Teekay Corp Files 6-K for Q1 2024

TL;DR

Teekay Corp (TK) filed its Q1 2024 6-K, check it for latest financials.

AI Summary

Teekay Corporation filed a Form 6-K for the quarterly period ended March 31, 2024. The filing provides information as a foreign private issuer and includes details about the company's reporting period and address in Hamilton, Bermuda. Teekay Corporation was formerly known as Teekay Shipping Corp.

Why It Matters

This filing provides an update on Teekay Corporation's financial reporting for the first quarter of 2024, which is crucial for investors to assess the company's performance and make informed decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (6-K) that provides standard financial reporting information and does not indicate any unusual events or significant changes.

Key Players & Entities

• Teekay Corporation (company) — Registrant
• March 31, 2024 (date) — Quarterly period end date
• Hamilton, Bermuda (location) — Principal executive office location
• Teekay Shipping Corp (company) — Former company name

FAQ

Key Financial Figures

• $534.1 million — cost, less accumulated depreciation of $534.1 million (2023 - $440.9 million) 1,099,967 929,2
• $440.9 million — depreciation of $534.1 million (2023 - $440.9 million) 1,099,967 929,237 Vessels related to
• $92.4 million — ccumulated amortization of $nil (2023 – $92.4 million) ( note 8 ) — 228,973 Operating lease
• $0.001 — n stock and additional paid-in capital ($0.001 par value 725,000,000 shares authorized
• $7.0 million — charter then in place was approximately $7.0 million (remainder of 2024) (December 31, 2023
• $12.1 million — remainder of 2024) (December 31, 2023 - $12.1 million (2024)). The hire payments should not b
• $2.5 million — As at March 31, 2024, the Company had $2.5 million (December 31, 2023 - $3.4 million) of a
• $3.4 million — y had $2.5 million (December 31, 2023 - $3.4 million) of advanced payments recognized as con
• $1.3 m — 31, 2024, the Company acquired EUAs for $1.3 million, which were recorded as an indefi
• $5.7 m — $ $ Customer relationships At cost of $5.7 million, less accumulated amortization of
• $5.1 million — llion, less accumulated amortization of $5.1 million (2023 - cost of $5.7 million, less acc
• $5.0 million — llion, less accumulated amortization of $5.0 million) (1) 566 658 EUAs, at cost 1,278 — I
• $0.1 million — d March 31, 2024 and March 31, 2023 was $0.1 million and $0.1 million, respectively. Amortiz
• $0.1 m — and March 31, 2023 was $0.1 million and $0.1 million, respectively. Amortization of th
• $0.3 million — ent to March 31, 2024 is expected to be $0.3 million (remainder of 2024) and $0.3 million (2

Filing Documents

• tk6-kq1x24doc.htm (6-K) — 571KB
• chart-dd04354769a8451791da.jpg (GRAPHIC) — 86KB
• 0001628280-24-022556.txt ( ) — 691KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Unaudited Consolidated Statements of Income for the three months ended March 3 1 , 202 4 and 202 3 3 Unaudited Consolidated Statements of Comprehensive Income for the three months ended March 3 1 , 202 4 and 202 3 4 Unaudited Consolidated Balance Sheets as at March 3 1 , 202 4 and December 31, 202 3 5 Unaudited Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 4 and 202 3 6 Unaudited Consolidated Statements of Changes in Total Equity for the three months ended March 3 1 , 202 4 and 202 3 7 Notes to the Unaudited Consolidated Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

OTHER INFORMATION

PART II OTHER INFORMATION 28

SIGNATURES

SIGNATURES 29 Page 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

– FINANCIAL STATEMENTS

ITEM 1 – FINANCIAL STATEMENTS TEEKAY CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended March 31, (in thousands of U.S. Dollars, except share and per share amounts) 2024 2023 $ $ Revenues ( note 3 ) 365,050 418,701 Voyage expenses (116,531) (124,187) Vessel operating expenses (60,010) (60,922) Time-charter hire expenses ( note 8 ) (19,516) (12,945) Depreciation and amortization (23,318) (23,975) General and administrative expenses (16,798) (15,216) Gain on sale of assets ( note 12 ) 11,601 — Restructuring charges ( note 13 ) — (1,619) Income from vessel operations 140,478 179,837 Interest expense (4,897) (11,377) Interest income 9,035 5,588 Realized and unrealized loss on derivative instruments ( note 9 ) — (98) Equity income 1,368 1,130 Other - net (1,068) (2,566) Net income before income taxes 144,916 172,514 Income tax recovery (expense) ( note 14 ) 2,847 (2,601) Net income 147,763 169,913 Net income attributable to non-controlling interests (93,127) (121,150) Net income attributable to the shareholders of Teekay Corporation 54,636 48,763 Per common share attributable to the shareholders of Teekay Corporation ( note 15 ) Basic income 0.59 0.49 Diluted income 0.57 0.48 Weighted average number of common shares outstanding (note 15) Basic 92,802,278 98,521,611 Diluted 95,034,041 100,476,663 The accompanying notes are an integral part of the unaudited consolidated financial statements. Page 3 Table of Contents TEEKAY CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands of U.S. Dollars) Three Months Ended March 31, 2024 2023 $ $ Net income 147,763 169,913 Other comprehensive income Other comprehensive income before reclassifications Pension adjustments, net of taxes — 20 Other comprehensive income — 20 Comprehensive income 147,763 169,933 Comprehensive income attributable to non-controlling interests (93,127) (121,150)

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