Highlights:
- Reported fourth quarter 2023 revenues of $170.8 million, net
income of $23.0 million and operating cash flow of $40.0 million,
with full year 2023 revenues of $700.8 million, net income of $30.2
million and operating cash flow of $96.6 million;
- Reported fourth quarter 2023 Adjusted EBITDA of $17.4 million
and free cash flow of $39.2 million, with full year 2023 Adjusted
EBITDA of $102.0 million and free cash flow of $81.7 million;
- Reduced total debt in the fourth quarter by $37.7 million to
$65.6 million as of December 31, 2023;
- Initiated regular quarterly dividend in September 2023 and
continued opportunistic share repurchases, resulting in the return
of 23% of 2023 free cash flow to shareholders; and
- Completed the previously announced sale of McClelland Lake
Lodge in January 2024, with additional potential associated revenue
opportunities under consideration.
Civeo Corporation (NYSE:CVEO) today reported financial and
operating results for the fourth quarter and year ended December
31, 2023.
“We ended 2023 in a solid financial position. Our continued
discipline in capital allocation and strong cash flow enabled us to
reach our target leverage ratio and return capital to shareholders
through continued share repurchases and the initiation of a
quarterly dividend. We continued to deliver strong results in the
fourth quarter with revenues, Adjusted EBITDA and free cash flow
above expectations. In the fourth quarter, Australian Adjusted
EBITDA increased 64% compared to the fourth quarter of 2022, driven
by the third consecutive quarter of record billed rooms in our
owned villages coupled with improved margins in our Australian
integrated services business benefiting from our inflation
mitigation efforts,” said Bradley J. Dodson, Civeo's President and
Chief Executive Officer.
Mr. Dodson continued, "Additionally, we are excited to announce
that the sale of McClelland Lake Lodge was completed earlier this
year. The majority of the proceeds were received in the fourth
quarter with the remainder received in January. We were awarded the
transportation contract for the assets, which is currently in
progress, and will continue to pursue opportunities related to this
sale as well as other opportunities to redeploy underutilized
assets.”
Mr. Dodson added, “Despite the wind-down of LNG-related activity
in Canada, we entered 2024 with significant strength and
flexibility. We will continue to execute on our capital allocation
framework we announced in September that includes a quarterly
dividend and opportunistic share repurchases while maintaining a
prudent leverage ratio and investing in growth at attractive
economics.”
Fourth Quarter 2023 Results
In the fourth quarter of 2023, Civeo generated revenues of
$170.8 million and reported net income of $23.0 million, or $1.55
per diluted share. During the fourth quarter of 2023, Civeo
produced operating cash flow of $40.0 million, Adjusted EBITDA of
$17.4 million and free cash flow of $39.2 million.
By comparison, in the fourth quarter of 2022, Civeo generated
revenues of $162.2 million and reported a net loss of $13.0
million, or $1.31 per diluted share. The loss resulted in part from
$5.7 million in costs associated with impairments on assets in
Australia and the U.S. During the fourth quarter of 2022, Civeo
produced operating cash flow of $29.4 million, Adjusted EBITDA of
$15.1 million and free cash flow of $25.8 million.
Overall, the increase in Adjusted EBITDA in the fourth quarter
of 2023 compared to 2022 was primarily due to increased billed
rooms at the Australian Bowen Basin villages and improved margins
in the Australian integrated services business, partially offset by
the expected wind-down of LNG-related Canadian mobile camp
activity, including $5.6 million in mobile camp demobilization
costs.
Full Year 2023 Results
For the full year 2023, the Company reported revenues of $700.8
million and net income of $30.2 million, or $2.01 per diluted
share. Adjusted EBITDA for the full year 2023 was $102.0 million.
This compared to revenues of $697.1 million and net income of $2.2
million, or $0.21 loss per diluted share, for the full year 2022.
Adjusted EBITDA was $112.8 million in 2022. Results for the full
year of 2023 reflect the impact of weakened Australian and Canadian
dollars relative to the U.S. dollar, which decreased revenues and
Adjusted EBITDA by $28.8 million and $5.7 million,
respectively.
