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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Teekay Corporation | NYSE:TK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.16 | 2.19% | 7.48 | 7.64 | 7.46 | 7.47 | 242,014 | 16:59:47 |
|
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
|
Form 20-F
ý
Form 40- F
¨
|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).
|
Yes
¨
No
ý
|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).
|
Yes
¨
No
ý
|
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TEEKAY CORPORATION
|
||
|
|
||
Date: November 15, 2018
|
By:
|
|
/s/ Vincent Lok
|
|
|
|
Vincent Lok
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)
|
|
|
•
|
GAAP net
loss
attributable to shareholders of Teekay of
$12.0 million
, or
$0.12
per share, and adjusted net
loss
attributable to shareholders of Teekay
(1)
of
$11.4 million
, or
$0.11
per share, in the
third
quarter of
2018
(excluding items listed in
Appendix A
to this release).
|
•
|
GAAP
income
from vessel operations of
$55.1 million
and total cash flow from vessel operations
(1)
of
$196.4 million
in the
third
quarter of
2018
.
|
•
|
Teekay LNG
intends to increase quarterly cash distributions on common units by 36 percent in 2019 as part of a balanced capital allocation strategy; and
Teekay LNG also intends to amend its U.S. tax structure to elect to be treated as a corporation instead of a partnership, subject to common unitholder approval, which would result in investors receiving Form 1099s instead of Schedule K-1s commencing in taxation year 2019
.
|
•
|
Teekay Tankers c
ompleted three previously-announced financings, resulting in approximately $100 million of additional liquidity.
|
•
|
Teekay Offshore entered into settlement agreements with Petrobras, including a $96 million settlement in favor of Teekay Offshore relating to previously-terminated charter contracts, and entered into a conditional seven-year charter agreement for the
Petrojarl Varg
FPSO for deployment on the Cheviot field in the North Sea, which is subject to completion of various conditions precedent.
|
(1)
|
These are non-GAAP financial measures. Please refer to “Definitions and Non-GAAP Financial Measures” and the Appendices to this release for definitions of these terms and reconciliations of these non-GAAP financial measures as used in this release to the most directly comparable financial measures under United States generally accepted accounting principles (
GAAP
).
|
|
|
(2)
|
For the period up to September 25, 2017, Teekay Offshore was consolidated in the Company’s financial statements. As a result of Teekay Offshore’s transaction with Brookfield Business Partners L.P., together with its institutional partners (collectively
Brookfield
) on September 25, 2017, the Company deconsolidated Teekay Offshore as of that date. Teekay Offshore is accounted for as an equity-accounted investment, commencing September 25, 2017.
|
(3)
|
Total cash flow from vessel operations has reduced in the second and third quarter of 2018 primarily as a result of the deconsolidation of Teekay Offshore on September 25, 2017, which Teekay now accounts for using the equity method.
|
|
|
(1)
|
These are non-GAAP financial measures. Please refer to “Definitions and Non-GAAP Financial Measures” and the Appendices to this release for definitions of these terms and reconciliations of these non-GAAP financial measures as used in this release to the most directly comparable financial measures under United States GAAP.
|
|
|
|
|
|
|
|
|
|
|
•
|
By dialing (888) 220-8474 or (647) 484-0475, if outside North America, and quoting conference ID code
5738600
.
|
•
|
By accessing the webcast, which will be available on Teekay’s website at
www.teekay.com
(the archive will remain on the website for a period of one year).
|
|
|
|
|
•
|
Teekay Tankers previously presented the net allocation for its vessels participating in revenue sharing arrangements as revenues. Effective January 1, 2018, Teekay Tankers presents the revenue from the voyages these vessels perform in voyage revenues and the difference between this aggregate amount and Teekay Tankers' net allocation from the revenue sharing arrangement as voyage expenses. This had the effect of increasing both revenues and voyage expenses for the
three and nine months ended September 30, 2018
by
$73.6 million
and
$202.4 million
, respectively.
|
•
|
Teekay Parent previously presented the reimbursement of costs incurred by Teekay Parent for its seafarers onboard vessels owned by its equity-accounted investments and third parties as a reduction to vessel operating expenses. Effective January 1, 2018, Teekay Parent presents the costs of managing these vessels as vessel operating expenses and the reimbursement of such costs as revenue. This had the effect of increasing both revenues and vessel operating expenses for the
three and nine months ended September 30, 2018
by
$20.2 million
and
$61.3 million
, respectively.
