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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Teekay Tankers Ltd | NYSE:TNK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.14 | -0.23% | 60.14 | 60.6134 | 59.38 | 60.36 | 220,979 | 01:00:00 |
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Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
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Form 20-F ý Form 40-F ¨
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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).
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Yes ¨ No ý
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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 TANKERS LTD.
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||
Date: May 21, 2020
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By:
|
|
/s/ Stewart Andrade
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|
|
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Stewart Andrade
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
|
•
|
Reported GAAP net income of $106.8 million, or $3.17 per share, and adjusted net income(1) of $110.0 million, or $3.27 per share, in the first quarter of 2020 (excluding items listed in Appendix A to this release).
|
•
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Total Adjusted EBITDA(1) of $155.4 million in the first quarter of 2020.
|
•
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Generated over $140 million of free cash flow(1) and completed approximately $60 million of vessel sales in the first quarter of 2020, reducing net debt(2) by approximately $200 million and increasing liquidity to approximately $368 million as of March 31, 2020.
|
•
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Secured strong second quarter to-date spot tanker rates of $52,100 per day for its Suezmax fleet and $33,600 per day for its Aframax-sized fleet.
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•
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Entered into nine six-month to two-year time charter-out contracts for six Suezmaxes and three Aframax-sized vessels at attractive rates to a total of 13 time charter-out contracts since October 2019, securing $170 million of fixed forward revenues.
|
•
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Closed the previously announced sale of a portion of the ship-to-ship transfer support services business.
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Three Months Ended
|
||||||||
(in thousands of U.S. dollars, except per share data)
|
March 31,
2020 |
December 31,
2019 (3) |
March 31,
2019 (3) |
||||||
GAAP FINANCIAL COMPARISON
|
|
|
|
|
|
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|||
Total revenues
|
341,900
|
|
|
311,305
|
|
|
238,161
|
|
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Income from operations
|
120,126
|
|
|
91,608
|
|
|
32,097
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|
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Net income
|
106,839
|
|
|
63,072
|
|
|
12,447
|
|
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Earnings per share (4)
|
3.17
|
|
|
1.88
|
|
|
0.37
|
|
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NON-GAAP FINANCIAL COMPARISON
|
|
|
|
|
|
||||
Total Adjusted EBITDA (1)
|
155,370
|
|
|
132,733
|
|
|
63,428
|
|
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Adjusted net income (1)
|
109,981
|
|
|
82,991
|
|
|
14,647
|
|
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Adjusted earnings per share (1)(4)
|
3.27
|
|
|
2.47
|
|
|
0.44
|
|
|
Free cash flow (1)
|
141,334
|
|
|
102,386
|
|
|
44,554
|
|
|
(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)
|
Net debt is a non-GAAP financial measure and represents short-term, current and long-term debt and current and long-term obligations related to finance leases less cash and cash equivalents and restricted cash.
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(3)
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Comparative balances relating to the three months ended December 31, 2019 and March 31, 2019 have been updated to reflect results as presented in the Company’s Annual Report on Form 20-F and Report on Form 6-K for the year ended December 31, 2019 and three months ended March 31, 2020, respectively.
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(1)
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Commencing from April 1, 2020.
