Teekay Corp Files Quarterly Report (6-K)

TL;DR

Teekay Corp filed its Q2 2024 6-K, check it for operational updates.

AI Summary

Teekay Corporation filed a Form 6-K for the quarterly period ended June 30, 2024. The filing provides information as a foreign private issuer and includes details about the company's address in Hamilton, Bermuda, and its principal executive office. Teekay Corporation was formerly known as Teekay Shipping Corp.

Why It Matters

This filing provides an update on Teekay Corporation's financial and operational status for the second quarter of 2024, which is crucial for investors tracking the company's performance in the shipping industry.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (6-K) that provides standard corporate information and does not appear to contain significant new risks or material adverse events.

Key Players & Entities

• Teekay Corporation (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• Hamilton, Bermuda (location) — Address of principal executive office
• Teekay Shipping Corp (company) — Former company name

FAQ

Key Financial Figures

• $546.0 million — cost, less accumulated depreciation of $546.0 million (2023 - $440.9 million) 1,090,899 929,2
• $440.9 million — depreciation of $546.0 million (2023 - $440.9 million) 1,090,899 929,237 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
• $12.6 million — these time charters were approximately $12.6 million (remainder of 2024) and $7.1 million (2
• $7.1 million — y $12.6 million (remainder of 2024) and $7.1 million (2025) (December 31, 2023 - $12.1 milli
• $12.1 million — 7.1 million (2025) (December 31, 2023 - $12.1 million (2024)). The hire payments should not b
• $3.0 million — As at June 30, 2024, the Company had $3.0 million (December 31, 2023 - $3.4 million) of a
• $3.4 million — y had $3.0 million (December 31, 2023 - $3.4 million) of advanced payments recognized as con
• $3.4 m — 30, 2024, the Company acquired EUAs for $3.4 million, which were recorded as an indefi
• $5.7 m — $ $ Customer relationships At cost of $5.7 million, less accumulated amortization of
• $5.2 million — llion, less accumulated amortization of $5.2 million (2023 - cost of $5.7 million, less acc
• $5.0 million — llion, less accumulated amortization of $5.0 million) (1) 477 658 EUAs, at cost 3,441 — I
• $0.1 million — and six months ended June 30, 2024 was $0.1 million and $0.2 million (2023 - $0.1 million a
• $0.2 million — nded June 30, 2024 was $0.1 million and $0.2 million (2023 - $0.1 million and $0.2 million),

Filing Documents

• tk6-kq2x24doc.htm (6-K) — 678KB
• chart-bd42a090d9b643ed849.jpg (GRAPHIC) — 82KB
• 0001628280-24-034351.txt ( ) — 792KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Unaudited Consolidated Statements of Income for the three and si x months ended June 30 , 2024 and 2023 3 Unaudited Consolidated Statements of Comprehensive Income for the three and si x months ended June 3 0 , 2024 and 2023 4 Unaudited Consolidated Balance Sheets as at June 3 0 , 2024 and December 31, 2023 5 Unaudited Consolidated Statements of Cash Flows for the si x months ended June 3 0 , 2024 and 2023 6 Unaudited Consolidated Statements of Changes in Total Equity for the three and si x months ended Ju ne 3 0, 2024 and 2023 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 June 30, Six Months Ended June 30, (in thousands of U.S. Dollars, except share and per share amounts) 2024 2023 2024 2023 $ $ $ $ Revenues ( note 3 ) 326,139 395,400 691,189 814,101 Voyage expenses (100,097) (118,082) (216,628) (242,269) Vessel operating expenses (63,767) (60,092) (123,777) (121,014) Time-charter hire expenses ( note 8 ) (19,670) (18,691) (39,186) (31,636) Depreciation and amortization (22,373) (24,384) (45,691) (48,359) General and administrative expenses (17,989) (16,426) (34,787) (31,642) Gain on sale of assets ( note 12 ) — — 11,601 — Restructuring charges ( note 13 ) — (58) — (1,677) Income from vessel operations 102,243 157,667 242,721 337,504 Interest expense (1,003) (5,956) (5,900) (17,333) Interest income 9,773 4,766 18,808 10,354 Realized and unrealized loss on derivative instruments ( note 9 ) — 547 — 449 Equity income 905 1,120 2,273 2,250 Other - net 2,121 (645) 1,053 (3,211) Income before income taxes 114,039 157,499 258,955 330,013 Income tax expense ( note 14 ) (3,789) (9,091) (942) (11,692) Net income 110,250 148,408 258,013 318,321 Net income attributable to non-controlling interests (76,430) (108,070) (169,557) (229,220) Net income attributable to the shareholders of Teekay Corporation 33,820 40,338 88,456 89,101 Per common share attributable to the shareholders of Teekay Corporation ( note 15 ) Basic income 0.36 0.43 0.95 0.92 Diluted income 0.35 0.41 0.92 0.89 Weighted average number of common shares outstanding (note 15) Basic 93,120,405 94,396,675 92,961,341 96,447,748 Diluted 95,194,414 96,754,345 95,114,227 98,605,221 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.

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