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10-Q Filing

HELIX ENERGY SOLUTIONS GROUP INC CIK: 866829 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0000866829-20-000017
Period End Date 20200331
Filing Date 20200424
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance hlx03312020-10q_htm.xml
Balance Sheet 62 line items
Line Item Tag Value Unit Period
Allowance for uncollectible accounts AllowanceForDoubtfulAccountsReceivableCurrent $1.37M USD Point-in-time
Allowance for uncollectible accounts AllowanceForDoubtfulAccountsReceivableCurrent - USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $159.35M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $208.43M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $54.13M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $52.37M USD Point-in-time
Accounts receivable, net of allowance for credit losses of $1,371 and $0, respectively AccountsReceivableNetCurrent $147.12M USD Point-in-time
Accounts receivable, net of allowance for credit losses of $1,371 and $0, respectively AccountsReceivableNetCurrent $125.46M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 240.00M shares Point-in-time
Other current assets OtherAssetsCurrent $71.75M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 240.00M shares Point-in-time
Other current assets OtherAssetsCurrent $50.45M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 149.96M shares Point-in-time
Total current assets AssetsCurrent $430.60M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 148.89M shares Point-in-time
Total current assets AssetsCurrent $438.47M USD Point-in-time
Property and equipment PropertyPlantAndEquipmentGross $2.88B USD Point-in-time
Property and equipment PropertyPlantAndEquipmentGross $2.92B USD Point-in-time
Less accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $1.07B USD Point-in-time
Less accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $1.05B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $1.81B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $1.87B USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $201.12M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $187.55M USD Point-in-time
Other assets, net OtherAssetsNoncurrent $86.07M USD Point-in-time
Other assets, net OtherAssetsNoncurrent $84.51M USD Point-in-time
Total assets Assets $2.60B USD Point-in-time
Total assets Assets $2.51B USD Point-in-time
Accounts payable AccountsPayableCurrent $90.42M USD Point-in-time
Accounts payable AccountsPayableCurrent $69.06M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $45.23M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $62.39M USD Point-in-time
Current maturities of long-term debt LongTermDebtCurrent $90.84M USD Point-in-time
Current maturities of long-term debt LongTermDebtCurrent $99.73M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $53.06M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $53.78M USD Point-in-time
Total current liabilities LiabilitiesCurrent $279.55M USD Point-in-time
Total current liabilities LiabilitiesCurrent $284.96M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $306.12M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $303.58M USD Point-in-time
Operating lease liabilities OperatingLeaseLiabilityNoncurrent $151.83M USD Point-in-time
Operating lease liabilities OperatingLeaseLiabilityNoncurrent $137.41M USD Point-in-time
Deferred tax liabilities DeferredIncomeTaxLiabilitiesNet $104.93M USD Point-in-time
Deferred tax liabilities DeferredIncomeTaxLiabilitiesNet $112.13M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $38.64M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $36.29M USD Point-in-time
Total liabilities Liabilities $893.68M USD Point-in-time
Total liabilities Liabilities $861.76M USD Point-in-time
Redeemable noncontrolling interests RedeemableNoncontrollingInterestEquityCarryingAmount $3.46M USD Point-in-time
Redeemable noncontrolling interests RedeemableNoncontrollingInterestEquityCarryingAmount $3.32M USD Point-in-time
Common stock, no par, 240,000 shares authorized, 149,962 and 148,888 shares issued, respectively CommonStockValue $1.32B USD Point-in-time
Common stock, no par, 240,000 shares authorized, 149,962 and 148,888 shares issued, respectively CommonStockValue $1.32B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $430.73M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $445.37M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-98.06M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-64.74M USD Point-in-time
Total shareholders equity StockholdersEquity $1.70B USD Point-in-time
Total shareholders equity StockholdersEquity $1.65B USD Point-in-time
Total shareholders equity StockholdersEquity $1.62B USD Point-in-time
Total shareholders equity StockholdersEquity $1.63B USD Point-in-time
Total liabilities, redeemable noncontrolling interests and shareholders equity LiabilitiesAndStockholdersEquity $2.51B USD Point-in-time
Total liabilities, redeemable noncontrolling interests and shareholders equity LiabilitiesAndStockholdersEquity $2.60B USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
Net revenues RevenueFromContractWithCustomerExcludingAssessedTax $166.82M USD 1 Quarter
Net revenues RevenueFromContractWithCustomerExcludingAssessedTax $181.02M USD 1 Quarter
Cost of sales CostOfRevenue $179.01M USD 1 Quarter
Cost of sales CostOfRevenue $150.57M USD 1 Quarter
Gross profit GrossProfit $16.25M USD 1 Quarter
Gross profit GrossProfit $2.01M USD 1 Quarter
Goodwill impairment GoodwillImpairmentLoss - USD 1 Quarter
Goodwill impairment GoodwillImpairmentLoss $6.69M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $15.98M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $16.35M USD 1 Quarter
Income (loss) from operations OperatingIncomeLoss $269.00K USD 1 Quarter