|
|
|
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||
|
September 30,
|
June 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||
|
2018
|
2018
|
2017
|
2018
|
2017
|
||||||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||
|
|
|
|
|
|
|
|||||||||
Revenues
|
416,562
|
|
405,642
|
|
500,781
|
|
1,216,226
|
|
1,558,209
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||
Voyage expenses
|
(90,899
|
)
|
(94,912
|
)
|
(42,454
|
)
|
(271,688
|
)
|
(133,891
|
)
|
|||||
Vessel operating expenses
|
(157,585
|
)
|
(162,537
|
)
|
(200,456
|
)
|
(478,057
|
)
|
(599,500
|
)
|
|||||
Time-charter hire expense
|
(20,965
|
)
|
(20,648
|
)
|
(28,645
|
)
|
(61,024
|
)
|
(98,106
|
)
|
|||||
Depreciation and amortization
|
(69,967
|
)
|
(67,960
|
)
|
(136,942
|
)
|
(205,238
|
)
|
(422,713
|
)
|
|||||
General and administrative expenses
|
(19,050
|
)
|
(23,720
|
)
|
(27,662
|
)
|
(66,953
|
)
|
(88,641
|
)
|
|||||
Write-down and loss on sale of vessels
(2)
|
(2,201
|
)
|
(32,830
|
)
|
(251,585
|
)
|
(53,693
|
)
|
(270,254
|
)
|
|||||
Restructuring charges
|
(813
|
)
|
(1,114
|
)
|
(2,883
|
)
|
(4,065
|
)
|
(5,059
|
)
|
|||||
Income (loss) from vessel operations
|
55,082
|
|
1,921
|
|
(189,846
|
)
|
75,508
|
|
(59,955
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense
|
(67,343
|
)
|
(59,526
|
)
|
(74,499
|
)
|
(181,494
|
)
|
(219,237
|
)
|
|||||
Interest income
|
2,103
|
|
2,095
|
|
1,900
|
|
5,875
|
|
4,917
|
|
|||||
Realized and unrealized (loss) gain on
|
|
|
|
|
|
|
|
|
|
||||||
non-designated derivative instruments
(3)
|
(2,168
|
)
|
10,723
|
|
(6,128
|
)
|
17,981
|
|
(43,173
|
)
|
|||||
Equity income (loss)
(4)
|
13,744
|
|
837
|
|
1,264
|
|
41,698
|
|
(36,373
|
)
|
|||||
Income tax expense
|
(4,334
|
)
|
(8,746
|
)
|
(5,221
|
)
|
(17,197
|
)
|
(11,767
|
)
|
|||||
Foreign exchange gain (loss)
|
3,553
|
|
12,529
|
|
(2,642
|
)
|
16,104
|
|
(22,888
|
)
|
|||||
Loss on deconsolidation of Teekay Offshore
|
—
|
|
—
|
|
(103,188
|
)
|
(7,070
|
)
|
(103,188
|
)
|
|||||
Other (loss) income – net
|
(2,400
|
)
|
520
|
|
(4,705
|
)
|
(2,795
|
)
|
(5,169
|
)
|
|||||
Net loss
|
(1,763
|
)
|
(39,647
|
)
|
(383,065
|
)
|
(51,390
|
)
|
(496,833
|
)
|
|||||
Net (income) loss attributable to
|
|
|
|
|
|
|
|
|
|
||||||
non-controlling interests
|
(10,242
|
)
|
11,323
|
|
370,483
|
|
(9,494
|
)
|
358,843
|
|
|||||
Net loss attributable to the shareholders of
|
|
|
|
|
|
|
|
|
|
||||||
Teekay Corporation
|
(12,005
|
)
|
(28,324
|
)
|
(12,582
|
)
|
(60,884
|
)
|
(137,990
|
)
|
|||||
Loss per common share of Teekay Corporation
|
|
|
|
|
|
|
|
|
|
||||||
- Basic and Diluted
|
$
|
(0.12
|
)
|
$
|
(0.28
|
)
|
$
|
(0.15
|
)
|
$
|
(0.61
|
)
|
$
|
(1.60
|
)
|
Weighted-average number of common
|
|
|
|
|
|
|
|
|
|
|
|||||
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|||||
- Basic and Diluted
|
100,435,045
|
|
100,434,512
|
|
86,261,330
|
|
99,412,381
|
|
86,232,315
|
|
(1)
|
Refer to the "Important Notice to Reader" for details on the deconsolidation of Teekay Offshore and the adoption of the new revenue accounting standard.
|
(2)
|
Write-down and loss on sale of vessels for the three and nine months ended September 30, 2018 includes the further write-down of two of Teekay LNG's conventional tankers as the estimated fair values of these vessels had decreased. The vessels were classified as held for sale upon the expiration of their time-charter contracts in 2017. Write-down and loss on sale of vessels for the nine months ended September 30, 2018 also includes the write-downs of four of Teekay LNG's multi-gas carriers
.
These vessels were written down to their estimated fair values, using appraised values, as a result of Teekay LNG's evaluation of alternative strategies for these assets, combined with the current charter rate environment and the outlook for charter rates for these vessels.
|
|
|
(3)
|
Realized and unrealized (losses) gains related to derivative instruments that are not designated as hedges for accounting purposes are included as a separate line item in the consolidated statements of loss. The realized (losses) gains relate to the amounts the Company actually paid to settle such derivative instruments and the unrealized gains (losses) relate to the change in fair value of such derivative instruments, as detailed in the table below:
|
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||
|
|
September 30,
|
June 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||
|
|
2018
|
2018
|
2017
|
2018
|
2017
|
|||||
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||
Realized (losses) gains relating to:
|
|
|
|
|
|
||||||
|
Interest rate swaps
|
(2,704
|
)
|
(4,031
|
)
|
(15,729
|
)
|
(11,544
|
)
|
(48,199
|
)
|
|
Termination of interest rate swaps
|
(13,681
|
)
|
—
|
|
—
|
|
(13,681
|
)
|
(610
|
)
|
|
Foreign currency forward contracts
|
—
|
|
—
|
|
1,609
|
|
—
|
|
638
|
|
|
Time-charter swaps
|
—
|
|
—
|
|
—
|
|
—
|
|
1,106
|
|
|
Forward freight agreements
|
(119
|
)
|
(18
|
)
|
234
|
|
(137
|
)
|
347
|
|
|
|
(16,504
|
)
|
(4,049
|
)
|
(13,886
|
)
|
(25,362
|
)
|
(46,718
|
)
|
Unrealized gains (losses) relating to:
|
|
|
|
|
|
|
|||||
|
Interest rate swaps
|
19,718
|
|
8,532
|
|
11,575
|
|
44,169
|
|
5,181
|
|
|
Foreign currency forward contracts
|
|
|
—
|
|
735
|
|
—
|
|
4,383
|
|
|
Stock purchase warrants
|
(5,373
|
)
|
6,206
|
|
(4,461
|
)
|
(851
|
)
|
(5,036
|
)
|
|
Time-charter swap
|
—
|
|
—
|
|
—
|
|
—
|
|
(875
|
)
|
|
Forward freight agreements
|
(9
|
)
|
34
|
|
(91
|
)
|
25
|
|
(108
|
)
|
|
|
14,336
|
|
14,772
|
|
7,758
|
|
43,343
|
|
3,545
|
|
Total realized and unrealized (losses) gains on non-designated derivative instruments
|
(2,168
|
)
|
10,723
|
|
(6,128
|
)
|
17,981
|
|
(43,173
|
)
|
(4)
|
The Company’s proportionate share of items within equity income (loss) as identified in Appendix A of this release is detailed in the table below. By excluding these items from equity income (loss) as reflected in the consolidated statements of loss, the Company believes the resulting adjusted equity income is a normalized amount that can be used to evaluate the financial performance of the Company’s equity-accounted investments. Adjusted equity income is a non-GAAP financial measure.