The decrease in Adjusted EBITDA in 2023 as compared to 2022 was
largely driven by the wind-down of LNG-related activity in Canada
and the impact of weakened Canadian and Australian dollars,
partially offset by significant improvement across our Australian
business.
Business Segment Results
(Unless otherwise noted, the following discussion compares the
quarterly results for the fourth quarter of 2023 to the results for
the fourth quarter of 2022.)
Canada
During the fourth quarter of 2023, the Canada segment generated
revenues of $72.7 million, operating income of $15.6 million and
Adjusted EBITDA of $3.4 million, compared to revenues of $88.0
million, operating loss of $6.1 million and Adjusted EBITDA of
$11.8 million in the fourth quarter of 2022.
The Canadian segment experienced a 17% period-over-period
decrease in revenues and a 72% decrease in Adjusted EBITDA driven
by the wind-down of LNG-related mobile camp activity, including
$5.6 million of mobile camp demobilization costs.
Australia
During the fourth quarter of 2023, the Australia segment
generated revenues of $89.3 million, operating income of $13.2
million and Adjusted EBITDA of $21.5 million, compared to revenues
of $73.1 million, operating loss of $2.7 million and Adjusted
EBITDA of $13.1 million in the fourth quarter of 2022. Operating
loss for the fourth quarter of 2022 includes asset impairment
charges of $3.8 million.
The Australian segment experienced a 22% period-over-period
increase in revenues and a 64% increase in Adjusted EBITDA driven
by a 23% year-over-year increase in billed rooms, increased
integrated services activity and improved margins.
Financial Condition and Capital
Allocation
As of December 31, 2023, Civeo had total liquidity of
approximately $136.4 million, consisting of $133.1 million
available under its revolving credit facilities and $3.3 million of
cash on hand.
Civeo’s total debt outstanding on December 31, 2023 was $65.6
million, a $37.7 million decrease from September 30, 2023 and a
$66.5 million decrease from December 31, 2022.
Civeo reported a net leverage ratio of 0.6x as of December 31,
2023.
During 2023, Civeo invested $31.6 million in capital
expenditures, up from $25.4 million during 2022. Capital
expenditures in both periods were primarily related to maintenance
spending on the Company’s lodges and villages. Capital expenditures
in 2023 also included $10.0 million related to customer-funded
infrastructure upgrades at three Australian villages.
The Company previously announced that its board of directors
declared a quarterly cash dividend of $0.25 per common share,
payable on March 18, 2024 to shareholders of record as of close of
business on February 26, 2024. For purposes of the Income Tax Act
(Canada), the Company has designated this dividend to be an
"eligible dividend".
Full Year 2024 Guidance
For the full year of 2024, Civeo expects revenues of $625.0
million to $700.0 million, Adjusted EBITDA of $80.0 million to
$90.0 million and capital expenditures of $30.0 million to $35.0
million.
Conference Call
Civeo will host a conference call to discuss its fourth quarter
2023 financial results today at 11:00 a.m. Eastern time. This call
is being webcast and can be accessed at Civeo's website at
www.civeo.com. Participants may also join the conference call by
dialing (877) 423-9813 in the United States or (201) 689-8573
internationally and asking for the Civeo call or using the
conference ID 13744459#. A replay will be available after the call
by dialing (844) 512-2921 in the United States or (412) 317-6671
internationally and using the conference ID 13744459#.
About Civeo
Civeo Corporation is a leading provider of hospitality services
with prominent market positions in the Canadian oil sands and the
Australian natural resource regions. Civeo offers comprehensive
solutions for lodging hundreds or thousands of workers with its
long-term and temporary accommodations and provides food services,
housekeeping, facility management, laundry, water and wastewater
treatment, power generation, communications systems, security and
logistics services. Civeo currently operates a total of 24 lodges
and villages in Canada, Australia and the U.S., with an aggregate
of approximately 26,000 rooms. Civeo is publicly traded under the
symbol CVEO on the New York Stock Exchange. For more information,
please visit Civeo's website at www.civeo.com.
