10-Q Filing

HELIX ENERGY SOLUTIONS GROUP INC CIK: 866829 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000866829-23-000017`
Period End Date	20230331
Filing Date	20230426
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	hlx-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 33 Cash Flow Statement 53 Stockholders Equity 17 Comprehensive Income 8

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.42M	USD	Point-in-time
Allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.28M	USD	Point-in-time
Allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$186.60M	USD	Point-in-time
Allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.35M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$166.67M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$2.51M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$2.51M	USD	Point-in-time
Accounts receivable, net of allowance for credit losses of $2,418 and $2,277, respectively	`AccountsReceivableNetCurrent`	$212.78M	USD	Point-in-time
Accounts receivable, net of allowance for credit losses of $2,418 and $2,277, respectively	`AccountsReceivableNetCurrent`	$216.95M	USD	Point-in-time
Common stock, par value (USD per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$63.23M	USD	Point-in-time
Common stock, par value (USD per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$58.70M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$449.36M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$460.59M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	240.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	240.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	151.49M	shares	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$3.02B	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$3.04B	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	151.94M	shares	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.37B	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.41B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.63B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.64B	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$191.05M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$197.85M	USD	Point-in-time
Deferred recertification and dry dock costs, net	`DeferredRecertificationAndDryDockCostsNet`	$53.70M	USD	Point-in-time
Deferred recertification and dry dock costs, net	`DeferredRecertificationAndDryDockCostsNet`	$38.78M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$49.08M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$50.51M	USD	Point-in-time
Total assets	`Assets`	$2.37B	USD	Point-in-time
Total assets	`Assets`	$2.39B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$134.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$135.27M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$73.57M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$60.81M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$38.20M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$38.45M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$54.41M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$50.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$297.95M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$288.03M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$222.01M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$225.88M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$154.69M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$145.19M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$98.88M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$97.58M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$95.23M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$100.81M	USD	Point-in-time
Total liabilities	`Liabilities`	$872.63M	USD	Point-in-time
Total liabilities	`Liabilities`	$853.61M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, no par, 240,000 shares authorized, 151,494 and 151,935 shares issued, respectively	`CommonStockValue`	$1.30B	USD	Point-in-time
Common stock, no par, 240,000 shares authorized, 151,494 and 151,935 shares issued, respectively	`CommonStockValue`	$1.29B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$318.12M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$323.29M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-105.32M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-96.89M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.52B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.65B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.59B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.52B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.37B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.39B	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$250.08M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$150.12M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$234.90M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$168.73M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-18.61M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$15.18M	USD	1 Quarter
Gain on disposition of assets, net	`GainLossOnDispositionOfAssets1`	$367.00K	USD	1 Quarter
Acquisition and integration costs	`BusinessCombinationAcquisitionRelatedCosts`	$231.00K	USD	1 Quarter
Change in fair value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$3.99M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$14.37M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$19.63M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-32.98M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.30M	USD	1 Quarter
Net interest expense	`InterestIncomeExpenseNonoperatingNet`	$-4.19M	USD	1 Quarter
Net interest expense	`InterestIncomeExpenseNonoperatingNet`	$-5.17M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-3.88M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$3.44M	USD	1 Quarter
Royalty income and other	`RoyaltyIncomeAndOther`	$1.86M	USD	1 Quarter
Royalty income and other	`RoyaltyIncomeAndOther`	$2.14M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.18M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-39.89M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-2.02M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$2.14M	USD	1 Quarter
Net loss	`ProfitLoss`	$-5.17M	USD	1 Quarter
Net loss	`ProfitLoss`	$-42.03M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.28	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.28	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	151.76M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	151.14M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	151.76M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	151.14M	shares	1 Quarter

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-5.17M	USD	1 Quarter
Net loss	`ProfitLoss`	$-42.03M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$33.49M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$37.54M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$590.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$596.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.57M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.67M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-722.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.31M	USD	1 Quarter
Gain on disposition of assets, net	`GainLossOnDispositionOfAssets1`	$367.00K	USD	1 Quarter
Unrealized foreign currency (gain) loss	`ForeignCurrencyTransactionGainLossUnrealized`	$-2.60M	USD	1 Quarter
Unrealized foreign currency (gain) loss	`ForeignCurrencyTransactionGainLossUnrealized`	$3.33M	USD	1 Quarter
Change in fair value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$3.99M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-906.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$2.48M	USD	1 Quarter
Income tax receivable, net of income tax payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$1.23M	USD	1 Quarter
Income tax receivable, net of income tax payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$-2.42M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$534.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$1.96M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-9.41M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-18.04M	USD	1 Quarter
Deferred recertification and dry dock costs, net	`IncreaseDecreaseInDeferredCharges`	$5.51M	USD	1 Quarter
Deferred recertification and dry dock costs, net	`IncreaseDecreaseInDeferredCharges`	$17.15M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-3.13M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-304.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.39M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-17.41M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$6.67M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$623.00K	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$365.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.30M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-623.00K	USD	1 Quarter
Debt issuance costs	`PaymentsOfFinancingCosts`	$136.00K	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$4.98M	USD	1 Quarter
Payments related to tax withholding for share-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.52M	USD	1 Quarter
Payments related to tax withholding for share-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$564.00K	USD	1 Quarter
Proceeds from issuance of ESPP shares	`ProceedsFromStockPlans`	$173.00K	USD	1 Quarter
Proceeds from issuance of ESPP shares	`ProceedsFromStockPlans`	$239.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-9.42M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.41M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.19M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-1.00M	USD	1 Quarter
Net decrease in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-24.45M	USD	1 Quarter
Net decrease in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-19.93M	USD	1 Quarter
Balance, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$189.11M	USD	Point-in-time
Balance, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$169.18M	USD	Point-in-time
Balance, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$327.13M	USD	Point-in-time
Balance, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$302.68M	USD	Point-in-time
Balance, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$189.11M	USD	Point-in-time
Balance, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$169.18M	USD	Point-in-time
Balance, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$327.13M	USD	Point-in-time
Balance, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$302.68M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning of period	`StockholdersEquity`	$1.52B	USD	Point-in-time
Balance, beginning of period	`StockholdersEquity`	$1.65B	USD	Point-in-time
Balance, beginning of period	`StockholdersEquity`	$1.59B	USD	Point-in-time
Balance, beginning of period	`StockholdersEquity`	$1.52B	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-42.03M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.17M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$8.43M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-13.15M	USD	1 Quarter
Repurchases of common stock	`StockRepurchasedDuringPeriodValue`	$5.01M	USD	1 Quarter
Activity in company stock plans, net and other	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-1.18M	USD	1 Quarter
Activity in company stock plans, net and other	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-742.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.49M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.63M	USD	1 Quarter
Balance, end of period	`StockholdersEquity`	$1.52B	USD	Point-in-time
Balance, end of period	`StockholdersEquity`	$1.65B	USD	Point-in-time
Balance, end of period	`StockholdersEquity`	$1.59B	USD	Point-in-time
Balance, end of period	`StockholdersEquity`	$1.52B	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-5.17M	USD	1 Quarter
Net loss	`ProfitLoss`	$-42.03M	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$8.43M	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-13.15M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-13.15M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$8.43M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-55.18M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$3.27M	USD	1 Quarter

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