozzi. Helix ha anche completato il ritiro delle sue obbligazioni convertibili e ha riacquistato oltre 40 milioni di dollari in azioni, con piani per aumentare i riacquisti nel 2025.
Helix Energy Solutions Group (NYSE: HLX) informó sobre sus resultados del cuarto trimestre y del año completo 2024. La utilidad neta para el Q4 2024 fue de 20,1 millones de dólares, o 0,13 dólares por acción diluida, en comparación con 29,5 millones de dólares, o 0,19 dólares por acción, en el Q3 2024, pero mejoró respecto a una pérdida neta de 28,3 millones de dólares en el Q4 2023. El EBITDA ajustado para el Q4 2024 fue de 71,6 millones de dólares, en comparación con 87,6 millones de dólares en el Q3 2024 y 70,6 millones de dólares en el Q4 2023. Para el año completo 2024, Helix reportó una utilidad neta de 55,6 millones de dólares, o 0,36 dólares por acción, frente a una pérdida neta de 10,8 millones de dólares en 2023. El EBITDA ajustado del año completo fue de 303,1 millones de dólares, en comparación con 273,4 millones de dólares en 2023.
Los resultados por segmento mostraron un desempeño variado: los ingresos de Intervención de Pozos aumentaron un 30% en comparación con el trimestre anterior y un 11% en comparación con el año anterior para el Q4 2024. Los ingresos de Robótica disminuyeron un 3% en comparación con el trimestre anterior, pero aumentaron un 30% en comparación con el año anterior. Los ingresos de Abandono en Aguas Poco Profundas cayeron un 47% en comparación con el trimestre anterior y un 39% en comparación con el año anterior. Los ingresos de Instalaciones de Producción disminuyeron un 11% en comparación con el trimestre anterior y un 5% en comparación con el año anterior.
El CEO Owen Kratz destacó el EBITDA más alto de la compañía desde 2014 y un fuerte Flujo de Caja Libre, a pesar de un pago de earnout de 58 millones de dólares. La compañía espera mejoras significativas en 2025, con una sólida cobertura de contratos para su flota de intervención de pozos. Helix también completó la jubilación de sus notas convertibles y recompró más de 40 millones de dólares en acciones, con planes de aumentar las recompras en 2025.
Helix Energy Solutions Group (NYSE: HLX)는 2024년 4분기 및 연간 실적을 발표했습니다. 2024년 4분기의 순이익은 2010만 달러, 즉 희석 주당 0.13달러로, 2024년 3분기의 2950만 달러, 즉 주당 0.19달러에서 감소했지만, 2023년 4분기의 2830만 달러 순손실에서 개선되었습니다. 2024년 4분기의 조정 EBITDA는 7160만 달러로, 2024년 3분기의 8760만 달러 및 2023년 4분기의 7060만 달러와 비교됩니다. 2024년 전체 연도의 순이익은 5560만 달러, 즉 주당 0.36달러로, 2023년의 1080만 달러 순손실과 비교됩니다. 전체 연도의 조정 EBITDA는 3억 310만 달러로, 2023년의 2억 7340만 달러에서 증가했습니다.
세그먼트 결과는 다양한 성과를 보여주었습니다: 우물 개입 수익은 2024년 4분기에 비해 분기 대비 30% 및 전년 대비 11% 증가했습니다. 로봇 공학 수익은 분기 대비 3% 감소했지만 전년 대비 30% 증가했습니다. 천해 버려짐 수익은 분기 대비 47% 및 전년 대비 39% 감소했습니다. 생산 시설 수익은 분기 대비 11% 및 전년 대비 5% 감소했습니다.
CEO 오웬 크라츠는 2014년 이후 회사의 가장 높은 EBITDA와 강력한 자유 현금 흐름을 강조했으며, 5800만 달러의 성과급 지급에도 불구하고 이러한 성과를 달성했습니다. 회사는 2025년에 상당한 개선을 기대하고 있으며, 우물 개입 함대에 대한 강력한 계약 커버리지를 보유하고 있습니다. Helix는 또한 전환 사채의 상환을 완료하고 4000만 달러 이상의 주식을 재매입했으며, 2025년에 재매입을 늘릴 계획입니다.