Forward Looking Statements
This news release contains forward-looking statements within the
meaning of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements are
those that do not state historical facts and are, therefore,
inherently subject to risks and uncertainties. The forward-looking
statements herein, including the statements regarding Civeo’s
future plans and outlook, strategic priorities, guidance, current
trends, expectations with respect to share repurchases and
dividends, and liquidity needs, are based on then current
expectations and entail various risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied by these forward-looking statements. Such risks and
uncertainties include, among other things, risks associated with
the general nature of the accommodations industry, risks associated
with the level of supply and demand for oil, coal, iron ore and
other minerals, including the level of activity, spending and
developments in the Canadian oil sands, the level of demand for
coal and other natural resources from, and investments and
opportunities in, Australia, and fluctuations or sharp declines in
the current and future prices of oil, natural gas, coal, iron ore
and other minerals, risks associated with failure by our customers
to reach positive final investment decisions on, or otherwise not
complete, projects with respect to which we have been awarded
contracts, which may cause those customers to terminate or postpone
contracts, risks associated with currency exchange rates, risks
associated with inflation and volatility in the banking sector,
risks associated with the company’s ability to integrate any future
acquisitions, risks associated with labor shortages, risks
associated with the development of new projects, including whether
such projects will continue in the future, risks associated with
the trading price of the company’s common shares, availability and
cost of capital, risks associated with general global economic
conditions, geopolitical events, inflation, global weather
conditions, natural disasters, global health concerns, and security
threats and changes to government and environmental regulations,
including climate change, and other factors discussed in the
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and “Risk Factors” sections of Civeo’s most
recent annual report on Form 10-K and other reports the company may
file from time to time with the U.S. Securities and Exchange
Commission. Each forward-looking statement contained herein speaks
only as of the date of this release. Except as required by law,
Civeo expressly disclaims any intention or obligation to revise or
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
Non-GAAP Financial Information
EBITDA, Adjusted EBITDA, free cash flow, net debt, bank-adjusted
EBITDA and net leverage ratio are non-GAAP financial measures. See
“Non-GAAP Reconciliation” below for definitions and additional
information concerning non-GAAP financial measures, including a
reconciliation of the non-GAAP financial information presented in
this press release to the most directly comparable financial
information presented in accordance with GAAP. Non-GAAP financial
information supplements and should be read together with, and is
not an alternative or substitute for, the Company’s financial
results reported in accordance with GAAP. Because non-GAAP
financial information is not standardized, it may not be possible
to compare these financial measures with other companies’ non-GAAP
financial measures.
- Financial Schedules Follow -
CIVEO CORPORATION
UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per
share amounts)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Revenues
$
170,799
$
162,193
$
700,805
$
697,052
Costs and expenses:
Cost of sales and services
135,052
127,671
530,287
517,063
Selling, general and administrative
expenses
19,720
19,390
72,605
69,962
Depreciation and amortization expense
15,865
21,396
75,142
87,214
Impairment expense
1,395
5,721
1,395
5,721
Gain on sale of McClelland Lake Lodge
assets, net
(23,458
)
—
(18,590
)
—
Other operating expense
177
261
479
74
148,751
174,439
661,318
680,034
Operating income (loss)
22,048
(12,246
)
39,487
17,018
Interest expense
(2,552
)
(3,397
)
(13,177
)
(11,474
)
Interest income
46
24
172
39
Other income
10,845
859
13,881
5,149
Income (loss) before income taxes
30,387
(14,760
)
40,363
10,732
Income tax benefit (provision)
(7,736
)
2,689
(10,633
)
(4,402
)
Net income (loss)
22,651
(12,071
)
29,730
6,330
Less: Net income (loss) attributable to
noncontrolling interest
(374
)
627
(427
)
2,333
Net income (loss) attributable to Civeo