|
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||
|
|
September 30,
|
June 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||
|
|
2018
|
2018
|
2017
|
2018
|
2017
|
|||||
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||
Equity income (loss)
|
13,744
|
|
837
|
|
1,264
|
|
41,698
|
|
(36,373
|
)
|
|
Proportionate share of unrealized gains on derivative instruments
|
(6,524
|
)
|
(6,986
|
)
|
(3,804
|
)
|
(32,987
|
)
|
(2,026
|
)
|
|
Other
(i)
|
2,289
|
|
10,712
|
|
6,963
|
|
14,533
|
|
57,719
|
|
|
Equity income adjusted for items in
Appendix A
|
9,509
|
|
4,563
|
|
4,423
|
|
23,244
|
|
19,320
|
|
(i)
|
Other for the three and nine months ended September 30, 2018 includes the Company's proportionate share of the loss on bond repurchases in Teekay Offshore, a decrease in the deferred income tax asset for Teekay Offshore's Norwegian tax structure, the realized loss on interest rate swap amendments in Teekay Offshore, and restructuring charges related to severance costs from crew reduction on the
Petrojarl Varg
FPSO in Teekay Offshore, partially offset by the Company's gain on the option exercised by Brookfield to acquire an additional 2% ownership interest in Teekay Offshore's general partner from Teekay. Other for the nine months ended September 30, 2018 also includes the Company's proportionate share of write-downs and gain on sale of vessels in Teekay Offshore and the gain (loss) on sale of vessels in Teekay LNG's Exmar LPG joint venture, partially offset by the write-down of two shuttle tankers in Teekay Offshore, transaction fees relating to the historical amendment of certain interest rate swaps in Teekay Offshore, depreciation expense as a result of the change in the useful life and residual value estimates of certain of Teekay Offshore's shuttle tankers, a decrease in the deferred income tax asset for Teekay Offshore's Norwegian tax structure, the loss on sale of the Company's investment in KT Maritime (Pty) Ltd., and the write-down of the Company's loans receivable from Gemini Tankers L.L.C.
|
|
|
|
As at September 30,
|
As at June 30,
|
As at December 31,
|
|||
|
2018
|
2018
|
2017
|
|||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||
ASSETS
|
|
|||||
Cash and cash equivalents - Teekay Parent
|
191,137
|
|
229,405
|
|
129,772
|
|
Cash and cash equivalents - Teekay LNG
|
139,854
|
|
177,071
|
|
244,241
|
|
Cash and cash equivalents - Teekay Tankers
|
54,361
|
|
48,457
|
|
71,439
|
|
Other current assets
|
295,741
|
|
284,693
|
|
305,525
|
|
Restricted cash - Teekay Parent
|
2,057
|
|
2,141
|
|
7,257
|
|
Restricted cash - Teekay LNG
|
66,588
|
|
83,422
|
|
95,194
|
|
Restricted cash - Teekay Tankers
|
4,466
|
|
4,530
|
|
4,271
|
|
Assets held for sale
|
28,482
|
|
29,911
|
|
33,671
|
|
Vessels and equipment - Teekay Parent
|
312,081
|
|
320,111
|
|
337,318
|
|
Vessels and equipment - Teekay LNG
|
3,060,856
|
|
2,755,911
|
|
2,461,219
|
|
Vessels and equipment - Teekay Tankers
|
1,897,920
|
|
1,917,547
|
|
1,965,514
|
|
Advances on newbuilding contracts
|
172,248
|
|
349,169
|
|
444,493
|
|
Investment in equity-accounted investees
|
1,151,343
|
|
1,133,224
|
|
1,130,198
|
|
Net investment in direct financing leases
|
577,696
|
|
490,747
|
|
495,990
|
|
Other non-current assets
|
259,725
|
|
261,485
|
|
229,631
|
|
Intangible assets
|
81,542
|
|
85,394
|
|
93,014
|
|
Goodwill
|
43,690
|
|
43,690
|
|
43,690
|
|
Total Assets
|
8,339,787
|
|
8,216,908
|
|
8,092,437
|
|
LIABILITIES AND EQUITY
|
|
|
||||
Accounts payable and accrued liabilities and other
|
211,247
|
|
281,672
|
|
320,339
|
|
Advances from affiliates
|
73,109
|
|
64,100
|
|
49,100
|
|
Current portion of long-term debt - Teekay Parent
|
—
|
|
—
|
|
81,748
|
|
Current portion of long-term debt - Teekay LNG
|
236,410
|
|
455,752
|
|
659,350
|
|
Current portion of long-term debt - Teekay Tankers
|
119,682
|
|
162,543
|
|
173,972
|
|
Long-term debt - Teekay Parent
|
643,715
|
|
687,761
|
|
585,663
|
|
Long-term debt - Teekay LNG
|
2,976,800
|
|
2,478,796
|
|
2,150,191
|
|
Long-term debt - Teekay Tankers
|
984,106
|
|
916,679
|
|
927,238
|
|
Derivative liabilities
|
44,753
|
|
103,485
|
|
128,811
|
|
Other long-term liabilities
|
130,052
|
|
132,507
|
|
136,369
|
|
Equity:
|
|
|
|
|
|
|
Non-controlling interests
|
2,077,492
|
|
2,077,449
|
|
2,102,465
|
|
Shareholders of Teekay
|
842,421
|
|
856,164
|
|
777,191
|
|
Total Liabilities and Equity
|
8,339,787
|
|
8,216,908
|
|
8,092,437
|
|
|
|
|
|
|||
Net debt - Teekay Parent
(1)
|
450,521
|
|
456,215
|
|
530,382
|
|
Net debt - Teekay LNG
(1)
|
