Second Quarter Highlights include:
- Reported revenues of $188.7 million, net income of $8.2 million
and operating cash flow of $32.4 million;
- Delivered Adjusted EBITDA of $31.3 million and free cash flow
of $30.9 million;
- Australian segment continues to deliver strong growth, with
revenues up 32% on a year-over-year basis, driven by both increased
occupancy at Civeo-owned villages and continued growth in our
integrated services offering; and
- Returned $10.3 million of capital to shareholders in the
quarter through the quarterly dividend and share repurchases.
Civeo Corporation (NYSE:CVEO) today reported financial and
operating results for the second quarter ended June 30, 2024.
“In the second quarter of 2024, we delivered increased billed
rooms year-over-year in our Canadian lodges and Australian
owned-villages as well as increased Australian integrated services
business with existing clients. These year-over-year improvements
were offset by the expected decline in LNG-related Canadian mobile
camp activity and the sale of McClelland Lake Lodge,” said Bradley
J. Dodson, Civeo's President and Chief Executive Officer.
Mr. Dodson concluded, “We generated significant free cash flow
in the quarter and returned $10.3 million of capital to
shareholders. Australia continues to produce strong results in
2024, for both Civeo-owned villages and integrated services. At the
same time, as expected, our Canadian segment is facing headwinds
with the wind down of LNG-related construction activity. Our
near-term focus has been and will continue to be managing through
the wildfire activity in northern Alberta, Canada. Our employees
are working around-the-clock to ensure the safety of our guests,
first responders and assets, and while this is a fluid situation,
we are not currently expecting a material financial impact to
Civeo, negative or positive.”
Second Quarter 2024 Results
In the second quarter of 2024, Civeo generated revenues of
$188.7 million and reported net income of $8.2 million, or $0.56
per diluted share. During the second quarter of 2024, Civeo
produced operating cash flow of $32.4 million, Adjusted EBITDA of
$31.3 million and free cash flow of $30.9 million.
By comparison, in the second quarter of 2023, Civeo generated
revenues of $178.8 million and reported net income of $4.5 million,
or $0.30 per diluted share. During the same quarter, Civeo produced
operating cash flow of $19.4 million, Adjusted EBITDA of $31.6
million and free cash flow of $12.9 million.
The year-over-year modest decrease in Adjusted EBITDA in the
second quarter of 2024 was primarily driven by the expected
wind-down of LNG-related Canadian mobile camp activity, including
$1.4 million in mobile camp demobilization costs. This decrease was
largely offset by increased billed rooms at the Canadian lodges and
Australian owned-villages coupled with increased Australian
integrated services revenues related to new business with existing
clients.
Business Segment Results
(Unless otherwise noted, the following discussion compares the
quarterly results for the second quarter of 2024 to the results for
the second quarter of 2023.)
Canada
During the second quarter of 2024, the Canadian segment
generated revenues of $79.5 million, operating income of $4.9
million and Adjusted EBITDA of $17.2 million, compared to revenues
of $95.5 million, operating income of $3.2 million and Adjusted
EBITDA of $19.8 million in the second quarter of 2023.
The Canadian segment experienced a 17% period-over-period
decrease in revenues and a 13% decrease in Adjusted EBITDA driven
by the anticipated wind-down of LNG-related mobile camp activity,
including $1.4 million of mobile camp demobilization costs.
Australia
During the second quarter of 2024, the Australian segment
generated revenues of $108.6 million, operating income of $11.7
million and Adjusted EBITDA of $21.6 million, compared to revenues
of $82.5 million, operating income of $9.2 million and Adjusted
EBITDA of $19.6 million in the second quarter of 2023.
Revenue from the Australian segment increased 32%
period-over-period and Adjusted EBITDA was up 10% driven by a 6%
year-over-year increase in billed rooms and increased integrated
services activity from existing clients, building on a history of
substantial multi-year growth.
Financial Condition and Capital
Allocation
As of June 30, 2024, Civeo had total liquidity of approximately
$159.0 million, consisting of $151.5 million available under its
revolving credit facilities and $7.4 million of cash on hand.
Civeo’s total debt outstanding on June 30, 2024 was $47.5
million, a $31.1 million decrease since March 31, 2024. Civeo's net
debt on June 30, 2024 was $40.1 million, a $21.8 million decrease
since March 31, 2024.
Civeo reported a net leverage ratio of 0.3x as of June 30,
2024.