Corporation
23,025
(12,698
)
30,157
3,997
Less: Dividends attributable to Class A
preferred shares
—
302
—
1,771
Net income (loss) attributable to Civeo
Corporation common shareholders
$
23,025
$
(13,000
)
$
30,157
$
2,226
Net income (loss) per share attributable
to Civeo Corporation common shareholders:
Basic
$
1.57
$
(1.31
)
$
2.02
$
(0.21
)
Diluted
$
1.55
$
(1.31
)
$
2.01
$
(0.21
)
Weighted average number of common shares
outstanding:
Basic
14,687
13,835
14,906
14,002
Diluted
14,855
13,835
15,013
14,002
CIVEO CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
December 31, 2023
December 31, 2022
(UNAUDITED)
Current assets:
Cash and cash equivalents
$
3,323
$
7,954
Accounts receivable, net
143,222
119,755
Inventories
6,982
6,907
Assets held for sale
5,873
8,653
Prepaid expenses and other current
assets
15,846
10,280
Total current assets
175,246
153,549
Property, plant and equipment, net
270,563
301,890
Goodwill, net
7,690
7,672
Other intangible assets, net
77,999
81,747
Operating lease right-of-use assets
12,286
15,722
Other noncurrent assets
4,278
5,604
Total assets
$
548,062
$
566,184
Current liabilities:
Accounts payable
$
58,699
$
51,087
Accrued liabilities
40,523
39,211
Income taxes
3,831
178
Current portion of long-term debt
—
28,448
Deferred revenue
4,849
991
Other current liabilities
6,334
8,342
Total current liabilities
114,236
128,257
Long-term debt
65,554
102,505
Deferred income taxes
11,803
4,778
Operating lease liabilities
9,264
12,771
Other noncurrent liabilities
24,167
14,172
Total liabilities
225,024
262,483
Shareholders' equity:
Common shares
—
—
Additional paid-in capital
1,628,972
1,624,512
Accumulated deficit
(919,023
)
(930,123
)
Treasury stock
(9,063
)
(9,063
)
Accumulated other comprehensive loss
(380,715
)
(385,187
)
Total Civeo Corporation shareholders'
equity
320,171
300,139
Noncontrolling interest
2,867
3,562
Total shareholders' equity
323,038
303,701
Total liabilities and shareholders'
equity
$
548,062
$
566,184
CIVEO CORPORATION
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
Twelve Months Ended
December 31,
2023
2022
Cash flows from operating activities:
Net income
$
29,730
$
6,330
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
75,142
87,214
Impairment charges
1,395
5,721
Deferred income tax expense
6,806
4,177
Non-cash compensation charge
4,460
3,787
Gain on disposals of assets
(21,196
)
(4,917
)
Provision for loss on receivables, net of
recoveries
135
162
Other, net
1,660
3,223
Changes in operating assets and
liabilities:
Accounts receivable
(22,311
)
(14,447
)
Inventories
5
(1,845
)
Accounts payable and accrued
liabilities
7,438
12,323
Taxes payable
3,576
5
Other current assets and liabilities,
net
9,725
(9,960
)
Net cash flows provided by operating
activities
96,565
91,773
Cash flows from investing activities:
Capital expenditures
(31,633
)
(25,421
)
Proceeds from disposition of property,
plant and equipment
16,740
16,286
Other, net
372
190
Net cash flows used in investing
activities
(14,521
)
(8,945
)
Cash flows from financing activities:
Term loan repayments
(29,899
)
(30,442
)
Revolving credit borrowings (repayments),
net
(37,846
)
(3,374
)
Dividends paid
(7,423
)
—
Repurchases of common shares
(11,634
)
(14,209
)
Repurchases of preferred shares
—
(30,553
)
Other, net
—
(1,078
)
Net cash flows used in financing
activities
(86,802
)
(79,656
)
Effect of exchange rate changes on
cash
127
(1,500
)
Net change in cash and cash
equivalents
(4,631
)
1,672
Cash and cash equivalents, beginning of
period
7,954
6,282
Cash and cash equivalents, end of
period
$
3,323
$
7,954
CIVEO CORPORATION
SEGMENT DATA
(in thousands)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Revenues
Canada
$
72,728
$
88,013
$
352,795
$
395,997
Australia
89,345
73,098
336,763
278,252
Other (2)
8,726
1,082
11,247
22,803
Total revenues
$
170,799
$
162,193
$
700,805
$
697,052
EBITDA (1)
Canada
$
36,519
$
11,803
$
86,502
$
83,248
Australia
21,469
9,286
74,069
57,118
Corporate, other and eliminations (2)
(8,856
)
(11,707
)
(31,634
)
(33,318
)
Total EBITDA
$
49,132
$
9,382
$
128,937
$
107,048
Adjusted EBITDA (1)
Canada
$
3,353
$
11,803
$
58,204
$
83,248
Australia
21,469
13,094
74,069
60,926
Corporate, other and eliminations (2)
(7,461
)
(9,794
)
(30,239
)
(31,405
)
Total adjusted EBITDA
$
17,361
$
15,103
$
102,034
$
112,769
Operating income (loss)
Canada
$
15,569
$
(6,058
)
$
20,187
$
17,023
Australia
13,177
(2,715
)
36,317
14,731
Corporate, other and eliminations (2)
(6,698
)
(3,473
)
(17,017
)
(14,736
)
Total operating income (loss)
$
22,048
$
(12,246
)
$
39,487
$
17,018
(1) Please see Non-GAAP Reconciliation
Schedule.