Helix Energy Solutions Group (NYSE: HLX) a publié ses résultats du quatrième trimestre et de l'année complète 2024. Le bénéfice net pour le Q4 2024 s'est élevé à 20,1 millions de dollars, soit 0,13 dollar par action diluée, en baisse par rapport à 29,5 millions de dollars, soit 0,19 dollar par action, au Q3 2024, mais en amélioration par rapport à une perte nette de 28,3 millions de dollars au Q4 2023. L'EBITDA ajusté pour le Q4 2024 était de 71,6 millions de dollars, contre 87,6 millions de dollars au Q3 2024 et 70,6 millions de dollars au Q4 2023. Pour l'année complète 2024, Helix a déclaré un bénéfice net de 55,6 millions de dollars, soit 0,36 dollar par action, contre une perte nette de 10,8 millions de dollars en 2023. L'EBITDA ajusté de l'année complète était de 303,1 millions de dollars, en hausse par rapport à 273,4 millions de dollars en 2023.
Les résultats par segment ont montré des performances variées : les revenus de l'intervention sur les puits ont augmenté de 30 % par rapport au trimestre précédent et de 11 % par rapport à l'année précédente pour le Q4 2024. Les revenus de robotique ont diminué de 3 % par rapport au trimestre précédent mais ont augmenté de 30 % par rapport à l'année précédente. Les revenus de l'abandon en eau peu profonde ont chuté de 47 % par rapport au trimestre précédent et de 39 % par rapport à l'année précédente. Les revenus des installations de production ont diminué de 11 % par rapport au trimestre précédent et de 5 % par rapport à l'année précédente.
Le PDG Owen Kratz a souligné le plus haut EBITDA de l'entreprise depuis 2014 et un solide flux de trésorerie disponible, malgré un paiement de earnout de 58 millions de dollars. L'entreprise s'attend à des améliorations significatives en 2025, avec une forte couverture contractuelle pour sa flotte d'intervention sur les puits. Helix a également achevé le remboursement de ses obligations convertibles et a racheté plus de 40 millions de dollars d'actions, avec des projets d'augmenter les rachats en 2025.
Helix Energy Solutions Group (NYSE: HLX) hat die Ergebnisse des vierten Quartals und des gesamten Jahres 2024 veröffentlicht. Der Nettogewinn für das Q4 2024 betrug 20,1 Millionen US-Dollar, oder 0,13 US-Dollar pro verwässerter Aktie, ein Rückgang von 29,5 Millionen US-Dollar, oder 0,19 US-Dollar pro Aktie, im Q3 2024, aber eine Verbesserung gegenüber einem Nettoverlust von 28,3 Millionen US-Dollar im Q4 2023. Das bereinigte EBITDA für das Q4 2024 betrug 71,6 Millionen US-Dollar, verglichen mit 87,6 Millionen US-Dollar im Q3 2024 und 70,6 Millionen US-Dollar im Q4 2023. Für das gesamte Jahr 2024 berichtete Helix einen Nettogewinn von 55,6 Millionen US-Dollar, oder 0,36 US-Dollar pro Aktie, im Vergleich zu einem Nettoverlust von 10,8 Millionen US-Dollar im Jahr 2023. Das bereinigte EBITDA für das gesamte Jahr betrug 303,1 Millionen US-Dollar, ein Anstieg von 273,4 Millionen US-Dollar im Jahr 2023.
Die Segmentergebnisse zeigten unterschiedliche Leistungen: Die Einnahmen aus Brunneninterventionen stiegen im Q4 2024 um 30% im Vergleich zum Vorquartal und um 11% im Vergleich zum Vorjahr. Die Einnahmen aus Robotik sanken um 3% im Vergleich zum Vorquartal, stiegen jedoch um 30% im Vergleich zum Vorjahr. Die Einnahmen aus Flachwasserstilllegungen fielen um 47% im Vergleich zum Vorquartal und um 39% im Vergleich zum Vorjahr. Die Einnahmen aus Produktionsanlagen sanken um 11% im Vergleich zum Vorquartal und um 5% im Vergleich zum Vorjahr.
CEO Owen Kratz hob das höchste EBITDA des Unternehmens seit 2014 und einen starken freien Cashflow hervor, trotz einer Earnout-Zahlung von 58 Millionen US-Dollar. Das Unternehmen erwartet signifikante Verbesserungen im Jahr 2025, mit einer starken Vertragsabdeckung für seine Brunneninterventionsflotte. Helix hat auch die Rückzahlung seiner wandelbaren Anleihen abgeschlossen und über 40 Millionen US-Dollar an Aktien zurückgekauft, mit Plänen, die Rückkäufe im Jahr 2025 zu erhöhen.
