Slide 1: Teekay Corporation Q1-2020 Earnings Presentation
Teekay Corporation Q1-2020 Earnings Presentation May 21, 2020
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934,as amended) which reflect management’s current views with respect to certain future events and performance, including statements, among other things, reg
Slide 3: Q1-20 Results And Total Adjusted EBITDA
Q1-20 Results And Total Adjusted EBITDA(2) Teekay Parent 400 Highlights Teekay Consolidated • Q1-20 total adjusted EBITDA(2)(3) of $342M, 350 Second consecutive quarterly compared to $214M in Q1-19 (excluding Altera) adjusted consolidated profit • Q1-20 consolidated adjusted net income(2)(3) of $25M
Slide 4: Operating in a COVID-19 Environment
Operating in a COVID-19 Environment Protecting the health and Focus on Safety and Operations Continue Maintenance safety of our seafarers and Health of our Crew to Perform Efficiently Management onshore staff while ensuring business continuity • Crew changes are not possible • No onboard cases of CO
Slide 5: Parent's Strategic Priorities
Executing on Teekay IDRs FPSOs Parent’s Strategic Priorities • Eliminated TGP IDRs in exchange for • Foinaven 10.75M newly-issued TGP common units • On March 27, 2020, entered into new up to 10-year in May bareboat charter contract, which effectively covers • Simplify and focus remaining life and th
Slide 6: Recent Highlights: Teekay LNG
Recent Highlights Adjusted Net Income (1) Financial Leverage (2) • Q1-20 total adjusted EBITDA(1) of $188M and 60 10.0x Teekay LNG (“TGP”) adjusted net income(1) of $52M, or $0.58 per unit, up 19%, 57% and 71% from Q1-19, respectively 9.0x Record-high adjusted net • Secured new time charter contract
Slide 7: Recent Highlights: Teekay Tankers
Net Debt(1) Recent Highlights $1,000 Teekay Tankers • Q1-20 total adjusted EBITDA(1) of $155M, (“TNK”) compared to $63M in Q1-19 $800 $ Millions Q1-20 marked the highest • Q1-20 adjusted net income(1) of $110M, or $3.27 per share, compared to $15M, or $0.44 $997 quarterly adjusted profit in $929 mor
Slide 8: Stronger Financial Foundation Across the Group
Teekay Consolidated Teekay Parent Stronger Financial Net Debt and Leverage Teekay Parent Net Debt and Daughter Debt Foundation Across Guarantees 5,000 10.0x 600 the Group 4,000 8.0x 500 Divested and reduced offshore $ Millions $ Millions exposure with the sale of 3,000 6.0x 400 Teekay Offshore (Alte
Slide 9: Closing Remarks
Closing Remarks TEEKAY GROUP Sustainability Report 2019
Slide 10: Appendix
Appendix 10
Slide 11: Consolidated Adjusted Net Income Reconciliation
(1) (1) Consolidated Adjusted Net Income (Thousands of U.S. Dollars except Q1-2020 Q4-2019 Reconciliation(1) per share am ounts) Revenues (unaudited) 572,805 (unaudited) 575,330 Variance (2,525) Com m ents Voyage expenses (121,564) (113,655) (7,909) Net revenues 451,241 461,675 (10,434) Teekay Paren
Slide 12: Q2-2020 Outlook – Teekay Consolidated
Q2-2020 Outlook – Teekay Consolidated Income Q1-20 Q2 2020 Statement Item in millions Outlook (expected changes from Q1-20) (1) adjusted basis Teekay Parent • $17m decrease from the Foinaven FPSO due to the commencement of a new bareboat charter on March 27, 2020 (offset in Opex) • $6m decrease from
Slide 13: Consolidated Adjusted Statement of Net Income Reconciliation
Consolidated Adjusted Statement of Net Income Reconciliation Three Months Ended Three Months Ended March 31, 2020 December 31, 2019 Q1-20 vs. Q4-19 Reclass for Reclass for (in thousands of US dollars, except per share amounts) Realized Gains/ Realized Gains/ Appendix A Losses Appendix A Losses As Re
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