3,006,768
|
|
2,674,055
|
|
2,470,106
|
|
Net debt - Teekay Tankers
(1)
|
1,044,961
|
|
1,026,235
|
|
1,025,500
|
|
|
|
|
Nine Months Ended
|
|||
|
September 30,
|
|||
|
2018
|
2017
|
||
|
(unaudited)
|
(unaudited)
|
||
Cash, cash equivalents and restricted cash provided by (used for)
|
|
|
||
OPERATING ACTIVITIES
|
|
|
||
Net loss
|
(51,390
|
)
|
(496,833
|
)
|
Depreciation and amortization
|
205,238
|
|
422,713
|
|
Unrealized gain on derivative instruments
|
(93,817
|
)
|
(94,532
|
)
|
Write-down and loss on sales of vessels
|
53,693
|
|
270,254
|
|
Equity (income) loss, net of dividends received
|
(28,382
|
)
|
72,159
|
|
Income tax expense
|
17,197
|
|
11,767
|
|
Loss on deconsolidation of Teekay Offshore
|
7,070
|
|
103,188
|
|
Unrealized foreign exchange (gain) loss and other
|
(1,644
|
)
|
95,682
|
|
Change in operating assets and liabilities
|
(41,424
|
)
|
67,855
|
|
Expenditures for dry docking
|
(28,782
|
)
|
(38,704
|
)
|
Net operating cash flow
|
37,759
|
|
413,549
|
|
FINANCING ACTIVITIES
|
|
|
|
|
Proceeds from issuance of long-term debt, net of issuance costs
|
843,854
|
|
680,261
|
|
Prepayments of long-term debt
|
(681,664
|
)
|
(314,029
|
)
|
Scheduled repayments of long-term debt
|
(223,597
|
)
|
(615,337
|
)
|
Proceeds from financing related to sales-leaseback of vessels
|
526,692
|
|
488,830
|
|
Repayments of obligations related to capital leases
|
(54,122
|
)
|
(29,723
|
)
|
Net proceeds from equity issuances of subsidiaries
|
—
|
|
8,521
|
|
Net proceeds from equity issuances of Teekay Corporation
|
103,657
|
|
—
|
|
Distributions paid from subsidiaries to non-controlling interests
|
(49,124
|
)
|
(88,133
|
)
|
Cash dividends paid
|
(16,637
|
)
|
(14,235
|
)
|
Other financing activities
|
(595
|
)
|
1,675
|
|
Net financing cash flow
|
448,464
|
|
117,830
|
|
INVESTING ACTIVITIES
|
|
|
|
|
Expenditures for vessels and equipment
|
(564,464
|
)
|
(694,507
|
)
|
Proceeds from sale of vessels and equipment
|
—
|
|
67,440
|
|
Investment in equity-accounted investments
|
(28,375
|
)
|
(109,580
|
)
|
Advances to joint ventures and joint venture partners
|
(24,957
|
)
|
(12,576
|
)
|
Proceeds from sale of equity-accounted investment
|
54,438
|
|
—
|
|
Cash of transferred subsidiaries on sale, net of proceeds received
|
(25,254
|
)
|
(45,447
|
)
|
Other investing activities
|
8,678
|
|
13,481
|
|
Net investing cash flow
|
(579,934
|
)
|
(781,189
|
)
|
Decrease in cash, cash equivalents and restricted cash
|
(93,711
|
)
|
(249,810
|
)
|
Cash, cash equivalents and restricted cash, beginning of the period
|
552,174
|
|
805,242
|
|
Cash, cash equivalents and restricted cash, end of the period
|
458,463
|
|
555,432
|
|
|
|
|
|
Three Months Ended
|
|||||||||||
|
|
September 30,
|
June 30,
|
September 30,
|
|||||||||
|
|
2018
|
2018
|
2017
|
|||||||||
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||
|
|
|
$ Per
|
|
$ Per
|
|
$ Per
|
||||||
|
|
$
|
Share
(1)
|
$
|
Share
(1)
|
$
|
Share
(1)
|
||||||
Net loss – GAAP basis
|
(1,763
|
)
|
|
(39,647
|
)
|
|
(383,065
|
)
|
|
||||
Adjust for: Net (income) loss attributable to
|
|
|
|
|
|
|
|||||||
non-controlling interests
|
(10,242
|
)
|
|
11,323
|
|
|
370,483
|
|
|
||||
Net loss attributable to
|
|
|
|
|
|
|
|||||||
|
shareholders of Teekay
|
(12,005
|
)
|
(0.12
|
)
|
(28,324
|
)
|
(0.28
|
)
|
(12,582
|
)
|
(0.15
|
)
|
(Subtract) add specific items affecting net loss
|
|
|
|
|
|
|
|||||||
|
Unrealized gains from derivative instruments
(2)
|
(20,860
|
)
|
(0.21
|
)
|
(21,758
|
)
|
(0.22
|
)
|
(11,555
|
)
|
(0.13
|
)
|
|
Foreign exchange gains
(3)
|
(5,805
|
)
|
(0.06
|
)
|
(14,045
|
)
|
(0.14
|
)
|
(853
|
)
|
(0.01
|
)
|
|
Write-down and (gain) loss on sale of vessels
and other assets (4) |
(58
|
)
|
—
|
|
43,157
|
|
0.43
|
|
251,585
|
|
2.91
|
|
|
Restructuring charges (recoveries)
(5)
|
1,080
|
|
0.01
|
|
(607
|
)
|
(0.01
|
)
|
2,909
|
|
0.03
|
|
|
Loss on deconsolidation of Teekay Offshore
|
—
|
|
—
|
|
—
|
|
—
|
|
103,188
|
|
1.20
|
|
|
Realized loss on interest rate swap terminations
and amendments (6) |
14,560
|
|
0.15
|
|
—
|
|
—
|
|
5,347
|
|
0.06
|
|
|
Other
(7)
|
6,868
|
|
0.07
|
|
5,490
|
|
0.06
|
|
8,371
|
|
0.10
|
|
|
Non-controlling interests’ share of items above
(8)
|
4,842
|
|
0.05
|
|
(5,468
|
)
|
(0.05
|
)
|
(382,048
|
)
|
(4.42
|
)
|
Total adjustments
|
627
|
|
0.01
|
|
6,769
|
|
0.07
|
|
(23,056
|
)
|
(0.26
|
)
|
|
Adjusted net loss attributable to
|
|
|
|
|
|
|
|||||||
|
shareholders of Teekay
|
(11,378
|
)
|
(0.11
|
)
|
(21,555
|
)
|
(0.21
|
)
|
(35,638
|
)
|
(0.41
|
)
|
(1)
|
Basic per share amounts.
