Teekay Corporation Ltd. · NYSE:TK
Teekay — Q4 2019 Earnings Presentation
14 slides from Teekay's earnings presentation, Feb 27, 2020
Slide 1: Teekay Corporation Q4-2019 Earnings Presentation
Teekay Corporation Q4-2019 Earnings Presentation February 27, 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: Q4-19 Results And Total Adjusted EBITDA
Q4-19 Results And Total Adjusted EBITDA(2) Teekay Parent 350 Highlights Returned to profitability in Q4- Teekay Consolidated 300 19 and total adjusted EBITDA • Q4-19 total adjusted EBITDA(2) of $324M, increased by $113M, or 53%, compared to $211M in Q4-18 (excluding in Q4-19 vs. Q4-18(1) 250 Altera)
Slide 4: Long-term Fundamentals Remain Intact Despite Recent Market Volatility
Long-term Fundamentals Remain Intact Despite Recent Market Volatility Near-term Teekay LNG • Largely insulated with LNG fleet revenues 97% and 92% fixed for 2020 and 2021, respectively Teekay Tankers • Well-positioned to manage volatility with stronger balance sheet Crude Tanker Orderbook as a Perce
Slide 5: Stable and Growing Gas Cash Flows
Stable and Growing Gas Cash Flows Total Adjusted EBITDA (1)(2) Gas cash flow guidance of $750M - $780M in 2020 (an 1,000 +66% increase of 10 - 14%) 900 With upside potential as tanker market strengthens 800 USD Millions 700 600 +52% 500 400 300 200 100 - 2017 2018 2019 Gas Cash Flows Tanker and 3 FP
Slide 6: Teekay Parent FPSOs
• Unit has been producing since 1997 and charterer has indicated field could continue producing until 2025+ Foinaven • Discussions with BP at an advanced stage on a new contract structure to address the negative EBITDA from the unit Teekay Parent FPSOs • Fixed-rate contract on the Chestnut field to
Slide 7: Teekay LNG ("TGP") Recent Highlights
Recent Highlights Earnings Per Unit(1) Net Debt / Adj. EBITDA(2) • Q4-19 total adjusted EBITDA(1) of $184M and adjusted 0.60 10.0x Teekay LNG (“TGP”) net income(1) of $50M, or $0.56 per unit, up 23%, 54% and 75% from Q4-18, respectively 9.0x Strong Q4-19 and Fiscal 2019 • Completed growth program 0.
Slide 8: Teekay Tankers Recent Highlights
Net Debt(1) Recent Highlights $1,000 Teekay Tankers • Q4-19 total adjusted EBITDA(1) of $132M, (“TNK”) compared to $62 million in Q4-18 $800 USD Millions Record-high adjusted net • Q4-19 adjusted net income(1) of $83M, or $600 income in Q4-19 and Q1-20 $2.47 per share, compared to $14M, or $0.42 $99
Slide 9: Executing on Teekay Group's Financial Priorities
Executing on Teekay Group’s Financial Priorities 1. De-risked Teekay 2. Building Balance 3. Improving Group Sheet Strength Profitability • Eliminated $52M of TNK debt • Teekay Parent • - Fully-extinguished remaining guarantees as a result of Returned to profitability at the consolidated level in Q4-
Slide 10: Appendix
Appendix 10
Slide 11: Consolidated Adjusted Net Income (Loss) Reconciliation
(1) (1) Consolidated Adjusted Net Income (Thousands of U.S. Dollars except per share am ounts) Q4-2019 (unaudited) Q3-2019 (unaudited) Variance Com m ents (Loss) Reconciliation Revenues Voyage expenses 567,910 (107,455) 421,131 (92,689) 146,779 (14,766) Net revenues 460,455 328,442 132,013 Teekay Pa
Slide 12: Q1-2020 Outlook – Teekay Consolidated
Q1-2020 Outlook – Teekay Consolidated Income Q4-19 Q1 2020 Statement Item in millions Outlook (expected changes from Q4-19) (1) Teekay Parent • $8m decrease from the Foinaven FPSO primarily from the recognition of additional annual operational tariff revenues in Q4-19 Teekay LNG • $6m decrease as a
Slide 13: Consolidated Adjusted Statement of Net Income (Loss) Reconciliation
Consolidated Adjusted Statement of Net Income (Loss) Reconciliation Three Months Ended December 31, 2019 Three Months Ended September 30, 2019 Reclass for Reclass for (in thousands of US dollars, except per share amounts) Realized Gains/ Realized Gains/ Q4-19 vs. Q3-19 Appendix A Losses Appendix A L
Slide 14: Slide 14