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Three Months Ended
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|||||||||
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March 31, 2020(ii)
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December 31, 2019(ii)
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March 31, 2019(ii)
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|||||||
Time Charter-Out Fleet
|
|
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Suezmax revenue days
|
453
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|
|
322
|
|
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90
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|
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Suezmax TCE per revenue day
|
$33,752
|
|
$32,370
|
|
|
$17,281
|
|
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||
Aframax revenue days
|
—
|
|
|
—
|
|
|
75
|
|
|
|
Aframax TCE per revenue day
|
—
|
|
|
—
|
|
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$24,276
|
|
||
|
|
|
|
|
|
|
||||
Spot Fleet
|
|
|
|
|
|
|
||||
Suezmax revenue days
|
2,071
|
|
|
2,390
|
|
|
2,415
|
|
|
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Suezmax spot TCE per revenue day (iii)
|
$49,067
|
|
$39,083
|
|
$23,568
|
|
||||
Aframax revenue days
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1,723
|
|
|
1,929
|
|
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1,752
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|
|
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Aframax spot TCE per revenue day (iv)
|
$34,438
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|
$32,951
|
|
$24,797
|
|
||||
LR2 revenue days
|
953
|
|
|
743
|
|
|
815
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LR2 spot TCE per revenue day (v)
|
$34,494
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|
$26,683
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|
$20,694
|
|
||||
|
|
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|
||||
Total Fleet
|
|
|
|
|
|
|
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Suezmax revenue days
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2,524
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|
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2,712
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|
|
2,505
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|
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Suezmax TCE per revenue day
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$46,317
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$38,285
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$23,342
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|
||||
Aframax revenue days
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1,723
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1,929
|
|
|
1,827
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Aframax TCE per revenue day
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$34,438
|
|
$32,951
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|
$24,775
|
|
||||
LR2 revenue days
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953
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|
743
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815
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|
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LR2 TCE per revenue day
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$34,494
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$26,683
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|
$20,694
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(i)
|
Net revenues is a non-GAAP financial measure. Please refer to "Definitions and Non-GAAP Financial Measures" for a definition of this term.
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(ii)
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Revenue days are the total number of calendar days the Company's vessels were in its possession during a period, less the total number of off-hire days during the period associated with major repairs, dry dockings or special or intermediate surveys. Consequently, revenue days represent the total number of days available for the vessel to earn revenue. Idle days, which are days when the vessel is available to earn revenue but is not employed, are included in revenue days.
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(iii)
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Includes vessels trading in the Teekay Suezmax RSA, Teekay Suezmax Classic RSA and non-pool voyage charters.
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(iv)
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Prior to January 1, 2020, includes vessels trading in the Teekay Aframax RSA, Teekay Aframax Classic RSA, non-pool voyage charters and full service lightering voyages. Subsequent to January 1, 2020, includes Aframax vessels trading in the Teekay Aframax RSA, non-pool voyage charters and full service lightering voyages.
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(v)
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Prior to January 1, 2020, includes vessels trading in the Teekay Taurus RSA and non-pool voyage charters. Subsequent to January 1, 2020, includes LR2 vessels trading in the Teekay Aframax RSA, non-pool voyage charters, and full service lightering voyages.
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•
|
The portion of the Suezmax fleet trading on the spot market has secured TCE rates per revenue day of approximately $52,100 on average, with 69 percent of the available days fixed(1); and
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•
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The portion of the Aframax and LR2 fleet trading on the spot market has secured TCE rates per revenue day of approximately $33,600 on average, with 62 percent of the available days fixed(2)(3).
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(1)
|
Combined average TCE rate includes Teekay Suezmax RSA, Teekay Suezmax Classic RSA and non-pool voyage charters.
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(2)
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Combined average TCE rate includes Teekay Aframax RSA, non-pool voyage charters and full service lightering voyages.
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(3)
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As of January 1, 2020, the Company's Aframax tankers and LR2 product tankers, excluding those employed under non-pool voyage charters and full service lightering voyages, are operating as a combined RSA under the Teekay Aframax RSA.
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Owned and Leased Vessels
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Chartered-in Vessels
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Total
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Fixed-rate:
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Suezmax Tankers
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10
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—
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10
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Aframax Tankers(i)
|
1
|
—
|
1
|
LR2 Product Tanker
|
1
|
—
|
1
|
Total Fixed-Rate Fleet
|
12
|
—
|
12
|
Spot-rate:
|
|
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Suezmax Tankers
|
16
|
—
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16
|
Aframax Tankers(ii)
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16
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2
|
18
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LR2 Product Tankers(iii)
|
8
|
2
|
10
|
VLCC Tanker(iv)
|
1
|
—
|
1
|
Total Spot Fleet
|
41
|
4
|
45
|
Total Tanker Fleet
|
53
|
4
|
57
|
STS Support Vessels
|
—
|
3
|
3
|
Total Teekay Tankers' Fleet
|
53
|
7
|
60
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(i)
|
One additional time charter-out contract has been secured and is expected to commence in June 2020.
