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Helix Energy Solutions (HLX)

Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations.

Company profile

Ticker
HLX
Exchange
CEO
Owen Kratz
Employees
Incorporated
Location
Fiscal year end
Former names
CAL DIVE INTERNATIONAL INC
SEC CIK
Subsidiaries
Cal Dive I-Title XI, Inc. • Deepwater Abandonment Alternatives, Inc. • Energy Resource Technology • ERT Camelot Limited • Helix do Brasil Serviços de Petróleo Ltda. • Helix Energy • Helix Offshore Crewing Services Limited • Helix Offshore Crewing Services PTE. Ltd. • Helix Offshore Energy • Helix Offshore Holdings Ltd. ...
IRS number
953409686

HLX stock data

Analyst ratings and price targets

Last 3 months

Calendar

27 Jul 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 263.1M 263.1M 263.1M 263.1M 263.1M 263.1M
Cash burn (monthly) 13.19M 4.34M 9.42M 10.02M 1.95M (no burn)
Cash used (since last report) 18.9M 6.22M 13.5M 14.35M 2.79M n/a
Cash remaining 244.2M 256.88M 249.6M 248.75M 260.31M n/a
Runway (months of cash) 18.5 59.2 26.5 24.8 133.7 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
22 Jul 22 Thomas Mitchell Little Common Stock Payment of exercise Dispose F No No 2.65 3,520 9.33K 68,204
1 Jul 22 Gatti Amerino Common Stock Grant Acquire A No No 0 7,813 0 152,085
1 Jul 22 Thomas Mitchell Little Common Stock Grant Acquire A No No 0 7,054 0 71,724
1 Apr 22 Gatti Amerino Common Stock Grant Acquire A No No 0 5,067 0 144,272
1 Apr 22 Rask Jan A Common Stock Grant Acquire A No No 0 5,230 0 378,795
94.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 193 3 +6333.3%
Opened positions 190 0 NEW
Closed positions 0 176 EXIT
Increased positions 1 0 NEW
Reduced positions 1 2 -50.0%
13F shares Current Prev Q Change
Total value 707.31M 117.51M +501.9%
Total shares 142.65M 25.58M +457.7%
Total puts 35.8K 0 NEW
Total calls 177.6K 0 NEW
Total put/call ratio 0.2
Largest owners Shares Value Change
BLK Blackrock 24.42M $116.73M NEW
Vanguard 13.2M $63.09M NEW
Victory Capital Management 8.01M $38.21M -24.9%
Dimensional Fund Advisors 7.73M $36.95M +5.6%
Integrated Core Strategies 7.59M $61.37M 0.0%
Van Eck Associates 7.41M $35.4M NEW
STT State Street 7.2M $34.42M NEW
BK Bank Of New York Mellon 6.81M $32.56M NEW
MCQEF Macquarie 5.43M $25.97M NEW
IVZ Invesco 5.42M $25.92M NEW
Largest transactions Shares Bought/sold Change
BLK Blackrock 24.42M +24.42M NEW
Vanguard 13.2M +13.2M NEW
Van Eck Associates 7.41M +7.41M NEW
STT State Street 7.2M +7.2M NEW
BK Bank Of New York Mellon 6.81M +6.81M NEW
MCQEF Macquarie 5.43M +5.43M NEW
IVZ Invesco 5.42M +5.42M NEW
FMR 4.31M +4.31M NEW
Victory Capital Management 8.01M -2.66M -24.9%
Geode Capital Management 2.51M +2.51M NEW