|
(2)
|
Reflects the unrealized (gains) losses relating to the change in the mark-to-market value of derivative instruments that are not designated as hedges for accounting purposes, including those investments included in the Company's proportionate share of equity income (loss) from joint ventures, and hedge ineffectiveness from derivative instruments designated as hedges for accounting purposes.
|
(3)
|
Foreign currency exchange gains primarily relate to the Company’s debt denominated in Euros and Norwegian Kroner (
NOK
) and unrealized losses on cross currency swaps used to economically hedge the principal and interest on NOK bonds. Nearly all of the Company’s foreign currency exchange gains and losses are unrealized.
|
(4)
|
Also includes the Company's proportionate share of write-downs and loss on sale of vessels and other operating assets in equity-accounted joint ventures for the three months ended September 30, 2018 (refer to footnote (4) of the summary consolidated statements of loss included in this release for further details) and June 30, 2018. For details on the consolidated write-downs of vessels for the three months ended September 30, 2018, refer to footnote (2) of the summary consolidated statement of loss.
|
(5)
|
Also includes the Company's proportionate share of restructuring costs in an equity-accounted joint venture for the three months ended September 3
0, 2018
(refer to footnote (4) of the summary consolidated statements of loss included in this release for further details).
|
(6)
|
Also includes the Company's proportionate share of realized losses on interest rate swap amendments in an equity-accounted joint venture for the three months ended September 30, 2018 and 2017 (refer to footnote (4) of the summary consolidated statements of loss included in this release for further details).
|
(7)
|
Other for the three months ended September 30, 2018 and June 30, 2018 includes the Company's proportionate share of a decrease in the deferred income tax assets of certain equity-accounted joint ventures (refer to footnote (4) of the summary consolidated statements of loss included in this release for further details). Other for the three months ended September 30, 2018 also includes the Company's proportionate share of losses on debt repurchases in an equity-accounted joint venture (refer to footnote (4) of the summary consolidated statements of loss included in this release for further details), losses on the Company's debt repurchases, and the write-off of debt issuance costs in connection with the refinancing of loans in Teekay Tankers.
|
(8)
|
Items affecting net loss include items from the Company’s consolidated non-wholly-owned subsidiaries. The specific items affecting net loss are analyzed to determine whether any of the amounts originated from a consolidated non-wholly-owned subsidiary. Each amount that originates from a consolidated non-wholly-owned subsidiary is multiplied by the non-controlling interests’ percentage share in this subsidiary to determine the non-controlling interests’ share of the amount. The amount identified as “Non-controlling interests’ share of items above” in the table above is the cumulative amount of the non-controlling interests’ proportionate share of items listed in the table.
|
|
|
|
|
Teekay
|
Teekay
|
Teekay
|
Consolidation
|
Total
|
|||||
|
|
LNG
|
Tankers
|
Parent
|
Adjustments
(1)
|
|
|||||
|
|
|
|
|
|
|
|||||
Revenues
|
123,336
|
|
175,915
|
|
117,571
|
|
(260
|
)
|
416,562
|
|
|
|
|
|
|
|
|
|
|
||||
Voyage expenses
|
(7,956
|
)
|
(83,048
|
)
|
(83
|
)
|
188
|
|
(90,899
|
)
|
|
Vessel operating expenses
|
(27,621
|
)
|
(52,161
|
)
|
(77,875
|
)
|
72
|
|
(157,585
|
)
|
|
Time-charter hire expense
|
(1,690
|
)
|
(4,317
|
)
|
(14,958
|
)
|
—
|
|
(20,965
|
)
|
|
Depreciation and amortization
|
(32,238
|
)
|
(29,595
|
)
|
(8,134
|
)
|
—
|
|
(69,967
|
)
|
|
General and administrative expenses
|
(4,183
|
)
|
(8,747
|
)
|
(6,120
|
)
|
—
|
|
(19,050
|
)
|
|
Write-down and loss on sale of vessels
|
(2,201
|
)
|
—
|
|
—
|
|
—
|
|
(2,201
|
)
|
|
Restructuring charges
|
(449
|
)
|
(213
|
)
|
(151
|
)
|
—
|
|
(813
|
)
|
|
|
|
|
|
|
|
|
|||||
Income (loss) from vessel operations
|
46,998
|
|
(2,166
|
)
|
10,250
|
|
—
|
|
55,082
|
|
|
|
|
|
|
|
|
||||||
Interest expense
|
(35,875
|
)
|
(15,006
|
)
|
(16,462
|
)
|
—
|
|
(67,343
|
)
|
|
Interest income
|
980
|
|
250
|
|
873
|
|
—
|
|
2,103
|
|
|
Realized and unrealized gain (loss) on
|
|
|
|
|
|
||||||
|
non-designated derivative instruments
|
2,515
|
|
596
|
|
(5,279
|
)
|
—
|
|
(2,168
|
)
|
Equity income (loss)
|
14,679
|
|
(359
|
)
|
(576
|
)
|
—
|
|
13,744
|
|
|
Equity in earnings of subsidiaries
(2)
|
—
|
|
—
|
|
1,381
|
|
(1,381
|
)
|
—
|
|
|
Income tax expense
|
(1,549
|
)
|
(2,050
|
)
|
(735
|
)
|
—
|
|
(4,334
|
)
|
|
Foreign exchange gain
|
1,445
|
|
1,251
|
|
857
|
|
—
|
|
3,553
|
|
|
Other income (loss) – net
|
314
|
|
—
|
|
(2,714
|
)
|
—
|
|
(2,400
|
)
|
|
Net income (loss)
|
29,507
|
|
(17,484
|
)
|
(12,405
|
)
|
(1,381
|
)
|
(1,763
|
)
|
|
Net income attributable to
|
|
|
|
|
|
||||||
|
non-controlling interests
(3)
|
(3,557
|
)
|
—
|
|
—
|
|
(6,685
|
)
|
(10,242
|
)
|
Net income (loss) attributable to shareholders/
|
|
|
|
|
|
||||||
|
unitholders of publicly-listed entities
|
25,950
|
|
(17,484
|
)
|
(12,405
|
)
|
(8,066
|
)
|
(12,005
|
)
|
(1)
|
Consolidation Adjustments column includes adjustments which eliminate transactions between subsidiaries (a) Teekay LNG and Teekay Tankers and (b) Teekay Parent.
