Helix Energy Solutions Group, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Helix Energy Solutions Group, Inc. has filed its Q1 2024 10-Q report, detailing financial performance and segment operations.</b>

AI Summary

HELIX ENERGY SOLUTIONS GROUP INC (HLX) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Filed a 10-Q report for the period ending March 31, 2024. The company was formerly known as Cal Dive International Inc. until August 21, 1996. The filing includes data related to Retained Earnings and Accumulated Other Comprehensive Income for various periods. Details on employee stock, incentive plans, performance shares, and restricted stock units are provided for Q1 2024 and Q1 2023. Segment information for Well Intervention, Shallow Water Abandonment, Robotics, Production Facilities, Renewables, and Production Maximization is included for Q1 2024.

Why It Matters

For investors and stakeholders tracking HELIX ENERGY SOLUTIONS GROUP INC, this filing contains several important signals. This 10-Q filing provides a snapshot of Helix Energy's financial health and operational segments for the first quarter of 2024, crucial for investors to assess performance and future outlook. The inclusion of historical financial data and segment-specific information allows for trend analysis and comparison against previous periods, aiding in investment decisions.

Risk Assessment

Risk Level: medium — HELIX ENERGY SOLUTIONS GROUP INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant positive or negative news, but rather provides routine financial disclosures.

Analyst Insight

Review the detailed segment performance and financial metrics in the 10-Q to understand the company's operational trends and financial position.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-04-26 — Filing Date (Filed as of date)

Key Players & Entities

• HELIX ENERGY SOLUTIONS GROUP INC (company) — Filer
• CAL DIVE INTERNATIONAL INC (company) — Former company name

FAQ

Industry Context

Helix Energy Solutions Group operates in the oil and gas field services industry, providing specialized services to offshore oil and gas companies.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Examine the segment information to understand the performance drivers across different business units.
3. Review any disclosures related to executive compensation or risk factors for potential insights.

Key Dates

• 2024-03-31: Quarterly Period End — Financial reporting period for the 10-Q
• 2024-04-26: Filing Date — Date the 10-Q was officially filed

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing updated financial information compared to previous filings.

Filing Documents

• hlx-20240331x10q.htm (10-Q) — 1785KB
• hlx-20240331xex31d1.htm (EX-31.1) — 12KB
• hlx-20240331xex31d2.htm (EX-31.2) — 12KB
• hlx-20240331xex32d1.htm (EX-32.1) — 9KB
• hlx-20240331x10q001.jpg (GRAPHIC) — 6KB
• 0000866829-24-000019.txt (&nbsp;) — 8566KB
• hlx-20240331.xsd (EX-101.SCH) — 54KB
• hlx-20240331_cal.xml (EX-101.CAL) — 76KB
• hlx-20240331_def.xml (EX-101.DEF) — 222KB
• hlx-20240331_lab.xml (EX-101.LAB) — 455KB
• hlx-20240331_pre.xml (EX-101.PRE) — 382KB
• hlx-20240331x10q_htm.xml (XML) — 1692KB

Financial Statements

Financial Statements: 3 Condensed Consolidated Balance Sheets – March 31, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations (Unaudited) – Three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) – Three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Shareholders' Equity (Unaudited) – Three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) – Three months ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34 PART II. OTHER INFORMATION 35 Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36

Signatures

Signatures 37 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) March 31, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 323,849 $ 332,191 Accounts receivable, net of allowance for credit losses of $ 3,700 and $ 3,407 , respectively 219,844 280,427 Other current assets 62,064 85,223 Total current assets 605,757 697,841 Property and equipment 3,067,478 3,078,571 Less accumulated depreciation ( 1,537,843 ) ( 1,505,722 ) Property and equipment, net 1,529,635 1,572,849 Operating lease right-of-use assets 358,285 169,233 Deferred recertification and dry dock costs, net 73,091 71,290 Other assets, net 47,046 44,823 Total assets $ 2,613,814 $ 2,556,036 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 120,375 $ 134,552 Accrued liabilities 163,797 203,112 Current maturities of long-term debt 8,965 48,292 Current operating lease liabilities 54,892 62,662 Total current liabilities 348,029 448,618 Long-term debt 309,199 313,430 Operating lease liabilities 314,351 116,185 Deferred tax liabilities 109,981 110,555 Other non-current liabilities 65,432 66,248 Total liabilities 1,146,992 1,055,036 Commitments and contingencies Shareholders' equity: Common stock, no par, 240,000 shares authorized, 152,450 and 152,291 shares issued, respectively 1,270,357 1,271,565 Retained earnings 286,163 312,450 Accumulated other comprehensive loss ( 89,698 ) ( 83,015 ) Total shareholders' equity 1,466,822 1,501,000 Total liabilities and shareholders' equity $ 2,613,814 $ 2,556,036 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDIT

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View this 10-Q filing on SEC EDGAR