- Full-year net income of $55.6 million in 2024 compared to a net loss of $10.8 million in 2023.
- Full-year adjusted EBITDA increased to $303.1 million in 2024 from $273.4 million in 2023.
- Highest EBITDA since 2014.
- Strong Free Cash Flow, highest in two decades.
- Well Intervention revenues increased by 30% QoQ and 11% YoY in Q4 2024.
- Robotics revenues increased by 30% YoY in Q4 2024.
- Q4 2024 net income decreased to $20.1 million from $29.5 million in Q3 2024.
- Adjusted EBITDA for Q4 2024 decreased to $71.6 million from $87.6 million in Q3 2024.
- Shallow Water Abandonment revenues decreased by 47% QoQ and 39% YoY in Q4 2024.
- Production Facilities revenues decreased by 11% QoQ and 5% YoY in Q4 2024.
- Well Intervention vessel utilization decreased to 79% in Q4 2024 from 97% in Q3 2024.
Insights
Helix Energy Solutions Group's Q4 and full-year 2024 results reveal a company successfully navigating sector-specific challenges while delivering substantial financial improvements. The $55.6 million net income for 2024 ($0.36 per share) marks a decisive turnaround from 2023's $10.8 million loss, with adjusted EBITDA climbing to $303.1 million – representing an 11% year-over-year increase and the company's strongest performance since 2014.
What's particularly noteworthy is Helix's ability to generate its highest free cash flow in two decades despite a significant $58 million earnout payment related to the Alliance acquisition. This exceptional cash generation has enabled the company to complete its balance sheet restructuring by retiring all remaining convertible notes while maintaining a negative net debt position – essentially meaning the company has more cash than debt, providing remarkable financial flexibility in an industry often characterized by heavy leverage.
The segmental performance tells a compelling story of strategic positioning. The Well Intervention segment demonstrated impressive resilience with a 17% revenue increase for the full year, benefiting from improved vessel utilization and higher day rates. The Q4000 vessel's Nigeria campaign and the Siem Helix 1's contract extension with Trident at improved rates highlight Helix's success in securing more favorable contract terms in the current market environment.
Meanwhile, the Robotics segment's 15% annual revenue growth reflects increased vessel utilization and higher rates, demonstrating strengthening demand for these specialized services. The segment's operating income jumped significantly, improving margins and contributing substantially to overall profitability.
The clear underperformer was the Shallow Water Abandonment segment, where revenues declined 32% year-over-year, resulting in a $9.3 million operating loss compared to $66.2 million in operating income for 2023. This dramatic reversal stems from substantially lower utilization rates across both systems and vessels, suggesting potential market saturation or pricing pressures in this particular service line.
Management's announcement that over half the well intervention fleet now has multi-year contracted work represents a important development for investors. This contracted backlog provides unprecedented revenue visibility and should reduce earnings volatility – a significant advantage in an industry often characterized by quarter-to-quarter uncertainty. The company's expectation of "significant improvements over 2024" for these contracts signals margin expansion potential for 2025.
The $40+ million in share repurchases completed thus far, with plans to accelerate buybacks in 2025, reflects management's confidence in Helix's intrinsic value and commitment to returning capital to shareholders. With the company's strong cash position and improved earnings outlook, this repurchase program could provide meaningful support for the stock while reducing the share count to drive EPS growth.
Looking ahead, Helix appears well-positioned for 2025 with its strengthened balance sheet, contracted revenue visibility, and operational momentum in key segments. While the Shallow Water Abandonment segment remains challenged, the company's diversified service portfolio and financial strength provide substantial buffers against segment-specific headwinds. The negative net debt position also gives Helix optionality for strategic acquisitions or further shareholder returns should appropriate opportunities arise.