|
(2)
|
Teekay Corporation’s proportionate share of the net earnings of its publicly-traded subsidiaries.
|
(3)
|
Net income attributable to non-controlling interests in the Teekay LNG column represents the joint venture partners’ share of the net income of its respective consolidated joint ventures. Net income attributable to non-controlling interest in the Consolidation Adjustments column represents the public’s share of the net income of Teekay’s publicly-traded consolidated subsidiaries.
|
|
|
(1)
|
Includes the results of two chartered-in FSO units owned by Teekay Offshore.
|
(2)
|
In addition to the CFVO generated by its directly owned and chartered-in assets, Teekay Parent also receives cash dividends and distributions from its consolidated publicly-traded subsidiaries, Teekay LNG and Teekay Tankers, and its equity-accounted investment in Teekay Offshore. For the three months ended
September 30, 2018
, Teekay Parent received cash distributions and dividends from these entities totaling
$4.3 million
. The distributions and dividends received by Teekay Parent include, among others, those made with respect to its general partner interests in Teekay Offshore and Teekay LNG. Please refer to
Appendix D
this release for further details.
|
(3)
|
Please see
Appendix E
to this release for a reconciliation of this non-GAAP financial measure as used in this release to equity income (loss) of equity accounted vessels, the most directly comparable GAAP financial measure.
|
|
|
|
|
Three Months Ended
|
|||||
|
|
September 30,
|
June 30,
|
September 30,
|
|||
|
|
2018
|
2018
|
2017
|
|||
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||
TEEKAY PARENT GPCO CASH FLOW
|
|
|
|
|
|
|
|
Daughter Entities distributions to Teekay Parent
(1)
|
|
|
|
|
|
|
|
|
Limited Partner interests
(2)
|
|
|
|
|
|
|
|
Teekay LNG
|
3,529
|
|
3,529
|
|
3,529
|
|
|
Teekay Offshore
|
566
|
|
566
|
|
566
|
|
|
GP interests
|
|
|
|
|
|
|
|
Teekay LNG
|
228
|
|
228
|
|
228
|
|
|
Teekay Offshore
(3)
|
15
|
|
16
|
|
16
|
|
|
Other Dividends
|
|
|
|
|
|
|
|
Teekay Tankers
(2)(4)
|
—
|
|
—
|
|
1,690
|
|
|
Teekay Offshore
(5)
|
—
|
|
—
|
|
637
|
|
Total Daughter Entity Distributions to Teekay Parent
|
4,338
|
|
4,339
|
|
6,666
|
|
|
Corporate general and
administrative expenses
|
(4,343
|
)
|
(4,016
|
)
|
496
|
|
|
Total Teekay Parent GPCO Cash Flow
|
(5
|
)
|
323
|
|
7,162
|
|
|
|
|
|
|
|
|||
TEEKAY PARENT OPCO CASH FLOW
|
|
|
|
|
|
|
|
Teekay Parent cash flow from vessel operations
(6)
|
|
|
|
|
|
|
|
|
FPSOs
|
18,795
|
|
12,277
|
|
(1,901
|
)
|
|
Conventional Tankers
|
—
|
|
—
|
|
(3,077
|
)
|
|
Other
(7)
|
1,028
|
|
4,041
|
|
(1,005
|
)
|
Teekay Parent OPCO Cash Flow
(8)
|
19,823
|
|
16,318
|
|
(5,983
|
)
|
|
|
|
|
|
||||
Teekay Parent adjusted cash flow from vessel operations
|
19,818
|
|
16,641
|
|
1,179
|
|
|
Net interest expense
(9)
|
(14,977
|
)
|
(15,843
|
)
|
(13,072
|
)
|
|
|
|
|
|
|
|
|
|
TOTAL TEEKAY PARENT FREE CASH FLOW
|
4,841
|
|
798
|
|
(11,893
|
)
|
|
Weighted-average number of common shares - Basic
|
100,435,045
|
|
100,434,512
|
|
86,261,330
|
|
(1)
|
Daughter Entities dividends and distributions for a given quarter consist of the amount of dividends and distributions (including payments-in-kind) relating to such quarter but received by Teekay Parent in the following quarter. The limited partner and general partner distributions received from Teekay Offshore for the quarter ended September 30, 2017 were paid-in-kind in the form of new Teekay Offshore common units.