Income (loss) from operations OperatingIncomeLoss $-21.03M USD 1 Quarter
Equity in losses of investment IncomeLossFromEquityMethodInvestments $-20.00K USD 1 Quarter
Equity in losses of investment IncomeLossFromEquityMethodInvestments $-40.00K USD 1 Quarter
Net interest expense InterestIncomeExpenseNonoperatingNet $-2.10M USD 1 Quarter
Net interest expense InterestIncomeExpenseNonoperatingNet $-5.75M USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $-10.43M USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $1.17M USD 1 Quarter
Royalty income and other RoyaltyIncomeAndOther $2.35M USD 1 Quarter
Royalty income and other RoyaltyIncomeAndOther $2.20M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-35.02M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $1.64M USD 1 Quarter
Income tax provision (benefit) IncomeTaxExpenseBenefit $-21.09M USD 1 Quarter
Income tax provision (benefit) IncomeTaxExpenseBenefit $324.00K USD 1 Quarter
Net income (loss) ProfitLoss $-13.93M USD 1 Quarter
Net income (loss) ProfitLoss $1.32M USD 1 Quarter
Net loss attributable to redeemable noncontrolling interests NetIncomeLossAttributableToRedeemableNoncontrollingInterest $-1.99M USD 1 Quarter
Net loss attributable to redeemable noncontrolling interests NetIncomeLossAttributableToRedeemableNoncontrollingInterest - USD 1 Quarter
Net income (loss) attributable to common shareholders NetIncomeLoss $1.32M USD 1 Quarter
Net income (loss) attributable to common shareholders NetIncomeLoss $-11.94M USD 1 Quarter
Basic EarningsPerShareBasic $-0.09 USD 1 Quarter
Basic EarningsPerShareBasic $0.01 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.01 USD 1 Quarter
Diluted EarningsPerShareDiluted $-0.09 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 147.42M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 148.86M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 147.75M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 148.86M shares 1 Quarter
Cash Flow Statement 66 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $-13.93M USD 1 Quarter
Net income (loss) ProfitLoss $1.32M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $28.51M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $31.60M USD 1 Quarter
Goodwill impairment GoodwillImpairmentLoss - USD 1 Quarter
Goodwill impairment GoodwillImpairmentLoss $6.69M USD 1 Quarter
Amortization of debt discounts AmortizationOfDebtDiscountPremium $1.63M USD 1 Quarter
Amortization of debt discounts AmortizationOfDebtDiscountPremium $1.51M USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $902.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $833.00K USD 1 Quarter
Share-based compensation ShareBasedCompensation $2.26M USD 1 Quarter
Share-based compensation ShareBasedCompensation $2.72M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-6.52M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-10.00K USD 1 Quarter
Equity in losses of investment IncomeLossFromEquityMethodInvestments $-20.00K USD 1 Quarter
Equity in losses of investment IncomeLossFromEquityMethodInvestments $-40.00K USD 1 Quarter
Unrealized gain on derivative contracts, net UnrealizedGainLossOnDerivatives $601.00K USD 1 Quarter
Unrealized gain on derivative contracts, net UnrealizedGainLossOnDerivatives $829.00K USD 1 Quarter
Unrealized foreign currency (gain) loss ForeignCurrencyTransactionGainLossUnrealized $1.13M USD 1 Quarter
Unrealized foreign currency (gain) loss ForeignCurrencyTransactionGainLossUnrealized $-9.24M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $22.58M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $25.38M USD 1 Quarter
Income tax receivable IncreaseDecreaseInIncomeTaxesReceivable $2.37M USD 1 Quarter
Income tax receivable IncreaseDecreaseInIncomeTaxesReceivable $17.03M USD 1 Quarter
Other current assets IncreaseDecreaseInOtherCurrentAssets $13.13M USD 1 Quarter
Other current assets IncreaseDecreaseInOtherCurrentAssets $5.47M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-15.90M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $15.54M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $13.30M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $16.11M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-17.22M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-34.25M USD 1 Quarter
Capital expenditures PaymentsToAcquireProductiveAssets $12.39M USD 1 Quarter
Capital expenditures PaymentsToAcquireProductiveAssets $11.65M USD 1 Quarter
Proceeds from sale of assets ProceedsFromSaleOfPropertyPlantAndEquipment $25.00K USD 1 Quarter
Proceeds from sale of assets ProceedsFromSaleOfPropertyPlantAndEquipment - USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $326.00K USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities - USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-11.96M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-12.39M USD 1 Quarter
Repayment of term loans RepaymentsOfOtherLongTermDebt $875.00K USD 1 Quarter
Repayment of term loans RepaymentsOfOtherLongTermDebt $936.00K USD 1 Quarter
Repayment of Nordea Q5000 Loan RepaymentsOfSecuredDebt $8.93M USD 1 Quarter
Repayment of Nordea Q5000 Loan RepaymentsOfSecuredDebt $8.93M USD 1 Quarter
Repayment of MARAD Debt RepaymentsOfLongTermSecuredDebt $3.39M USD 1 Quarter
Repayment of MARAD Debt RepaymentsOfLongTermSecuredDebt $3.56M USD 1 Quarter
Debt issuance costs PaymentsOfFinancingCosts $212.00K USD 1 Quarter
Debt issuance costs PaymentsOfFinancingCosts $113.00K USD 1 Quarter
Payments related to tax withholding for share-based compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation $826.00K USD 1 Quarter
Payments related to tax withholding for share-based compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation $5.15M USD 1 Quarter
Proceeds from issuance of ESPP shares ProceedsFromStockPlans $136.00K USD 1 Quarter
