Q2 2024 Helix Energy Solutions Group Inc Earnings Call Transcript
Key Points
- Revenues for Q2 2024 increased to $365 million, showing significant growth from both Q1 2024 and Q2 2023.
- Net income for Q2 2024 was $32 million, a substantial improvement from a net loss of $26 million in Q1 2024.
- Adjusted EBITDA for Q2 2024 was $97 million, indicating strong operational performance.
- Cash and liquidity remain strong with $275 million in cash and $370 million in liquidity at quarter end.
- Robotics segment had an exceptional quarter with high utilization and strong performance in trenching projects globally.
- Negative operating cash flow of $12 million and negative free cash flow of $16 million for Q2 2024.
- Shallow water abandonment results were impacted by a later start to the season due to weather and timing of operator spending.
- Significant transit and mobilization periods expected in the second half of 2024, which will defer approximately $20 million of EBITDA into 2025.
- Soft shallow water decommissioning market in the Gulf of Mexico, leading to underperformance in that segment.
- Potential decline in EBITDA contribution from production facilities in 2025 due to declining production rates from existing fields.
Thank you for standing by. My name is John, and I'll be your conference operator for today. At this time, I would like to welcome everyone to the second-quarter 2024 Helix Energy Solutions Group earnings conference call. (Operator Instructions)
I would now like to turn the call over to Brent Arriaga, Chief Accounting Officer. Please go ahead.
Good morning, everyone, and thank you for joining us today on our conference call for our second-quarter 2024 earnings release. Participating on this call for Helix today are Owen Kratz, our CEO; Scotty Sparks, our COO; Erik Staffeldt, our CFO, Ken Neikirk, our General Counsel, and myself. Hopefully you've had an opportunity to review our press release and the related slide presentation released last night. If you do not have a copy of these materials. Both can be accessed through the investor page on our website at w. www.helixesg.com.
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