During the second quarter of 2024, Civeo invested $5.3 million
in capital expenditures compared to $6.9 million invested during
the second quarter of 2023. Capital expenditures in both periods
were primarily related to maintenance spending on the Company’s
lodges and villages. Capital expenditures in the second quarter of
2024 also included $0.5 million related to customer-funded
infrastructure upgrades at three Australian villages, compared to
$0.8 million in the second quarter of 2023.
The Company announced today that its board of directors has
declared a quarterly cash dividend of $0.25 per common share,
payable on September 16, 2024 to shareholders of record as of close
of business on August 26, 2024. For purposes of the Income Tax Act
(Canada), the Company has designated this dividend to be an
"eligible dividend".
In the second quarter of 2024, Civeo repurchased approximately
274,000 shares through its share repurchase program for
approximately $6.6 million.
Full Year 2024 Guidance
For the full year of 2024, Civeo is maintaining its previously
provided revenue and Adjusted EBITDA guidance ranges of $625
million to $700 million and $80 million to $90 million,
respectively. The Company is also maintaining its full year 2024
capital expenditure guidance of $30 million to $35 million.
Conference Call
Civeo will host a conference call to discuss its second quarter
2024 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 13747979#. 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 13747979#.
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, including wildfires, 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
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Revenues
$
188,713
$
178,843
$
354,833
$
346,434
Costs and expenses:
Cost of sales and services
140,834
131,425
271,279
264,939
Selling, general and administrative
expenses
17,433
16,459
36,073
32,649
Depreciation and amortization expense
17,059
20,701
33,829
42,363
Impairment expense
—
—
7,823
—
(Gain) loss on sale of McClelland Lake
Lodge assets, net
87
—
(5,988
)
—
Other operating expense
188
86
486
215
175,601
168,671
343,502
340,166
Operating income
13,112
10,172
11,331
6,268
Interest expense
(2,203
)
(3,604
)
(4,563
)
(7,260
)
Interest income
54
50
97
82
Other income
310
427
763
2,877
Income before income taxes
11,273
7,045
7,628
1,967
Income tax expense
(3,786
)
(2,878
)
(5,337
)
(4,111
)
Net income (loss)
7,487
4,167
2,291
(2,144
)
Less: Net loss attributable to
noncontrolling interest
(740
)
(296
)
(803
)
(254
)
Net income (loss) attributable to Civeo
Corporation
$
8,227
$
4,463
$
3,094
$
(1,890
)
Net income (loss) per share attributable
to Civeo Corporation common shareholders:
Basic
$
0.57
$
0.30
$
0.21
$
(0.13
)
Diluted
$
0.56
$
0.30
$
0.21
$
(0.13
)
Weighted average number of common shares
outstanding:
Basic
14,518
14,970
14,586
15,064
Diluted
14,600
15,000
14,678
15,064
CIVEO CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
June 30, 2024
December 31, 2023
(UNAUDITED)
Current assets:
Cash and cash equivalents
$
7,435
$
3,323
Accounts receivable, net
124,337
143,222
Inventories
8,353
6,982
Assets held for sale
—
5,873
Prepaid expenses and other current
assets
11,468
15,846
Total current assets
151,593
175,246
Property, plant and equipment, net
236,842
270,563
Goodwill, net
7,538
7,690
Other intangible assets, net
72,707
77,999
Operating lease right-of-use assets
11,709
12,286
Other noncurrent assets
2,845
4,278
Total assets
$
483,234
$
548,062
Current liabilities:
Accounts payable
$
47,151
$
58,699
Accrued liabilities
32,207
40,523
Income taxes payable
9,685
3,831
Deferred revenue
4,187
4,849
Other current liabilities
4,855
6,334
Total current liabilities
98,085
114,236
Long-term debt
47,489
65,554
Deferred income taxes
7,176
11,803
Operating lease liabilities
8,571
9,264
Other noncurrent liabilities
22,525
24,167
Total liabilities
183,846
225,024
Shareholders' equity:
Common shares
—
—
Additional paid-in capital
1,630,130
1,628,972
Accumulated deficit