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(ii)
|
Includes two Aframax tankers with charter-in contracts that are scheduled to expire in March 2021 and September 2021, respectively, one with an option to extend for one additional year.
|
(iii)
|
Includes two LR2 product tankers with charter-in contracts that are scheduled to expire in January 2021, each with an option to extend for one additional year.
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(iv)
|
The Company’s ownership interest in this vessel is 50 percent.
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•
|
By dialing (800) 239-9838 or (647) 484-0478, if outside of North America, and quoting conference ID code 4141060.
|
•
|
By accessing the webcast, which will be available on Teekay Tankers’ website at www.teekay.com (the archive will remain on the website for a period of one year).
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|
|
Three Months Ended
|
|
|||||
|
|
March 31,
|
December 31,
|
March 31,
|
|
|||
|
|
2020
|
2019 (1)
|
2019 (1)
|
|
|||
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|
|||
|
|
|
|
|
|
|||
Voyage charter revenues (2)
|
317,478
|
|
289,857
|
|
222,077
|
|
|
|
Time-charter revenues
|
15,567
|
|
10,680
|
|
3,410
|
|
|
|
Other revenues (3)
|
8,855
|
|
10,768
|
|
12,674
|
|
|
|
Total revenues
|
341,900
|
|
311,305
|
|
238,161
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses (2)
|
(119,241
|
)
|
(109,031
|
)
|
(102,999
|
)
|
|
|
Vessel operating expenses
|
(50,649
|
)
|
(51,875
|
)
|
(54,587
|
)
|
|
|
Time-charter hire expenses
|
(9,879
|
)
|
(12,312
|
)
|
(9,448
|
)
|
|
|
Depreciation and amortization
|
(29,632
|
)
|
(31,943
|
)
|
(29,865
|
)
|
|
|
General and administrative expenses
|
(9,286
|
)
|
(8,992
|
)
|
(9,165
|
)
|
|
|
Loss and write-down on sale of vessels
|
(3,087
|
)
|
(5,544
|
)
|
—
|
|
|
|
Income from operations
|
120,126
|
|
91,608
|
|
32,097
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
(15,135
|
)
|
(15,679
|
)
|
(16,942
|
)
|
|
|
Interest income
|
256
|
|
147
|
|
365
|
|
|
|
Realized and unrealized (loss) gain
|
|
|
|
|
||||
on derivative instruments (4)
|
(827
|
)
|
205
|
|
(847
|
)
|
|
|
Equity income (5)
|
1,940
|
|
1,693
|
|
753
|
|
|
|
Other income (expense)
|
1,143
|
|
(487
|
)
|
(365
|
)
|
|
|
Net income before income tax
|
107,503
|
|
77,487
|
|
15,061
|
|
|
|
|
|
|
|
|
||||
Income tax expenses (6)
|
(664
|
)
|
(14,415
|
)
|
(2,614
|
)
|
|
|
Net income
|
106,839
|
|
63,072
|
|
12,447
|
|
|
|
|
|
|
|
|
||||
Earnings per share attributable
|
|
|
|
|
||||
|
to shareholders of Teekay Tankers
|
|
|
|
|
|||
|
- Basic (7)
|
3.17
|
|
1.88
|
|
0.37
|
|
|
|
- Diluted (7)
|
3.15
|
|
1.86
|
|
0.37
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
Weighted-average number of total common
|
|
|
|
|||||
|
shares outstanding
|
|
|
|
|
|||
|
- Basic (7)
|
33,669,967
|
|
33,638,082
|
|
33,584,778
|
|
|
|
- Diluted (7)
|
33,946,292
|
|
33,948,512
|
|
33,609,540
|
|
|
|
|
|
|
|
|
|||
Number of outstanding shares of common stock at the end of the period (7)
|
33,721,161
|
|
33,654,576
|
|
33,623,800
|
|
|
|
|
(1)
|
Voyage expenses incurred that are recoverable from the Company's customers in connection with its voyage charter contracts are reflected in voyage charter revenues and voyage expenses. The Company recast the results for the three months ended March 2019 to be consistent with the presentation in the 2019 20-F and this report for the three months ended March 31, 2020. This had the impact of increasing both voyage charter revenues and voyage expenses by $5.7 million for the three months ended March 31, 2019.