|
|
|
(2)
|
Common share/unit dividend/distribution cash flows to Teekay Parent are based on Teekay Parent’s ownership on the ex-dividend date for the respective publicly-traded subsidiary and equity-accounted investment in Teekay Offshore for the periods as follows:
|
|
|
Three Months Ended
|
|||||||
|
|
September 30,
|
June 30,
|
September 30,
|
|||||
|
|
2018
|
2018
|
2017
|
|||||
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||
Teekay LNG
|
|
|
|
|
|
|
|||
Distribution per common unit
|
$
|
0.14
|
|
$
|
0.14
|
|
$
|
0.14
|
|
Common units owned by
|
|
|
|
|
|
|
|||
Teekay Parent
|
|
25,208,274
|
|
|
25,208,274
|
|
|
25,208,274
|
|
Total distribution
|
$
|
3,529,158
|
|
$
|
3,529,158
|
|
$
|
3,529,158
|
|
Teekay Offshore
|
|
|
|
|
|
|
|||
Distribution per common unit
|
$
|
0.01
|
|
$
|
0.01
|
|
$
|
0.01
|
|
Common units owned by
|
|
|
|
|
|
|
|||
Teekay Parent
|
|
56,587,484
|
|
|
56,587,484
|
|
|
56,587,484
|
|
Total distribution
|
$
|
565,875
|
|
$
|
565,875
|
|
$
|
565,875
|
|
Teekay Tankers
|
|
|
|
|
|
|
|||
Dividend per share
|
$
|
—
|
|
$
|
—
|
|
$
|
0.03
|
|
Shares owned by Teekay Parent
(3)
|
|
77,298,441
|
|
|
77,298,441
|
|
|
56,317,627
|
|
Total dividend
|
$
|
—
|
|
$
|
—
|
|
$
|
1,689,529
|
|
(3)
|
In July 2018, Brookfield exercised its option to acquire an additional 2% ownership interest in Teekay Offshore's general partner from Teekay.
|
(4)
|
Includes Class A and Class B shareholdings. Teekay Tankers' past dividend policy was to pay out 30 percent to 50 percent of its quarterly adjusted net income (as defined), with a minimum quarterly dividend of $0.03 per share, subject to Teekay Tankers' Board approval. Commencing with the dividend for the first quarter of 2018, Teekay Tanker's Board eliminated the minimum quarter dividend; however, the variable portion of the dividend policy was maintained.
|
(5)
|
Includes distributions from Teekay Parent's interest in Teekay Offshore's 10.5% Series D Preferred Units acquired in June 2016. All outstanding Series D Preferred Units were repurchased by Teekay Offshore in September 2017 as part of the Brookfield Transaction.
|
(6)
|
Please refer to
Appendices C
and
E
for additional financial information on Teekay Parent’s cash flow from vessel operations.
|
(7)
|
Other for the three months ended June 30, 2018 includes $1.7 million of revenue associated with a customer recovery of prior period restructuring costs relating to Teekay Parent's Australian operations.
|
(8)
|
Excludes corporate general and administrative expenses relating to Teekay Parent GPCO Cash Flow.
|
(9)
|
Please see
Appendix E
to this release for a description of this measure and a reconciliation of this non-GAAP financial measure as used in this release to interest expense net of interest income, the most directly comparable GAAP financial measure.
|
|
|
|
|
|
|
Three Months Ended
|
|||||
|
|
September 30,
|
June 30,
|
September 30,
|
|||
|
|
2018
|
2018
|
2017
|
|||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||
Income (loss) from vessel oper
ations
|
55,082
|
|
1,921
|
|
(189,846
|
)
|
|
Depreciation and amortization
|
69,967
|
|
67,960
|
|
136,942
|
|
|
Amortization of in-process revenue contracts and other
|
(2,412
|
)
|
(2,727
|
)
|
(6,737
|
)
|
|
Realized gains from the settlements of non-designated
|
|
|
|
|
|
|
|
|
derivative instruments
|
—
|
|
—
|
|
1,843
|
|
Write-down and loss on sale of vessels
|
2,201
|
|
32,830
|
|
251,585
|
|
|
Cash flow from time-charter contracts, net of revenue accounted for
|
|
|
|
|
|
|
|
|
as direct finance leases
|
2,823
|
|
2,897
|
|
3,071
|
|
CFVO - Consolidated
|
127,661
|
|
102,881
|
|
196,858
|
|
|
CFVO - Equity Investments (see
Appendix E)
|
68,736
|
|
61,316
|
|
41,202
|
|
|
CFVO – Total
|
196,397
|
|
164,197
|
|
238,060
|
|
|
|
|
|
Three Months Ended
|
|||||||||||
|
|
September 30, 2018
|
June 30, 2018
|
September 30, 2017
|
|||||||||
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||
|
|
At
|
Company's
|
At
|
Company's
|
At
|
Company's
|
||||||
|
|
100%
|
Portion
(1)
|
100%
|
Portion
|
100%
|
Portion
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
481,760
|
|
115,064
|
|
458,098
|
|
106,875
|
|
196,281
|
|
78,912
|
|
|
Vessel and other operating expenses
|
(225,486
|
)
|
(48,929
|
)
|
(228,523
|
)
|
(48,996
|
)
|
(101,063
|
)
|
(40,279
|
)
|
|
Depreciation and amortization
|
(127,335
|
)
|
(27,454
|
)
|
(128,353
|
)
|
(27,467
|
)
|
(48,045
|
)
|
(19,425
|
)
|
|
Write-down and gain (loss) on sale of
|
|
|
|
|
|
|
|||||||
|
vessels
|
350
|
|
49
|
|
(62,913
|
)
|
(8,854
|
)
|
—
|
|
—
|
|
Restructuring charges
|
(1,899
|
)
|
(267
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Income from vessel operations of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity-accounted vessels
|
127,390
|
|
38,463
|