(2) Prior to the first quarter of 2023, we
presented the U.S. operating segment as a separate reportable
segment. Our operating segment in the U.S. no longer meets the
reportable segment quantitative thresholds, and is included within
the Other and Corporate, other and eliminations categories. Prior
periods have been adjusted to conform to this presentation.
CIVEO CORPORATION
NON-GAAP
RECONCILIATIONS
(in thousands)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
EBITDA (1)
$
49,132
$
9,382
$
128,937
$
107,048
Adjusted EBITDA (1)
$
17,361
$
15,103
$
102,034
$
112,769
Free Cash Flow (2)
$
39,188
$
25,757
$
81,672
$
82,638
Net Leverage Ratio (3)
0.6x
(1) The term EBITDA is a non-GAAP
financial measure that is defined as net income (loss) attributable
to Civeo Corporation plus interest, taxes, depreciation and
amortization. The term Adjusted EBITDA is a non-GAAP financial
measure that is defined as EBITDA adjusted to exclude certain other
unusual or non-operating items. EBITDA and Adjusted EBITDA are not
measures of financial performance under generally accepted
accounting principles and should not be considered in isolation
from or as a substitute for net income or cash flow measures
prepared in accordance with generally accepted accounting
principles or as a measure of profitability or liquidity.
Additionally, EBITDA and Adjusted EBITDA may not be comparable to
other similarly titled measures of other companies. Civeo has
included EBITDA and Adjusted EBITDA as supplemental disclosures
because its management believes that EBITDA and Adjusted EBITDA
provide useful information regarding its ability to service debt
and to fund capital expenditures and provide investors a helpful
measure for comparing Civeo's operating performance with the
performance of other companies that have different financing and
capital structures or tax rates. Civeo uses EBITDA and Adjusted
EBITDA to compare and to monitor the performance of its business
segments to other comparable public companies and as a benchmark
for the award of incentive compensation under its annual incentive
compensation plan.
The following table sets forth a
reconciliation of EBITDA and Adjusted EBITDA to net income (loss)
attributable to Civeo Corporation, which is the most directly
comparable measure of financial performance calculated under
generally accepted accounting principles (in thousands)
(unaudited):
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Net income (loss) attributable to Civeo
Corporation
$
23,025
$
(12,698
)
$
30,157
$
3,997
Income tax provision (benefit)
7,736
(2,689
)
10,633
4,402
Depreciation and amortization
15,865
21,396
75,142
87,214
Interest income
(46
)
(24
)
(172
)
(39
)
Interest expense
2,552
3,397
13,177
11,474
EBITDA
$
49,132
$
9,382
$
128,937
$
107,048
Adjustments to EBITDA
Impairment of long-lived assets (a)
1,395
5,721
1,395
5,721
Net gain on disposition of McClelland Lake
Lodge assets (b)
(33,166
)
—
(28,298
)
—
Adjusted EBITDA
$
17,361
$
15,103
$
102,034
$
112,769
(a)
Relates to asset impairments in the fourth
quarter of 2023 and 2022. In the fourth quarter of 2023, we
recorded a pre-tax loss related to the impairment of long-lived
assets in the U.S. of $1.4 million. In the fourth quarter of 2022,
we recorded a pre-tax loss related to the impairment of long-lived
assets in our Australian segment of $3.8 million and a pre-tax loss
related to the impairment of long-lived assets in the U.S. of $1.9
million.