|
(2)
|
Voyage charter revenues include revenues earned from full service lightering activities. Voyage expenses include certain costs associated with full service lightering activities, which include: short-term in-charter expenses, bunker fuel expenses and other port expenses totaling $18.7 million, $12.0 million and $11.4 million for the three months ended March 31, 2020, December 31, 2019 and March 31, 2019, respectively.
|
(3)
|
Other revenues include lightering support and liquefied natural gas services revenue, revenue earned from the Company's responsibilities in employing the vessels subject to the RSAs, and bunker commissions earned. In April 2020, the Company sold a portion of its oil and gas ship-to-ship transfer support business, including its gas terminal management services.
|
(4)
|
Includes realized gains on interest rate swaps of $0.5 million, $0.4 million and $1.0 million for the three months ended March 31, 2020, December 31, 2019 and March 31, 2019, respectively. The Company also recognized realized gains of $1.1 million for the three months ended December 31, 2019, relating to its forward freight agreements.
|
(5)
|
Equity income relates to the Company’s 50 percent interest in the High-Q Investment Ltd. (High-Q) joint venture, which owns one VLCC tanker.
|
(6)
|
Income tax expenses for the three months ended December 31, 2019 includes adjustments to freight tax accruals of $10.9 million related to periods prior to 2019.
|
(7)
|
The number of shares and per share amounts, including comparative figures, have been adjusted to reflect the changes resulting from the one-for-eight reverse stock split which took effect on November 25, 2019.
|
|
|
|
As at
|
As at
|
||||
|
March 31,
|
December 31,
|
||||
|
2020
|
2019
|
||||
|
(unaudited)
|
(unaudited)
|
||||
ASSETS
|
|
|
|
|
||
Cash and cash equivalents
|
203,325
|
|
|
88,824
|
|
|
Restricted cash
|
3,318
|
|
|
3,071
|
|
|
Accounts receivable
|
108,326
|
|
|
95,648
|
|
|
Bunker and lube oil inventory
|
50,430
|
|
|
49,790
|
|
|
Prepaid expenses
|
11,841
|
|
|
10,288
|
|
|
Due from affiliates
|
463
|
|
|
697
|
|
|
Current portion of derivative assets
|
—
|
|
|
577
|
|
|
Assets held for sale (1)
|
50,818
|
|
|
65,458
|
|
|
Accrued revenue
|
66,664
|
|
|
106,872
|
|
|
Total current assets
|
495,185
|
|
|
421,225
|
|
|
Restricted cash – long-term
|
3,437
|
|
|
3,437
|
|
|
Vessels and equipment – net
|
1,157,003
|
|
|
1,223,085
|
|
|
Vessels related to finance leases – net
|
519,210
|
|
|
527,081
|
|
|
Operating lease right-of-use assets
|
15,511
|
|
|
19,560
|
|
|
Investment in and advances to equity-accounted joint venture
|
28,051
|
|
|
28,112
|
|
|
Derivative assets
|
—
|
|
|
82
|
|
|
Other non-current assets
|
1,667
|
|
|
1,923
|
|
|
Intangible assets – net
|
2,401
|
|
|
2,545
|
|
|
Goodwill
|
2,426
|
|
|
2,426
|
|
|
Total assets
|
2,224,891
|
|
|
2,229,476
|
|
|
|
|
|
|
|
||