|
38,309
|
|
21,558
|
|
47,173
|
|
19,208
|
|
Interest expense
|
(95,370
|
)
|
(25,899
|
)
|
(87,010
|
)
|
(23,611
|
)
|
(36,568
|
)
|
(14,878
|
)
|
|
Realized and unrealized gain (loss)
on
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
on derivative instruments
|
13,266
|
|
2,633
|
|
17,474
|
|
4,684
|
|
(21,538
|
)
|
(3,652
|
)
|
Gain (loss) on sale of equity-accounted
|
|
|
|
|
|
|
|||||||
|
investments
(2)
|
—
|
|
2,234
|
|
—
|
|
(1,523
|
)
|
—
|
|
—
|
|
Other – net
|
(25,237
|
)
|
(3,687
|
)
|
(2,744
|
)
|
(271
|
)
|
(1,716
|
)
|
586
|
|
|
Equity income (loss) of equity-
accounted vessels |
20,049
|
|
13,744
|
|
(33,971
|
)
|
837
|
|
(12,649
|
)
|
1,264
|
|
|
Income from vessel operations of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity-accounted vessels
|
127,390
|
|
38,463
|
|
38,309
|
|
21,558
|
|
47,173
|
|
19,208
|
|
Depreciation and amortization
|
127,335
|
|
27,454
|
|
128,353
|
|
27,467
|
|
48,045
|
|
19,425
|
|
|
Write-down and (gain) loss on sale of
|
|
|
|
|
|
|
|||||||
|
vessels
|
(350
|
)
|
(49
|
)
|
62,913
|
|
8,854
|
|
—
|
|
—
|
|
Realized (loss) gain from the settlement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of non-designated foreign currency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
forward contracts
|
(747
|
)
|
(105
|
)
|
370
|
|
52
|
|
—
|
|
—
|
|
Cash flow from time-charter contracts,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net of revenue accounted for as
|
|
|
|
|
|
|
|
|
|
|
|
|
|
direct finance leases
|
14,971
|
|
5,048
|
|
13,879
|
|
4,707
|
|
10,017
|
|
3,636
|
|
Amortization of in-process revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
contracts and other
|
(12,758
|
)
|
(2,075
|
)
|
(6,027
|
)
|
(1,322
|
)
|
(2,065
|
)
|
(1,067
|
)
|
Cash flow from vessel operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of equity-accounted vessels
(3)
|
255,841
|
|
68,736
|
|
237,797
|
|
61,316
|
|
103,170
|
|
41,202
|
|
|
|
|
|
Three Months Ended June 30, 2018
|
|||||||||||||
|
|
(unaudited)
|
|||||||||||||
|
|
|
|
|
|
|
Teekay
|
||||||||
|
|
|
|
Conventional
|
|
Corporate
|
Parent
|
||||||||
|
|
FPSOs
|
Tankers
|
Other
|
G&A
|
Total
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Teekay Parent income (loss) from
|
|
|
|
|
|
|
|
|
|
||||||
|
vessel operations
|
|
5,541
|
|
|
—
|
|
|
3,306
|
|
(4,016
|
)
|
|
4,831
|
|
Depreciation and amortization
|
|
8,593
|
|
|
—
|
|
|
—
|
|
—
|
|
|
8,593
|
|
|
Amortization of in-process revenue
|
|
|
|
|
|
|
|
|
|
|
|||||
|
contracts and other
|
|
(1,857
|
)
|
|
—
|
|
|
735
|
|
—
|
|
|
(1,122
|
)
|
Cash flow from vessel operations
|
|
|
|
|
|
|
|
|
|
||||||
|
– Teekay Parent
|
|
12,277
|
|
|
—
|
|
|
4,041
|
|
(4,016
|
)
|
|
12,302
|
|
|
|
Three Months Ended September 30, 2017
|
|||||||||||||
|
|
(unaudited)
|
|||||||||||||
|
|
|
|
|
|
|
Teekay
|
||||||||
|
|
|
|
Conventional
|
|
Corporate
|
Parent
|
||||||||
|
|
FPSOs
|
Tankers
|
Other
|
G&A
|
Total
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Teekay Parent (loss) income from
|
|
|
|
|
|
|
|
|
|
||||||
|
vessel operations
|
|
(223,957
|
)
|
|
(3,077
|
)
|
|
(280
|
)
|
496
|
|
|
(226,818
|
)
|
Depreciation and amortization
|
|
17,320
|
|
|
—
|
|
|
(79
|
)
|
—
|
|
|
17,241
|
|
|
Write-down of vessels
|
|
205,659
|
|
|
—
|
|
|
—
|
|
—
|
|
|
205,659
|
|
|
Amortization of in-process revenue
|
|
|
|
|
|
|
|
|
|
|
|||||
|
contracts and other
|
|
(1,483
|
)
|
|
—
|
|
|
(646
|
)
|
—
|
|
|
(2,129
|
)
|
Realized gains from the settlements
|
|
|
|
|
|
|
|
|
|
|
|||||
|
of non-designated foreign currency
|
|
|
|
|
|
|
|
|
|
|
||||
|
derivative instruments
|
|
560
|
|
|
—
|
|
|
—
|
|
—
|
|
|
560
|
|
Cash flow from vessel operations
|
|
|
|
|
|
|
|
|
|
||||||
|
– Teekay Parent
|
|
(1,901
|
)
|
|
(3,077
|
)
|
|
(1,005
|
)
|
496
|
|
|
(5,487
|
)
|
|
|
|
|
|
Three Months Ended
|
|||||
|
|
|
September 30,
|
June 30,
|
September 30,
|
|||
|
|
|
2018
|
2018
|
2017
|
|||
|
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||
Interest expense
|
(67,343
|
)
|
(59,526
|
)
|
(74,499
|
)
|
||
Interest income
|
2,103
|
|
2,095
|
|
1,900
|
|
||
Interest expense net of interest income consolidated
|
(65,240
|
)
|
(57,431
|
)
|
(72,599
|
)
|
||
Less: Non-Teekay Parent interest expense net of
|
|
|
|
|
|
|
||
|
interest income and adjustment
|
(49,651
|
)
|
(41,040
|
)
|
(60,201
|
)
|
|
Interest expense net of interest income - Teekay Parent
|
(15,589
|
)
|
(16,391
|
)
|
(12,398
|
)
|
||
Less: Teekay Parent non-cash accretion on convertible bond
|
966
|
|
942
|
|
—
|
|
||
Add: Teekay Parent realized losses on interest rate swaps
|
(354
|
)
|
(394
|
)
|
(674
|
)
|
||
Net interest expense - Teekay Parent
|
(14,977
|
)
|
(15,843
|
)
|
(13,072
|
)
|
|
|
1 Year Teekay Chart |
1 Month Teekay Chart |
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