(b)
Relates to proceeds received and expenses
incurred associated with the dismantlement and sale of the
McClelland Lake Lodge. In the fourth quarter of 2023, we recorded
gains associated with the sale of the McClelland Lake Lodge of
$33.2 million, which are included in Gain on sale of McClelland
Lake Lodge assets, net ($23.5 million) and Other income ($9.7
million) on the unaudited statements of operations. In the third
quarter of 2023, we recorded expenses associated with the sale of
our McClelland Lake Lodge of $4.9 million, which are included in
Gain on sale of McClelland Lake Lodge assets, net on the unaudited
statements of operations.
(2) The term Free Cash Flow is a non-GAAP
financial measure that is defined as net cash flows provided by
operating activities less capital expenditures plus proceeds from
asset sales. Free Cash Flow is not a measure of financial
performance under generally accepted accounting principles and
should not be considered in isolation from or as a substitute for
cash flow measures prepared in accordance with generally accepted
accounting principles or as a measure of profitability or
liquidity. Additionally, Free Cash Flow may not be comparable to
other similarly titled measures of other companies. Civeo has
included Free Cash Flow as a supplemental disclosure because its
management believes that Free Cash Flow provides useful information
regarding the cash flow generating ability of its business relative
to its capital expenditure and debt service obligations. Civeo uses
Free Cash Flow to compare and to understand, manage, make operating
decisions and evaluate Civeo's business. It is also used as a
benchmark for the award of incentive compensation under its annual
incentive compensation plan.
The following table sets forth a
reconciliation of Free Cash Flow to Net Cash Flows Provided by
Operating Activities, which is the most directly comparable measure
of financial performance calculated under generally accepted
accounting principles (in thousands) (unaudited):
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Net Cash Flows Provided by Operating
Activities
$
39,972
$
29,401
$
96,565
$
91,773
Capital expenditures
(10,454
)
(7,955
)
(31,633
)
(25,421
)
Proceeds from disposition of property,
plant and equipment
9,670
4,311
16,740
16,286
Free Cash Flow
$
39,188
$
25,757
$
81,672
$
82,638
(3) The term net leverage ratio is a
non-GAAP financial measure that is defined as net debt divided by
bank-adjusted EBITDA. Net debt, bank-adjusted EBITDA and net
leverage ratio are not financial measures under GAAP and should not
be considered in isolation from or as a substitute for total debt,
net income (loss) or cash flow measures prepared in accordance with
GAAP or as a measure of profitability or liquidity. Additionally,
net debt, bank-adjusted EBITDA and net leverage ratio may not be
comparable to other similarly titled measures of other companies.
Civeo has included net debt, bank-adjusted EBITDA and net leverage
ratio as a supplemental disclosure because its management believes
that this data provides useful information regarding the level of
the Company’s indebtedness and its ability to service debt.
Additionally, per Civeo’s credit agreement, the Company is required
to maintain a net leverage ratio below 3.0x every quarter to remain
in compliance with the credit agreement.
The following table sets forth a
reconciliation of net debt, bank-adjusted EBITDA and net leverage
ratio to the most directly comparable measures of financial
performance calculated under GAAP (in thousands) (unaudited):
As of December 31,
2023
Total debt
$
65,554
Less: Cash and cash equivalents
3,323
Net debt
$
62,231
Adjusted EBITDA for the twelve months
ended December 31, 2023 (a)
$
102,034
Adjustments to Adjusted EBITDA
Stock-based compensation
4,460
Interest income
172
Incremental adjustments for McClelland
Lake Lodge disposition (b)
3,330
Bank-adjusted EBITDA
$
109,996
Net leverage ratio (c)
0.6x
(a) See footnote 1 above for
reconciliation of Adjusted EBITDA to net income (loss) attributable
to Civeo Corporation
(b) Related to incremental adjustments
associated with the sale of the McClelland Lake Lodge assets as
required by our credit facility.