LIABILITIES AND EQUITY
|
|
|
|
|
||
Accounts payable and accrued liabilities
|
106,820
|
|
|
130,713
|
|
|
Short-term debt
|
55,000
|
|
|
50,000
|
|
|
Current portion of long-term debt
|
29,910
|
|
|
43,573
|
|
|
Current portion of derivative liabilities
|
234
|
|
|
86
|
|
|
Current obligations related to finance leases
|
25,775
|
|
|
25,357
|
|
|
Current portion of operating lease liabilities
|
14,049
|
|
|
16,290
|
|
|
Liabilities associated with assets held for sale (1)
|
2,535
|
|
|
2,980
|
|
|
Due to affiliates
|
4,677
|
|
|
2,139
|
|
|
Other current liabilities
|
5,923
|
|
|
8,567
|
|
|
Total current liabilities
|
244,923
|
|
|
279,705
|
|
|
Long-term debt
|
446,766
|
|
|
516,106
|
|
|
Long-term obligations related to finance leases
|
382,905
|
|
|
389,431
|
|
|
Long-term operating lease liabilities
|
1,462
|
|
|
3,270
|
|
|
Other long-term liabilities
|
51,114
|
|
|
51,044
|
|
|
Derivative liabilities
|
494
|
|
|
—
|
|
|
Equity
|
1,097,227
|
|
|
989,920
|
|
|
Total liabilities and equity
|
2,224,891
|
|
|
2,229,476
|
|
|
|
|
|
|
|
||
Net debt (2)
|
730,276
|
|
|
929,135
|
|
|
|
|
(1)
|
In January 2020, the Company reached an agreement to sell a portion of its oil and gas ship-to-ship transfer support business, which also provides gas terminal management services, for $26 million, subject to adjustment for the final amounts of cash and other working capital present on the closing date. The numbers in these financial statements have been adjusted to reflect the pending sale. The sale of a portion of the ship-to-ship support services business and gas terminal management business, including cash, cash equivalents and restricted cash of $2.4 million and $1.5 million, is classified as held for sale as at March 31, 2020 and December 31, 2019, respectively. This transaction closed on April 30, 2020. Also included in assets held for sale at March 31, 2020 is one Suezmax vessel (December 31, 2019: two Suezmax vessels).
|
(2)
|
Net debt is a non-GAAP financial measure and represents short-term, current and long-term debt and current and long-term obligations related to finance leases less cash and cash equivalents and restricted cash.
|
|
|
|
|
Three Months Ended
|
|||||
|
|
March 31,
|
March 31,
|
||||
|
|
2020
|
2019
|
||||
|
|
(unaudited)
|
(unaudited)
|
||||
Cash, cash equivalents and restricted cash provided by (used for)
|
|
|
|
|
|||
OPERATING ACTIVITIES
|
|
|
|
|
|
||
Net income
|
106,839
|
|
|
12,447
|
|
|
|
Non-cash items:
|
|
|
|
|
|||
Depreciation and amortization
|
29,632
|
|
|
29,865
|
|
|
|
Loss and write-down on sale of vessels
|
3,087
|
|
|
—
|
|
|
|
Unrealized loss on derivative instruments
|
1,301
|
|
|
1,788
|
|
|
|
Equity income
|
(1,940
|
)
|
|
(753
|
)
|
|
|
Income tax expense
|
1,439
|
|
|
2,569
|
|
|
|
Other
|
744
|
|
|
4,473
|
|
|
|
Change in operating assets and liabilities
|
(1,308
|
)
|
|
6,265
|
|
|
|
Expenditures for dry docking