For the full year 2024, Helix reported net income of
Summary of Results ($ in thousands, except per share amounts, unaudited) |
|||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||
| 12/31/2024 | 12/31/2023 | 9/30/2024 | 12/31/2024 | 12/31/2023 | |||||||||||||||
| Revenues | $ |
355,133 |
|
$ |
335,157 |
|
$ |
342,419 |
|
$ |
1,358,560 |
|
$ |
1,289,728 |
|
||||
| Gross Profit | $ |
58,859 |
|
$ |
49,278 |
|
$ |
65,665 |
|
$ |
219,564 |
|
$ |
200,356 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
| Net Income (Loss) | $ |
20,121 |
|
$ |
(28,333 |
) |
$ |
29,514 |
|
$ |
55,637 |
|
$ |
(10,838 |
) |
||||
| Basic Earnings (Loss) Per Share | $ |
0.13 |
|
$ |
(0.19 |
) |
$ |
0.19 |
|
$ |
0.37 |
|
$ |
(0.07 |
) |
||||
| Diluted Earnings (Loss) Per Share | $ |
0.13 |
|
$ |
(0.19 |
) |
$ |
0.19 |
|
$ |
0.36 |
|
$ |
(0.07 |
) |
||||
| Adjusted EBITDA1 | $ |
71,641 |
|
$ |
70,632 |
|
$ |
87,621 |
|
$ |
303,147 |
|
$ |
273,403 |
|
||||
| Cash and Cash Equivalents | $ |
368,030 |
|
$ |
332,191 |
|
$ |
324,120 |
|
$ |
368,030 |
|
$ |
332,191 |
|
||||
| Net Debt1 | $ |
(52,873 |
) |
$ |
29,531 |
|
$ |
(9,447 |
) |
$ |
(52,873 |
) |
$ |
29,531 |
|
||||
| Cash Flows from Operating Activities | $ |
77,977 |
|
$ |
94,737 |
|
$ |
55,731 |
|
$ |
186,028 |
|
$ |
152,457 |
|
||||
| Free Cash Flow1 | $ |
65,454 |
|
$ |
91,878 |
|
$ |
52,645 |
|
$ |
163,188 |
|
$ |
133,798 |
|
||||
1 Adjusted EBITDA, Net Debt and Free Cash Flow are non-GAAP measures; see non-GAAP reconciliations below |
|||||||||||||||||||
Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our full-year results for 2024 reflect our third consecutive year of revenue and EBITDA growth, with our highest EBITDA since 2014, despite a pull-back in our Shallow Water Abandonment segment. Our Free Cash Flow is the highest in two decades and would have been even higher absent the
Segment Information, Operational and Financial Highlights ($ in thousands, unaudited) |
|||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||
| 12/31/2024 | 12/31/2023 | 9/30/2024 | 12/31/2024 | 12/31/2023 | |||||||||||||||
| Revenues: | |||||||||||||||||||
| Well Intervention | $ |
226,188 |
|
$ |
203,866 |
|
$ |
174,613 |
|
$ |
829,862 |
|
$ |
707,718 |
|
||||
| Robotics |
|
81,594 |
|
|
62,957 |
|
|
84,526 |
|
|
297,678 |
|
|
257,875 |
|
||||
| Shallow Water Abandonment |
|
37,690 |
|
|
61,995 |
|
|
71,595 |
|
|
186,979 |
|
|
274,954 |
|
||||
| Production Facilities |
|
18,462 |
|
|
19,383 |
|
|
20,695 |
|
|
88,709 |
|
|
87,885 |
|
||||
| Intercompany Eliminations |
|
(8,801 |
) |
|
(13,044 |
) |
|
(9,010 |
) |
|
(44,668 |
) |
|
(38,704 |
) |
||||
| Total | $ |
355,133 |
|
$ |
335,157 |
|
$ |
342,419 |
|
$ |
1,358,560 |
|
$ |
1,289,728 |
|
||||
| Income (Loss) from Operations: | |||||||||||||||||||
| Well Intervention | $ |
29,118 |
|
$ |
21,041 |
|
$ |
16,109 |
|
$ |
93,205 |
|
$ |
32,398 |
|
||||
| Robotics |
|
19,335 |
|
|
9,224 |
|
|
24,158 |
|
|
77,343 |
|
|
52,450 |
|
||||
| Shallow Water Abandonment |
|
(5,422 |
) |
|
12,032 |
|
|
8,808 |
|
|
(9,323 |
) |
|
66,240 |
|
||||
| Production Facilities |
|
5,498 |
|
|
(985 |
) |
|
8,288 |
|
|
21,340 |
|
|
20,832 |
|
||||
| Change in Fair Value of Contingent Consideration |
|
- |
|
|
(10,927 |
) |
|
- |
|
|
- |
|
|
(42,246 |
) |
||||
| Corporate / Other / Eliminations |
|
(17,651 |
) |
|
(15,005 |
) |
|
(12,723 |
) |
|
(55,130 |
) |
|
(66,164 |
) |
||||
| Total | $ |
30,878 |
|
$ |
15,380 |
|
$ |
44,640 |
|
$ |
127,435 |
|
$ |
63,510 |
|
||||
Fourth Quarter Results
Segment Results
Well Intervention
Well Intervention revenues increased
Well Intervention revenues increased
Robotics
Robotics revenues decreased
Robotics revenues increased
Shallow Water Abandonment
Shallow Water Abandonment revenues decreased
Shallow Water Abandonment revenues decreased
Production Facilities
Production Facilities revenues decreased
Production Facilities revenues decreased
Selling, General and Administrative and Other
Selling, General and Administrative
Selling, general and administrative expenses were
Other Income and Expenses
Other expense, net was
Change in Fair Value of Contingent Consideration
Change in fair value of contingent consideration of
Cash Flows
Operating cash flows were
Capital expenditures, which are included in investing cash flows, totaled
Full Year Results
Segment Results
Well Intervention
Well Intervention revenues increased
Robotics
Robotics revenues increased
Shallow Water Abandonment
Shallow Water Abandonment revenues decreased
Production Facilities
Production Facilities revenues increased
Selling, General and Administrative and Other
Selling, General and Administrative
Selling, general and administrative expenses were
Net Interest Expense
Net interest expense increased to
Change in Fair Value of Contingent Consideration
Change in fair value of contingent consideration related to our acquisition of Alliance was
Losses Related to Convertible Senior Notes
Losses related to convertible senior notes was
Other Income and Expenses
Other expense, net was
Cash Flows