Proceeds from issuance of ESPP shares ProceedsFromStockPlans $331.00K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-18.39M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-14.05M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-2.83M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $821.00K USD 1 Quarter
Net decrease in cash and cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-50.84M USD 1 Quarter
Net decrease in cash and cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-59.44M USD 1 Quarter
Balance, beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $279.46M USD Point-in-time
Balance, beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $211.72M USD Point-in-time
Balance, beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $220.02M USD Point-in-time
Balance, beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $262.56M USD Point-in-time
Balance, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $279.46M USD Point-in-time
Balance, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $211.72M USD Point-in-time
Balance, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $220.02M USD Point-in-time
Balance, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $262.56M USD Point-in-time
Stockholders Equity 22 line items
Line Item Tag Value Unit Period
Balance, beginning of period StockholdersEquity $1.70B USD Point-in-time
Balance, beginning of period StockholdersEquity $1.65B USD Point-in-time
Balance, beginning of period StockholdersEquity $1.62B USD Point-in-time
Balance, beginning of period StockholdersEquity $1.63B USD Point-in-time
Net income (loss) attributable to common shareholders NetIncomeLoss $1.32M USD 1 Quarter
Net income (loss) attributable to common shareholders NetIncomeLoss $-11.94M USD 1 Quarter
Expected credit losses recognized in retained earnings upon adoption of ASU 2016-13 ProvisionForDoubtfulAccounts $620.00K USD 1 Quarter
Reclassification of deferred gain from sale and leaseback transaction to retained earnings ReclassificationOfDeferredGainFromSaleAndLeasebackTransactionToRetainedEarnings $4.56M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $2.80M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-33.59M USD 1 Quarter
Unrealized gain on hedges, net of tax OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax $265.00K USD 1 Quarter
Unrealized gain on hedges, net of tax OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax $1.35M USD 1 Quarter
Accretion of redeemable noncontrolling interests AccretionOfRedeemableNoncontrollingInterests - USD 1 Quarter
Accretion of redeemable noncontrolling interests AccretionOfRedeemableNoncontrollingInterests $2.09M USD 1 Quarter
Activity in company stock plans, net and other StockIssuedDuringPeriodValueShareBasedCompensation $-4.73M USD 1 Quarter
Activity in company stock plans, net and other StockIssuedDuringPeriodValueShareBasedCompensation $-659.00K USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $2.17M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $2.69M USD 1 Quarter
Balance, end of period StockholdersEquity $1.70B USD Point-in-time
Balance, end of period StockholdersEquity $1.65B USD Point-in-time
Balance, end of period StockholdersEquity $1.62B USD Point-in-time
Balance, end of period StockholdersEquity $1.63B USD Point-in-time
Comprehensive Income 24 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $-13.93M USD 1 Quarter
Net income (loss) ProfitLoss $1.32M USD 1 Quarter
Net unrealized loss on hedges arising during the period OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax $-149.00K USD 1 Quarter
Net unrealized loss on hedges arising during the period OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax $-96.00K USD 1 Quarter
Reclassifications to net (income) loss OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax $-1.85M USD 1 Quarter
Reclassifications to net (income) loss OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax $-427.00K USD 1 Quarter
Income taxes on hedges OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax $342.00K USD 1 Quarter
Income taxes on hedges OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax $66.00K USD 1 Quarter
Net change in hedges, net of tax OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax $265.00K USD 1 Quarter
Net change in hedges, net of tax OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax $1.35M USD 1 Quarter
Foreign currency translation gain (loss) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $2.80M USD 1 Quarter
Foreign currency translation gain (loss) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-33.59M USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $-33.32M USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $4.16M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $5.47M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-47.25M USD 1 Quarter
Net loss NetIncomeLossAttributableToRedeemableNoncontrollingInterest $-1.99M USD 1 Quarter
Net loss NetIncomeLossAttributableToRedeemableNoncontrollingInterest - USD 1 Quarter
Foreign currency translation loss OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest $-228.00K USD 1 Quarter
Foreign currency translation loss OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest - USD 1 Quarter
Comprehensive loss attributable to redeemable noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest - USD 1 Quarter
Comprehensive loss attributable to redeemable noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-2.22M USD 1 Quarter
Comprehensive income (loss) attributable to common shareholders ComprehensiveIncomeNetOfTax $-45.03M USD 1 Quarter
Comprehensive income (loss) attributable to common shareholders ComprehensiveIncomeNetOfTax $5.47M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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