|
(1,109
|
)
|
|
(10,433
|
)
|
|
|
Net operating cash flow
|
138,685
|
|
|
46,221
|
|
|
|
|
|
|
|
|
|||
FINANCING ACTIVITIES
|
|
|
|
|
|
||
Proceeds from short-term debt
|
135,000
|
|
|
30,000
|
|
|
|
Proceeds from long-term debt, net of issuance costs
|
479,091
|
|
|
434
|
|
|
|
Scheduled repayments of long-term debt
|
(5,728
|
)
|
|
(25,400
|
)
|
|
|
Prepayments of long-term debt
|
(557,368
|
)
|
|
(20,000
|
)
|
|
|
Repayments of short-term debt
|
(130,000
|
)
|
|
(5,000
|
)
|
|
|
Scheduled repayments of obligations related to finance leases
|
(6,108
|
)
|
|
(5,537
|
)
|
|
|
Net financing cash flow
|
(85,113
|
)
|
|
(25,503
|
)
|
|
|
|
|
|
|
|
|||
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Proceeds from sale of vessels
|
60,915
|
|
|
—
|
|
|
|
Expenditures for vessels and equipment
|
(842
|
)
|
|
(656
|
)
|
|
|
Loan repayments from equity-accounted joint venture
|
2,000
|
|
|
—
|
|
|
|
Net investing cash flow
|
62,073
|
|
|
(656
|
)
|
|
|
|
|
|
|
|
|||
Increase in cash, cash equivalents and restricted cash
|
115,645
|
|
|
20,062
|
|
|
|
Cash, cash equivalents and restricted cash, beginning of the period
|
96,790
|
|
|
60,507
|
|
|
|
Cash, cash equivalents and restricted cash, end of the period
|
212,435
|
|
|
80,569
|
|
|
|
|
|
|
|
Three Months Ended
|
|||||||||||||
|
|
|
March 31, 2020
|
|
March 31, 2019
|
|
||||||||||
|
|
|
(unaudited)
|
|
(unaudited)
|
|
||||||||||
|
|
|
$
|
$ Per Share(1)
|
|
$
|
$ Per Share(1)
|
|
||||||||
Net income - GAAP basis
|
106,839
|
|
|
|
$3.17
|
|
|
12,447
|
|
|
|
$0.37
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Add specific items affecting net income:
|
|
|
|
|
|
|
|
|
|
|||||||
|
Loss and write-down on sale of vessels
|
3,087
|
|
|
|
$0.10
|
|
|
—
|
|
|
—
|
|
|
||
|
Unrealized loss on derivative instruments (2)
|
1,301
|
|
|
|
$0.04
|
|
|
1,788
|
|
|
|
$0.06
|
|
|
|
|
Other (3)
|
(1,246
|
)
|
|
|
($0.04
|
)
|
|
412
|
|
|
|
$0.01
|
|
|
|
Total adjustments
|
3,142
|
|
|
|
$0.10
|
|
|
2,200
|
|
|
|
$0.07
|
|
|
||
Adjusted net income attributable to shareholders of
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Teekay Tankers
|
109,981
|
|
|
|
$3.27
|
|
|
14,647
|
|
|
|
$0.44
|
|
|
(1)
|
Basic per share amounts.
|
(2)
|
Reflects unrealized gains or losses due to the changes in the mark-to-market value of derivative instruments that are not designated as hedges for accounting purposes, including unrealized gains or losses on interest rate swaps and forward freight agreements.
|
(3)
|
The amount recorded for the three months ended March 31, 2020 primarily relates to unrealized foreign exchange gains, realized gains from swap termination settlement and debt issuance costs which were written off in connection with the refinancing of the Company's debt facilities in January 2020. The amount recorded for the three months ended March 31, 2019 primarily relates to unrealized foreign exchange losses.
