Teekay Corporation Ltd. · NYSE:TK
Teekay — Q4 2020 Earnings Presentation
13 slides from Teekay's earnings presentation, Feb 25, 2021
Slide 1: Fourth Quarter and Annual 2020 Earnings Presentation
Teekay Corporation Fourth Quarter and Annual 2020 Earnings Presentation February 25, 2021
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, re
Slide 3: Teekay Group Total Adjusted EBITDA
Teekay Group Total Adjusted EBITDA(1) 1200 1000 $ Millions Q4-20 and 2020 Quarterly Cash Flows and Earnings 800 600 Financial Highlights • Total Adjusted EBITDA(1) of $201M in Q4-20, compared to 400 952 1,086 $227M in Q3-20 200 227 201 5th consecutive quarterly 0 • Consolidated Adjusted Net Income(1
Slide 4: Teekay Group's Multi-Year Plan Towards Building a Strong Financial Foundation
Teekay Group’s Multi- Year Plan Towards Teekay Group Total Adjusted EBITDA(1) Teekay Group Net Debt(1) Building a Strong 1,200 Up 40% $1,086 8,000 Down 15% Financial Foundation 1,000 $952 7,000 $6,148 $6,230 328 6,000 $775 267 $5,215 800 1,660 Significant growth in EBITDA / 5,000 1,982 $ Millions $
Slide 5: Continue to Wind-Down FPSO Segment
Continue to Wind- Down FPSO Segment Foinaven ✓ Banff Hummingbird In late-March 2020, received upfront Successfully completed Phase I of Continues to produce on Chestnut field payment of $67M and commenced decommissioning project below budget under its existing fixed-rate contract operating under bar
Slide 6: Recent Highlights: Teekay LNG
Recent Highlights Adjusted Net Income (1) • Q4-20 total adjusted EBITDA(1) of $190M and adjusted 250 Teekay LNG (“TGP”) net income(1) of $60M, or $0.61 per unit, up 3%, 19% and 9% from Q4-19, respectively 200 Record-high adjusted results in • 2020 total adjusted EBITDA(1) of $758M and adjusted $ Mil
Slide 7: Recent Highlights: Teekay Tankers
Recent Highlights Teekay Tankers • Q4-20 adjusted net income(1) results came under pressure Adjusted Net Income (loss)(1) (“TNK”) from a weaker tanker market related to lower oil demand from COVID-19 200 150 Transformed balance sheet • 2020 adjusted net income(1) was one of the best annual results o
Slide 8: Closing Remarks
Closing Remarks 2020 Teekay Group Sustainability report to be released in April 2021 8
Slide 9: Appendix
Appendix 9
Slide 10: Consolidated Adjusted Net Income Reconciliation
(1) (1) Consolidated Adjusted Net Income Reconciliation(1) (Thousands of U.S. Dollars except Q4-2020 Q3-2020 per share am ounts) (unaudited) (unaudited) Variance Com m ents Revenues 357,806 392,867 (35,061) Q4-20 vs. Q3-20 Voyage expenses (64,437) (61,736) (2,701) Net revenues 293,369 331,131 (37,76
Slide 11: Q1-2021 Outlook – Income Statement Items
Q1-2021 Outlook – Income Q4-20 Statement Item in millions Q1 2021 Adjusted Net Income Outlook (expected changes from Q4-20) (1) Teekay Consolidated adjusted basis Teekay LNG • $3M decrease due to scheduled drydocking and repositioning of the Creole Spirit upon charter contract ending in Q1-21. Teeka
Slide 12: Consolidated Adjusted Statement of Net Income (Loss) Reconciliation
Consolidated Adjusted Statement of Net Income (Loss) Reconciliation Three Months Ended Three Months Ended December 31, 2020 September 30, 2020 Q4-20 vs. Q3-20 Reclass for Reclass for (in thousands of US dollars, except per share amounts) Realized Gains/ Realized Gains/ Appendix A Losses Appendix A L
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