TEEKAY TANKERS LTD
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2023 · Filed Mar 15, 2024
Contents
Summary Financial Data
Set forth below is summary consolidated financial and other data of Teekay Tankers Ltd. and its subsidiaries for fiscal years 2023 and 2022, which have been derived from our consolidated financial statements. The following table should be read together with, and is qualified in its entirety by reference to, the consolidated financial statements and accompanying notes for the years ended December 31, 2023 and 2022 (which are included herein).
| Year Ended December 31, | ||
|---|---|---|
| (in thousands of U.S. dollars, except share and fleet data) | 2023 | 2022 |
| GAAP Financial Comparison: | ||
| Income Statement Data: | ||
| Revenues | 1,364,452 | 1,063,111 |
| Income from operations | 535,910 | 255,949 |
| Net income | 513,671 | 229,086 |
| Earnings per share - diluted | 14.86 | 6.68 |
| Balance Sheet Data (at end of year): | ||
| Cash and cash equivalents | 365,251 | 180,512 |
| Total vessels and equipment (1) | 1,234,524 | 1,296,262 |
| Total debt (2) | 139,599 | 532,760 |
| Total equity | 1,525,785 | 1,070,006 |
| Non GAAP Financial Comparison: (3) | ||
| Net revenues | 890,081 | 567,507 |
| EBITDA | 638,242 | 363,050 |
| Adjusted EBITDA | 623,562 | 348,095 |
| Fleet Data: | ||
| Average number of tankers (4) | ||
| Suezmax | 26.0 | 25.1 |
| Aframax / LR2 | 25.6 | 23.8 |
| VLCC | 0.5 | 0.5 |
(1)Total vessels and equipment consist of (a) our vessels, at cost less accumulated depreciation, (b) vessels related to finance leases, at cost less accumulated depreciation, and (c) operating lease right-of-use assets.
(2)Total debt includes short-term debt, current and long-term portion of long-term debt, and current and long-term portion of obligations related to finance leases.
(3)Net revenues, EBITDA and Adjusted EBITDA are non-GAAP financial measures. A definition and an explanation of the usefulness and purpose of each measure, as well as a reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP are contained in the section “Non-GAAP Financial Measures” at the end of this Item 5 - Operating and Financial Review and Prospects.
(4)Average number of tankers consists of the average number of vessels that were in our possession during a period, including time chartered-in vessels, and the vessel owned by our High-Q Investments Ltd. (or High-Q) joint venture with Wah Kwong Maritime Transport Holdings Ltd.
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