|
|
|
|
|
|
Three Months Ended
|
|||||
|
|
|
March 31, 2020
|
March 31, 2019
|
||||
|
|
|
(unaudited)
|
(unaudited)
|
||||
|
|
|
|
|
|
|
||
|
Net income - GAAP basis
|
106,839
|
|
|
12,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
29,632
|
|
|
29,865
|
|
|
|
|
Proportionate share of free cash flow from equity-accounted joint venture
|
2,415
|
|
|
1,207
|
|
|
|
|
Unrealized loss on derivative instruments
|
1,301
|
|
|
1,788
|
|
|
|
|
Loss and write-down on sale of vessels
|
3,087
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Equity income (1)
|
(1,940
|
)
|
|
(753
|
)
|
|
|
|
|
|
|
|
|
|
|
Free cash flow
|
141,334
|
|
|
44,554
|
|
|
||
|
|
|
|
|
|
|
|
|
Weighted-average number of common shares outstanding for the period - basic
|
33,669,967
|
|
|
33,584,778
|
|
|
(1)
|
Equity income relates to the Company’s 50 percent interest in the High-Q joint venture, which owns one VLCC tanker.
|
|
|
|
Three Months Ended
|
|||
|
March 31, 2020
|
March 31, 2019
|
||
|
(unaudited)
|
(unaudited)
|
||
Net income - GAAP basis
|
106,839
|
|
12,447
|
|
Depreciation and amortization
|
29,632
|
|
29,865
|
|
Interest expense, net of interest income
|
14,879
|
|
16,577
|
|
Income tax expense
|
664
|
|
2,614
|
|
EBITDA
|
152,014
|
|
61,503
|
|
|
|
|
||
Add (subtract) specific income statement items affecting EBITDA:
|
|
|
||
Foreign exchange (gain) loss
|
(1,135
|
)
|
412
|
|
Loss and write-down on sale of vessels
|
3,087
|
|
—
|
|
Realized gain on interest rate swaps
|
(523
|
)
|
(954
|
)
|
Unrealized loss on derivative instruments
|
1,301
|
|
1,788
|
|
Equity income
|
(1,940
|
)
|
(753
|
)
|
Consolidated adjusted EBITDA
|
152,804
|
|
61,996
|
|
Adjusted EBITDA from equity-accounted joint venture (See Appendix D)
|
2,566
|
|
1,432
|
|
Total Adjusted EBITDA
|
155,370
|
|
63,428
|
|
|
|
|
Three Months Ended
|
|||||||
|
March 31, 2020
|
March 31, 2019
|
||||||
|
(unaudited)
|
(unaudited)
|
||||||
|
At
|
Company's
|
At
|
Company's
|
||||
|
100%
|
Portion (1)
|
100%
|
Portion (1)
|
||||
Revenues
|
5,836
|
|
2,918
|
|
3,210
|
|
1,605
|
|
Vessel and other operating expenses
|
(705
|
)
|
(353
|
)
|
(490
|
)
|
(245
|
)
|
Depreciation and amortization
|
(951
|
)
|
(475
|
)
|
(908
|
)
|
(454
|
)
|
Income from vessel operations of equity-accounted joint venture
|
4,180
|
|
2,090
|
|
1,812
|
|
906
|
|
|
|
|
|
|
||||
Net interest expense
|
(301
|
)
|
(151
|
)
|
(450
|
)
|
(225
|
)
|
Other
|
1
|
|
1
|
|
145
|
|
72
|
|
Equity income of equity-accounted joint venture
|
3,880
|
|
1,940
|
|
1,507
|
|
753
|
|
|
|
|
|
|
||||
Equity income of equity-accounted joint venture
|
3,880
|
|
1,940
|
|
1,507
|
|
753
|
|
Depreciation and amortization
|
951
|
|
475
|
|
908
|
|
454
|
|
Interest expense, net of interest income
|
301
|
|
151
|
|
450
|
|
225
|
|
EBITDA from equity-accounted joint venture
|
5,132
|
|
2,566
|
|
2,865
|
|
1,432
|
|
|
|
|
|
|
||||
Adjusted EBITDA from equity-accounted joint venture
|
5,132
|
|
2,566
|
|
2,865
|
|
1,432
|
|
|
|
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