Helix generated operating cash flows of
Capital expenditures increased to
Free Cash Flow increased to
Share Repurchases
Share repurchases in 2024 totaled 2.9 million shares for approximately
Financial Condition and Liquidity
Cash and cash equivalents were
* * * * *
Conference Call Information
Further details are provided in the presentation for Helix’s quarterly teleconference to review its fourth quarter and full year 2024 results (see the Investor Relations page of Helix's website, www.helixesg.com). The teleconference is scheduled for Tuesday, February 25, 2025, at 9:00 a.m. Central Time. Investors and other interested parties wishing to participate in the teleconference should dial 1-800-715-9871 within
About Helix
Helix Energy Solutions Group, Inc., headquartered in
Non-GAAP Financial Measures
Management evaluates operating performance and financial condition using certain non-GAAP measures, primarily EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt. We define EBITDA as earnings before income taxes, net interest expense, net other income or expense, and depreciation and amortization expense. Non-cash impairment losses on goodwill and other long-lived assets are also added back if applicable. To arrive at our measure of Adjusted EBITDA, we exclude gains or losses on disposition of assets, acquisition and integration costs, gains or losses related to convertible senior notes, the change in fair value of contingent consideration, and the general provision (release) for current expected credit losses, if any. We define Free Cash Flow as cash flows from operating activities less capital expenditures, net of proceeds from asset sales and insurance recoveries (related to property and equipment), if any. Net Debt is calculated as long-term debt including current maturities of long-term debt less cash and cash equivalents and restricted cash.
We use EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt to monitor and facilitate internal evaluation of the performance of our business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measures of EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt provide useful information to the public regarding our operating performance and ability to service debt and fund capital expenditures and may help our investors understand and compare our results to other companies that have different financing, capital and tax structures. Other companies may calculate their measures of EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt differently from the way we do, which may limit their usefulness as comparative measures. EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or other income or cash flow data prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions that are excluded from these measures. See reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. We have not provided reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures due to the challenges and impracticability with estimating some of the items without unreasonable effort, which amounts could be significant.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding: our plans, strategies and objectives for future operations; any projections of financial items including projections as to guidance and other outlook information; future operations expenditures; our ability to enter into, renew and/or perform commercial contracts; the spot market; our current work continuing; visibility and future utilization; our protocols and plans; future economic or political conditions; energy transition or energy security; our spending and cost management efforts and our ability to manage changes; oil price volatility and its effects and results; our ability to identify, effect and integrate mergers, acquisitions, joint ventures or other transactions, including the integration of the Alliance acquisition and any subsequently identified legacy issues with respect thereto; developments; any financing transactions or arrangements or our ability to enter into such transactions or arrangements; our sustainability initiatives; our share repurchase program or execution; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to market conditions and the demand for our services; volatility of oil and natural gas prices; complexities of global political and economic developments; results from mergers, acquisitions, joint ventures or similar transactions; results from acquired properties; our ability to secure and realize backlog; the performance of contracts by customers, suppliers and other counterparties; actions by governmental and regulatory authorities; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; the effectiveness of our sustainability initiatives and disclosures; human capital management issues; geologic risks; and other risks described from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our most recently filed Annual Report on Form 10-K, which are available free of charge on the SEC's website at www.sec.gov. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law.