Financial report summary

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Risks
  • Our business is adversely affected by low oil and gas prices, which occur in a cyclical oil and gas market that continues to experience volatility.
  • The ongoing COVID-19 pandemic could continue to disrupt our operations and adversely impact our business and financial results.
  • We are subject to the effects of changing prices.
  • Our backlog may not be ultimately realized for various reasons, and our contracts may be terminated early.
  • A large portion of our current backlog is concentrated in a small number of long-term contracts that we may fail to renew or replace.
  • Our operations involve numerous risks, which could result in our inability or failure to perform operationally under our contracts and result in reduced revenues, contractual penalties and/or contract termination.
  • Our customers and other counterparties may be unable to perform their obligations.
  • We may own assets with ongoing costs that cannot be recouped if the assets are not under contract, and time chartering vessels requires us to make ongoing payments regardless of utilization of and revenue generation from those vessels.
  • Asset upgrade, modification, refurbishment, repair, dry dock and construction projects, and customer contractual acceptance of vessels, systems and other equipment, are subject to risks, including delays, cost overruns, loss of revenue and failure to commence or maintain contracts.
  • We may not be able to compete successfully against current and future competitors.
  • The actual or perceived lack of sustainability of the oil and gas sector, or our failure to adequately implement and communicate ESG initiatives that demonstrate our own sustainability, may adversely affect our business.
  • Failure to protect our intellectual property or other technology may adversely affect our business.
  • Our North Sea business typically declines in the winter, and weather can adversely affect our operations.
  • The operation of marine vessels is risky, and we do not have insurance coverage for all risks.
  • Our oil and gas operations involve a high degree of operational, contractual and financial risk, particularly risk of personal injury, damage, loss of equipment and environmental incidents.
  • Our customers may be unable or unwilling to indemnify us.
  • Our operations outside of the U.S. subject us to additional risks.
  • Our indebtedness and the terms of our indebtedness could impair our financial condition and our ability to fulfill our debt obligations or otherwise limit our business and financial activities.
  • Because we have certain debt and other obligations, a prolonged period of low demand and rates for our services could lead to a material adverse effect on our liquidity.
  • Lack of access to the financial markets could negatively impact our ability to operate our business.
  • A further decline in the offshore energy services market could result in additional impairment charges.
  • Government regulations may affect our business operations, including impeding our operations and making our operations more difficult and/or costly.
  • Enhanced regulations for deepwater offshore drilling may reduce the need for our services.
  • Failure to comply with anti-bribery laws could have a material adverse impact on our business.
  • The loss of the services of one or more of our key employees, or our failure to attract and retain other highly qualified personnel in the future, could disrupt our operations and adversely affect our financial results.
  • Cybersecurity breaches or business system disruptions may adversely affect our business.
  • Certain provisions of our corporate documents, financial arrangements and Minnesota law may discourage a third party from making a takeover proposal.
Management Discussion
  • A non-GAAP financial measure is generally defined by the SEC as a numerical measure of a company’s historical or future performance, financial position or cash flows that includes or excludes amounts from the most directly comparable measure under GAAP. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, our reported results prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions that are excluded from these measures.
  • We measure our operating performance based on EBITDA, Adjusted EBITDA and Free Cash Flow. EBITDA, Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures that are commonly used but are not recognized accounting terms under GAAP. We use EBITDA, Adjusted EBITDA and Free Cash Flow to monitor and facilitate internal evaluation of the performance of our business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measures of EBITDA, Adjusted EBITDA and Free Cash Flow provide useful information to the public regarding our operating performance and ability to service debt and fund capital expenditures and may help our investors understand and compare our results to other companies that have different financing, capital and tax structures. Other companies may calculate their measures of EBITDA, Adjusted EBITDA and Free Cash Flow differently from the way we do, which may limit their usefulness as comparative measures. EBITDA, Adjusted EBITDA and Free Cash Flow should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or other income or cash flow data prepared in accordance with GAAP.
  • We define EBITDA as earnings before income taxes, net interest expense, gains or losses on extinguishment of long-term debt, gains and losses on equity investments, net other income or expense, and depreciation and amortization expense. Non-cash impairment losses on goodwill and other long-lived assets are also added back if applicable. To arrive at our measure of Adjusted EBITDA, we exclude the gain or loss on disposition of assets, acquisition and integration costs and the general provision (release) for current expected credit losses, if any. We define Free Cash Flow as cash flows from operating activities less capital expenditures, net of proceeds from sale of assets. In the following reconciliation, we provide amounts as reflected in the condensed consolidated financial statements unless otherwise noted.

Content analysis

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