Teekay Corp Ltd. Files Q3 2024 Report

TL;DR

Teekay Corp (TK) filed its Q3 2024 6-K. All good.

AI Summary

Teekay Corporation Ltd. filed a Form 6-K for the quarterly period ended September 30, 2024. The filing provides information as of November 1, 2024, and includes details about the company's principal executive office located at 2nd Floor, Swan Building, 26 Victoria Street, Hamilton, HM 12, Bermuda. The company's SEC file number is 001-12874.

Why It Matters

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

Risk Assessment

Risk Level: low — This is a routine quarterly filing (6-K) and does not contain significant new financial information or material events.

Key Players & Entities

• Teekay Corporation Ltd. (company) — Registrant
• September 30, 2024 (date) — Quarterly period end date
• November 1, 2024 (date) — Filing date
• 001-12874 (other) — SEC file number
• 2nd Floor, Swan Building, 26 Victoria Street, Hamilton, HM 12, Bermuda (location) — Principal executive office address

FAQ

Key Financial Figures

• $553.4 million — cost, less accumulated depreciation of $553.4 million (2023 - $440.9 million) 1,151,862 929,2
• $440.9 million — depreciation of $553.4 million (2023 - $440.9 million) 1,151,862 929,237 Vessels related to
• $92.4 million — ccumulated amortization of $nil (2023 – $92.4 million) ( note 8 ) — 228,973 Operating lease
• $0.001 — capital and additional paid-in capital ($0.001 par value 725,000,000 shares authorized
• $9.4 million — arters then in place were approximately $9.4 million (remainder of 2024), $17.3 million (202
• $17.3 million — ately $9.4 million (remainder of 2024), $17.3 million (2025), $8.0 million (2026), $8.0 milli
• $8.0 million — mainder of 2024), $17.3 million (2025), $8.0 million (2026), $8.0 million (2027), $8.0 milli
• $2.6 million — million (2027), $8.0 million (2028) and $2.6 million (thereafter) (December 31, 2023 - $12.1
• $12.1 million — llion (thereafter) (December 31, 2023 - $12.1 million (2024)), including one further time cha
• $3.3 million — at September 30, 2024, the Company had $3.3 million (December 31, 2023 - $3.4 million) of a
• $3.4 million — y had $3.3 million (December 31, 2023 - $3.4 million) of advanced payments recognized as con
• $4.9 m — 30, 2024, the Company acquired EUAs for $4.9 million, which were recorded as indefinit
• $5.7 m — $ $ Customer relationships At cost of $5.7 million, less accumulated amortization of
• $5.3 million — llion, less accumulated amortization of $5.3 million (2023 - cost of $5.7 million, less acc
• $5.0 million — llion, less accumulated amortization of $5.0 million) (1) 390 658 Intangible assets 390 65

Filing Documents

• tk6-kq3x24doc.htm (6-K) — 700KB
• chart-9fbd8967fee843998bb.jpg (GRAPHIC) — 83KB
• 0000911971-24-000009.txt ( ) — 815KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 3 Unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 4 Unaudited Consolidated Balance Sheets as at September 30, 2024 and December 31, 2023 5 Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 6 Unaudited Consolidated Statements of Changes in Total Equity for the three and nine months ended September 30, 2024 and 2023 7 Notes to the Unaudited Consolidated Financial Statements 9

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 19

OTHER INFORMATION

PART II OTHER INFORMATION 32

SIGNATURES

SIGNATURES 34 Page 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

– FINANCIAL STATEMENTS

ITEM 1 – FINANCIAL STATEMENTS TEEKAY CORPORATION LTD. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended September 30, Nine Months Ended September 30, (in thousands of U.S. Dollars, except share and per share amounts) 2024 2023 2024 2023 $ $ $ $ Revenues ( note 3 ) 272,619 311,682 963,808 1,125,783 Voyage expenses (93,984) (113,274) (310,612) (355,543) Vessel operating expenses (64,963) (59,387) (188,740) (180,401) Time-charter hire expenses ( note 8 ) (18,465) (19,378) (57,651) (51,014) Depreciation and amortization (23,445) (24,565) (69,136) (72,924) General and administrative expenses (13,938) (13,824) (48,725) (45,466) Gain on sale of assets ( note 13 ) — — 11,601 — Restructuring charges ( note 14 ) (5,632) — (5,632) (1,677) Income from vessel operations 52,192 81,254 294,913 418,758 Interest expense (844) (6,461) (6,744) (23,794) Interest income 9,958 6,652 28,766 17,006 Equity (loss) income (121) 666 2,152 2,916 Other - net 1,378 (95) 2,431 (2,857) Income before income taxes 62,563 82,016 321,518 412,029 Income tax (expense) recovery ( note 15 ) (457) 2,109 (1,399) (9,583) Net income 62,106 84,125 320,119 402,446 Net income attributable to non-controlling interests (42,034) (57,967) (211,591) (287,187) Net income attributable to the shareholders of Teekay Corporation 20,072 26,158 108,528 115,259 Per common share attributable to the shareholders of Teekay Corporation ( note 16 ) Basic income 0.22 0.28 1.17 1.21 Diluted income 0.21 0.27 1.14 1.17 Weighted average number of common shares outstanding (note 16) Basic 92,358,742 92,775,107 92,759,009 95,210,081 Diluted 94,243,994 94,861,508 94,822,032 97,343,603 The accompanying notes are an integral part of the unaudited consolidated financial statements. Page 3 Table of Contents TEEKAY CORPORATION LTD. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands of U.S. Dollars) Three Months Ended Septembe

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