| HELIX ENERGY SOLUTIONS GROUP, INC. | ||||||||||||||||
| Comparative Condensed Consolidated Statements of Operations | ||||||||||||||||
| Three Months Ended Dec. 31, | Year Ended Dec. 31, | |||||||||||||||
| (in thousands, except per share data) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
| (unaudited) | (unaudited) | |||||||||||||||
| Net revenues | $ |
355,133 |
|
$ |
335,157 |
|
$ |
1,358,560 |
|
$ |
1,289,728 |
|
||||
| Cost of sales |
|
296,274 |
|
|
285,879 |
|
|
1,138,996 |
|
|
1,089,372 |
|
||||
| Gross profit |
|
58,859 |
|
|
49,278 |
|
|
219,564 |
|
|
200,356 |
|
||||
| Gain (loss) on disposition of assets, net |
|
(429 |
) |
|
- |
|
|
(479 |
) |
|
367 |
|
||||
| Acquisition and integration costs |
|
- |
|
|
- |
|
|
- |
|
|
(540 |
) |
||||
| Change in fair value of contingent consideration |
|
- |
|
|
(10,927 |
) |
|
- |
|
|
(42,246 |
) |
||||
| Selling, general and administrative expenses |
|
(27,552 |
) |
|
(22,971 |
) |
|
(91,650 |
) |
|
(94,427 |
) |
||||
| Income from operations |
|
30,878 |
|
|
15,380 |
|
|
127,435 |
|
|
63,510 |
|
||||
| Net interest expense |
|
(5,572 |
) |
|
(4,771 |
) |
|
(22,629 |
) |
|
(17,338 |
) |
||||
| Losses related to convertible senior notes |
|
- |
|
|
(37,277 |
) |
|
(20,922 |
) |
|
(37,277 |
) |
||||
| Other income (expense), net |
|
(1,275 |
) |
|
6,963 |
|
|
(3,922 |
) |
|
(3,590 |
) |
||||
| Royalty income and other |
|
(30 |
) |
|
93 |
|
|
2,102 |
|
|
2,209 |
|
||||
| Income (loss) before income taxes |
|
24,001 |
|
|
(19,612 |
) |
|
82,064 |
|
|
7,514 |
|
||||
| Income tax provision |
|
3,880 |
|
|
8,721 |
|
|
26,427 |
|
|
18,352 |
|
||||
| Net income (loss) | $ |
20,121 |
|
$ |
(28,333 |
) |
$ |
55,637 |
|
$ |
(10,838 |
) |
||||
| Earnings (loss) per share of common stock: | ||||||||||||||||
| Basic | $ |
0.13 |
|
$ |
(0.19 |
) |
$ |
0.37 |
|
$ |
(0.07 |
) |
||||
| Diluted | $ |
0.13 |
|
$ |
(0.19 |
) |
$ |
0.36 |
|
$ |
(0.07 |
) |
||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic |
|
151,446 |
|
|
150,580 |
|
|
151,989 |
|
|
150,917 |
|
||||
| Diluted |
|
154,246 |
|
|
150,580 |
|
|
154,699 |
|
|
150,917 |
|
||||
| Comparative Condensed Consolidated Balance Sheets | ||||||||||||||||
| Dec. 31, 2024 | Dec. 31, 2023 | |||||||||||||||
| (in thousands) | (unaudited) | |||||||||||||||
| ASSETS | ||||||||||||||||
| Current Assets: | ||||||||||||||||
| Cash and cash equivalents | $ |
368,030 |
|
$ |
332,191 |
|
||||||||||
| Accounts receivable, net |
|
258,630 |
|
|
280,427 |
|
||||||||||
| Other current assets |
|
83,022 |
|
|
85,223 |
|
||||||||||
| Total Current Assets |
|
709,682 |
|
|
697,841 |
|
||||||||||
| Property and equipment, net |
|
1,437,853 |
|
|
1,572,849 |
|
||||||||||
| Operating lease right-of-use assets |
|
329,649 |
|
|
169,233 |
|
||||||||||
| Deferred recertification and dry dock costs, net |
|
71,718 |
|
|
71,290 |
|
||||||||||
| Other assets, net |
|
48,178 |
|
|
44,823 |
|
||||||||||
| Total Assets | $ |
2,597,080 |
|
$ |
2,556,036 |
|
||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
| Current Liabilities: | ||||||||||||||||
