Teekay Tankers Ltd. Files Q1 2024 6-K Report

TL;DR

TK filed its Q1 2024 6-K, check it for operational and financial updates.

AI Summary

Teekay Tankers Ltd. filed a 6-K report for the quarterly period ended March 31, 2024. The filing provides information on the company's operations and financial status as a foreign private issuer. The report is filed under the 1934 Securities Exchange Act, with commission file number 1-33867.

Why It Matters

This filing provides investors with an update on Teekay Tankers' performance and financial position for the first quarter of 2024, which is crucial for assessing the company's ongoing operations and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (6-K) that provides standard operational and financial updates, not indicating any immediate or unusual risks.

Key Players & Entities

• TEEKAY TANKERS LTD. (company) — Registrant
• 0001628280-24-022569 (filing_id) — Accession Number
• March 31, 2024 (date) — Quarterly period end
• 1-33867 (commission_file_number) — SEC File Number
• Hamilton, Bermuda (location) — Principal executive office address

FAQ

Key Financial Figures

• $4.23 — (note 16) - Basic earnings per share $4.23 $4.97 - Diluted earnings per share $4.
• $4.97 — 16) - Basic earnings per share $4.23 $4.97 - Diluted earnings per share $4.18 $4.
• $4.18 — .23 $4.97 - Diluted earnings per share $4.18 $4.90 - Cash dividends declared $0.25
• $4.90 — .97 - Diluted earnings per share $4.18 $4.90 - Cash dividends declared $0.25 — We
• $0.25 — $4.18 $4.90 - Cash dividends declared $0.25 — Weighted-average number of Class A
• $5.7 million — ccounts receivable, net of allowance of $5.7 million (2023 - $5.6 million) 92,515 99,940 As
• $5.6 million — et of allowance of $5.7 million (2023 - $5.6 million) 92,515 99,940 Assets held for sale 36
• $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 — cumulated depreciation of $nil (2023 - $92.4 million) (note 6) — 228,973 Operating lease r
• $5.1 million — cost, less accumulated amortization of $5.1 million (2023 - $5.0 million) (note 4) 1,844
• $5.0 million — d amortization of $5.1 million (2023 - $5.0 million) (note 4) 1,844 658 Goodwill 2,426 2,
• $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

Filing Documents

• tnk6-kq1x24.htm (6-K) — 552KB
• chart-592d067a0cb144f19e1a.jpg (GRAPHIC) — 79KB
• 0001628280-24-022569.txt ( ) — 663KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION PAGE

Financial Statements

Item 1. Financial Statements Unaudited Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 1 Unaudited Consolidated Balance Sheets as at March 31, 2024 and December 31, 2023 2 Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 3 Unaudited Consolidated Statements of Changes in Equity for the three months ended March, 2024 and 2023 4 Notes to the Unaudited Consolidated Financial Statements 5

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 13

OTHER INFORMATION

PART II OTHER INFORMATION 24

SIGNATURES

SIGNATURES 25 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

– FINANCIAL STATEMENTS

ITEM 1 – FINANCIAL STATEMENTS TEEKAY TANKERS LTD. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (in thousands of U.S. Dollars, except share and per share amounts) Three months ended March 31, 2024 2023 $ $ Voyage charter revenues (note 3) 328,941 384,744 Time-charter revenues (note 3) 5,123 7,010 Other revenues (note 3) 4,279 2,903 Total revenues 338,343 394,657 Voyage expenses (note 7) (116,531) (124,187) Vessel operating expenses (note 11b) (37,495) (38,182) Time-charter hire expenses (note 6) (19,516) (12,945) Depreciation and amortization (23,318) (23,975) General and administrative expenses (note 11b) (13,843) (12,269) Gain on sale of vessel (note 12) 11,601 — Restructuring charges (note 13) — (1,248) Income from operations 139,241 181,851 Interest expense (4,866) (11,218) Interest income 5,474 2,230 Realized and unrealized loss on derivative instruments (note 8) — (98) Equity income 1,368 1,130 Other expense (note 14) (779) (2,245) Net income before income tax 140,438 171,650 Income tax recovery (expense) (note 15) 4,333 (2,282) Net income 144,771 169,368 Per common share amounts (note 16) - Basic earnings per share $4.23 $4.97 - Diluted earnings per share $4.18 $4.90 - Cash dividends declared $0.25 — Weighted-average number of Class A and Class B common stock outstanding ( note 16) - Basic 34,261,903 34,092,504 - Diluted 34,649,190 34,540,269 Related party transactions (note 11) The accompanying notes are an integral part of the unaudited consolidated financial statements. 1 Table of Contents TEEKAY TANKERS LTD. AND SUBSIDIARIES UNAUDITED CONSOLIDATED BALANCE SHEETS (in thousands of U.S. Dollars) As at As at March 31, 2024 December 31, 2023 $ $ ASSETS Current Cash and cash equivalents 369,744 365,251 Restricted cash – current (note 17) 679 691 Accounts receivable, net of allowance of $5.7 million (2023 - $5.6 million) 92,515 99,940 Assets held for sale 36,505 11,910 D

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View this 6-K filing on SEC EDGAR