(c) Calculated as net debt divided by
bank-adjusted EBITDA
CIVEO CORPORATION
NON-GAAP RECONCILIATIONS -
GUIDANCE
(in millions)
(unaudited)
Year Ending
December 31, 2024
EBITDA Range (1)
$
86.0
$
96.0
Adjusted EBITDA Range (1)
$
80.0
$
90.0
(1)
The following table sets forth a
reconciliation of estimated EBITDA and Adjusted EBITDA to estimated
net income (loss), which is the most directly comparable measure of
financial performance calculated under generally accepted
accounting principles (in millions) (unaudited):
Year Ending
December 31, 2024
(estimated)
Net income (loss)
$
(6.0
)
$
2.0
Income tax provision
12.0
14.0
Depreciation and amortization
72.0
72.0
Interest expense
8.0
8.0
EBITDA
$
86.0
$
96.0
Adjustments to EBITDA
Net gain on disposition of McClelland Lake
Lodge assets (a)
(6.0
)
(6.0
)
Adjusted EBITDA
$
80.0
$
90.0
(a)
Relates to proceeds received and expenses
incurred associated with the dismantlement and sale of the
McClelland Lake Lodge.
CIVEO CORPORATION
SUPPLEMENTAL QUARTERLY SEGMENT
AND OPERATING DATA
(U.S. dollars in thousands,
except for room counts and average daily rates)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Supplemental Operating Data - Canadian
Segment
Revenues
Accommodation revenue (1)
$
58,926
$
60,106
$
266,926
$
279,455
Mobile facility rental revenue (2)
7,147
23,041
61,899
96,400
Food and other services revenue (3)
6,655
4,866
23,970
20,142
Total Canadian revenues
$
72,728
$
88,013
$
352,795
$
395,997
Costs
Accommodation cost
$
45,251
$
48,049
$
195,843
$
204,592
Mobile facility rental cost
11,337
15,116
49,073
60,055
Food and other services cost
6,120
4,590
21,821
18,372
Indirect other cost
2,637
2,728
10,330
10,557
Total Canadian cost of sales and
services
$
65,345
$
70,483
$
277,067
$
293,576
Average daily rates (4)
$
95
$
93
$
97
$
100
Billed rooms (5)
617,325
621,991
2,710,784
2,759,521
Canadian dollar to U.S. dollar
$
0.734
$
0.736
$
0.741
$
0.769
Supplemental Operating Data - Australian
Segment
Accommodation revenue (1)
$
46,881
$
37,747
$
177,834
$
152,714
Food and other services revenue (3)
42,464
35,351
158,929
125,538
Total Australian revenues
$
89,345
$
73,098
$
336,763
$
278,252
Costs
Accommodation cost
$
21,791
$
18,260
$
85,461
$
73,325
Food and other services cost
38,467
35,121
148,599
119,957
Indirect other cost
2,305
2,024
8,951
7,662
Total Australian cost of sales and
services
$
62,563
$
55,405
$
243,011
$
200,944
Average daily rates (4)
$
74
$
73
$
75
$
75
Billed rooms (5)
637,759
518,925
2,371,763
2,024,068
Australian dollar to U.S. dollar
$
0.651
$
0.657
$
0.665
$
0.695
(1)
Includes revenues related to lodge and
village rooms and hospitality services for owned rooms for the
periods presented.
(2)
Includes revenues related to mobile camps
for the periods presented.
(3)
Includes revenues related to food service,
laundry and water and wastewater treatment services, and facilities
management for the periods presented.
(4)
Average daily rate is based on billed
rooms and accommodation revenue.
(5)
Billed rooms represents total billed days
for Civeo owned Canadian lodges and Australian villages for the
periods presented.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240229153226/en/
Carolyn J. Stone Civeo Corporation Senior Vice President &
Chief Financial Officer 713-510-2400
Grafico Azioni Civeo (NYSE:CVEO)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Civeo (NYSE:CVEO)
Storico
Da Gen 2024 a Gen 2025