| Accounts payable | $ |
144,793 |
|
$ |
134,552 |
|
||||||||||
| Accrued liabilities |
|
90,455 |
|
|
203,112 |
|
||||||||||
| Current maturities of long-term debt |
|
9,186 |
|
|
48,292 |
|
||||||||||
| Current operating lease liabilities |
|
59,982 |
|
|
62,662 |
|
||||||||||
| Total Current Liabilities |
|
304,416 |
|
|
448,618 |
|
||||||||||
| Long-term debt |
|
305,971 |
|
|
313,430 |
|
||||||||||
| Operating lease liabilities |
|
285,984 |
|
|
116,185 |
|
||||||||||
| Deferred tax liabilities |
|
113,973 |
|
|
110,555 |
|
||||||||||
| Other non-current liabilities |
|
66,971 |
|
|
66,248 |
|
||||||||||
| Shareholders' equity |
|
1,519,765 |
|
|
1,501,000 |
|
||||||||||
| Total Liabilities and Equity | $ |
2,597,080 |
|
$ |
2,556,036 |
|
||||||||||
| HELIX ENERGY SOLUTIONS GROUP, INC. | ||||||||||||||||||||
| Comparative Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||
| Year Ended | ||||||||||||||||||||
| (in thousands) | 12/31/2024 | 12/31/2023 | ||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Net income (loss) | $ |
55,637 |
|
$ |
(10,838 |
) |
||||||||||||||
| Adjustments to reconcile net income (loss) to net cash provided by | ||||||||||||||||||||
| operating activities: | ||||||||||||||||||||
| Depreciation and amortization |
|
173,292 |
|
|
164,116 |
|
||||||||||||||
| Deferred recertification and dry dock costs |
|
(35,387 |
) |
|
(62,522 |
) |
||||||||||||||
| Payment of earnout consideration |
|
(58,300 |
) |
|
- |
|
||||||||||||||
| Change in fair value of contingent consideration |
|
- |
|
|
42,246 |
|
||||||||||||||
| Losses related to convertible senior notes |
|
20,922 |
|
|
37,277 |
|
||||||||||||||
| Working capital and other |
|
29,864 |
|
|
(17,822 |
) |
||||||||||||||
| Net cash provided by operating activities |
|
186,028 |
|
|
152,457 |
|
||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Capital expenditures |
|
(23,303 |
) |
|
(19,588 |
) |
||||||||||||||
| Proceeds from sale of assets |
|
100 |
|
|
365 |
|
||||||||||||||
| Proceeds from insurance recoveries |
|
363 |
|
|
564 |
|
||||||||||||||
| Net cash used in investing activities |
|
(22,840 |
) |
|
(18,659 |
) |
||||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Proceeds from long-term debt |
|
- |
|
|
298,578 |
|
||||||||||||||
| Repayments of long-term debt |
|
(69,469 |
) |
|
(269,480 |
) |
||||||||||||||
| Repurchases of common stock |
|
(29,620 |
) |
|
(11,988 |
) |
||||||||||||||
| Payment of earnout consideration |
|
(26,700 |
) |
|
- |
|
||||||||||||||
| Other financing activities |
|
479 |
|
|
7,999 |
|
||||||||||||||
| Net cash provided by (used in) financing activities |
|
(125,310 |
) |
|
25,109 |
|
||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents |
|
(2,039 |
) |
|
(15,827 |
) |
||||||||||||||
| Net increase (decrease) in cash and cash equivalents |
|
35,839 |
|
|
143,080 |
|
||||||||||||||
| Cash and cash equivalents: | ||||||||||||||||||||
| Balance, beginning of year |
|
332,191 |
|
|
189,111 |
|
||||||||||||||
| Balance, end of year | $ |
368,030 |
|
$ |
332,191 |
|
||||||||||||||
| Reconciliation of Non-GAAP Measures | ||||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||
| (in thousands, unaudited) | 12/31/2024 | 12/31/2023 | 9/30/2024 | 12/31/2024 | 12/31/2023 | |||||||||||||||
| Reconciliation from Net Income (Loss) to Adjusted EBITDA: | ||||||||||||||||||||
| Net income (loss) | $ |
20,121 |
|
$ |
(28,333 |
) |
$ |
29,514 |
|
$ |
55,637 |
|
$ |
(10,838 |
) |
|||||
| Adjustments: | ||||||||||||||||||||
| Income tax provision |
|
3,880 |
|
|
8,721 |
|
|
9,520 |
|
|
26,427 |
|
|
18,352 |
|
|||||
| Net interest expense |
|
5,572 |
|
|
4,771 |
|
|
5,689 |
|
|
22,629 |
|
|
17,338 |
|
|||||
| Other (income) expense, net |
|
1,275 |
|
|
(6,963 |
) |
|
49 |
|
|
3,922 |
|
|
3,590 |
|
|||||
| Depreciation and amortization |
|
40,564 |
|
|
44,103 |
|
|
42,904 |
|
|
173,292 |
|
|
164,116 |
|
|||||
| EBITDA |
|
71,412 |
|
|
22,299 |
|
|
87,676 |
|
|
281,907 |
|
|
192,558 |
|
|||||
| Adjustments: | ||||||||||||||||||||
| (Gain) loss on disposition of assets, net |
|
429 |
|
|
- |
|
|
(100 |
) |
|
479 |
|
|
(367 |
) |
|||||
| Acquisition and integration costs |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
540 |
|
|||||
| Change in fair value of contingent consideration |
|
- |
|
|
10,927 |
|
|
- |
|
|
- |
|
|
42,246 |
|
|||||
| General provision (release) for current expected credit losses |
|
(200 |
) |
|
129 |
|
|
45 |
|
|
(161 |
) |
|
1,149 |
|
|||||
| Losses related to convertible senior notes |
|
- |
|
|
37,277 |
|
|
- |
|
|
20,922 |
|
|
37,277 |
|
|||||
| Adjusted EBITDA | $ |
71,641 |
|
$ |
70,632 |
|
$ |
87,621 |
|
$ |
303,147 |
|
$ |
273,403 |
|
|||||
| Free Cash Flow: | ||||||||||||||||||||
| Cash flows from operating activities | $ |
77,977 |
|
$ |
94,737 |
|
$ |
55,731 |
|
$ |
186,028 |
|
$ |
152,457 |
|
|||||
| Less: Capital expenditures, net of proceeds from asset sales and insurance recoveries |
|
(12,523 |
) |
|
(2,859 |
) |
|
(3,086 |
) |
|
(22,840 |
) |
|
(18,659 |
) |
|||||
| Free Cash Flow | $ |
65,454 |
|
$ |
91,878 |
|
$ |
52,645 |
|
$ |
163,188 |
|
$ |
133,798 |
|
|||||
| Net Debt: | ||||||||||||||||||||
| Long-term debt including current maturities | $ |
315,157 |
|
$ |
361,722 |
|
$ |
314,673 |
|
$ |
315,157 |
|
$ |
361,722 |
|
|||||
| Less: Cash and cash equivalents |
|
(368,030 |
) |
|
(332,191 |
) |
|
(324,120 |
) |
|
(368,030 |
) |
|
(332,191 |
) |
|||||
| Net Debt | $ |
(52,873 |
) |
$ |
29,531 |
|
$ |
(9,447 |
) |
$ |
(52,873 |
) |
$ |
29,531 |
|
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250224210544/en/
Erik Staffeldt, Executive Vice President and CFO
email: estaffeldt@helixesg.com
Ph: 281-618-0400
Source: Helix Energy Solutions Group, Inc.
FAQ
What were Helix's Q4 2024 earnings?
How did Helix's Q4 2024 net income compare to Q3 2024?
What was Helix's full-year 2024 net income?
How did Helix's adjusted EBITDA perform in Q4 2024?
What was Helix's full-year 2024 adjusted EBITDA?
How did Well Intervention revenues perform in Q4 2024?
What was the performance of Helix's Robotics segment in Q4 2024?
How did Shallow Water Abandonment revenues perform in Q4 2024?
What is the outlook for Helix in 2025?