(933,346
)
(919,023
)
Treasury stock
(10,130
)
(9,063
)
Accumulated other comprehensive loss
(389,229
)
(380,715
)
Total Civeo Corporation shareholders'
equity
297,425
320,171
Noncontrolling interest
1,963
2,867
Total shareholders' equity
299,388
323,038
Total liabilities and shareholders'
equity
$
483,234
$
548,062
CIVEO CORPORATION
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
Six Months Ended
June 30,
2024
2023
Cash flows from operating activities:
Net income (loss)
$
2,291
$
(2,144
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization
33,829
42,363
Impairment charges
7,823
—
Deferred income tax expense (benefit)
(4,344
)
3,985
Non-cash compensation charge
1,158
2,044
Gain on disposals of assets
(6,104
)
(2,445
)
Provision (benefit) for credit losses, net
of recoveries
34
(65
)
Other, net
1,257
1,242
Changes in operating assets and
liabilities:
Accounts receivable
15,229
(19,669
)
Inventories
(1,525
)
(297
)
Accounts payable and accrued
liabilities
(17,166
)
(14,713
)
Taxes payable
5,836
(78
)
Other current and noncurrent assets and
liabilities, net
25
9,538
Net cash flows provided by operating
activities
38,343
19,761
Cash flows from investing activities:
Capital expenditures
(10,929
)
(11,717
)
Proceeds from dispositions of property,
plant and equipment
10,617
2,719
Other, net
183
—
Net cash flows used in investing
activities
(129
)
(8,998
)
Cash flows from financing activities:
Term loan repayments
—
(14,942
)
Revolving credit borrowings (repayments),
net
(15,825
)
15,993
Dividends paid
(7,368
)
—
Repurchases of common shares
(9,852
)
(7,970
)
Taxes paid on vested shares
(1,067
)
—
Net cash flows used in financing
activities
(34,112
)
(6,919
)
Effect of exchange rate changes on
cash
10
(377
)
Net change in cash and cash
equivalents
4,112
3,467
Cash and cash equivalents, beginning of
period
3,323
7,954
Cash and cash equivalents, end of
period
$
7,435
$
11,421
CIVEO CORPORATION
SEGMENT DATA
(in thousands)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Revenues
Canada
$
79,527
$
95,470
$
146,687
$
184,923
Australia
108,608
82,544
200,345
159,533
Other
578
829
7,801
1,978
Total revenues
$
188,713
$
178,843
$
354,833
$
346,434
EBITDA (1)
Canada
$
17,154
$
19,818
$
28,773
$
31,829
Australia
21,551
19,606
36,073
33,815
Corporate, other and eliminations
(7,484
)
(7,828
)
(18,120
)
(13,882
)
Total EBITDA
$
31,221
$
31,596
$
46,726
$
51,762
Adjusted EBITDA (1)
Canada
$
17,241
$
19,818
$
22,785
$
31,829
Australia
21,551
19,606
41,823
33,815
Corporate, other and eliminations
(7,484
)
(7,828
)
(16,047
)
(13,882
)
Total adjusted EBITDA
$
31,308
$
31,596
$
48,561
$
51,762
Operating income (loss)
Canada
$
4,927
$
3,177
$
5,481
$
(1,325
)
Australia
11,717
9,176
17,684
14,073
Corporate, other and eliminations
(3,532
)
(2,181
)
(11,834
)
(6,480
)
Total operating income (loss)
$
13,112
$
10,172
$
11,331
$
6,268
(1) Please see Non-GAAP Reconciliation
Schedule.
CIVEO CORPORATION
NON-GAAP
RECONCILIATIONS
(in thousands)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
Twelve Months Ended June
30,
2024
2023
2024
2023
2024
EBITDA (1)
$
31,221
$
31,596
$
46,726
$
51,762
$
123,901
Adjusted EBITDA (1)
$
31,308
$
31,596
$
48,561
$
51,762
$
98,833
Free Cash Flow (2)
$
30,881
$
12,912
$
38,031
$
10,763
Net Leverage Ratio (3)
0.3x
(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
June 30,
Six Months Ended
June 30,
Twelve Months Ended June
30,
2024
2023
2024
2023
2024
Net income (loss) attributable to Civeo
Corporation
$
8,227
$
4,463
$
3,094
$
(1,890
)
$
35,141
Income tax expense
3,786
2,878
5,337
4,111
11,859
Depreciation and amortization
17,059
20,701
33,829
42,363
66,608
Interest income
(54
)
(50
)
(97
)
(82
)
(187
)
Interest expense
2,203
3,604
4,563
7,260
10,480
EBITDA
$
31,221
$
31,596
$
46,726
$
51,762
$
123,901
Adjustments to EBITDA
Impairment of long-lived assets (a)
—
—
7,823
—
9,218
Net (gain) loss on disposition of
McClelland Lake Lodge assets (b)
87
—
(5,988
)
—
(34,286
)
Adjusted EBITDA
$
31,308
$
31,596
$
48,561
$
51,762
$
98,833
(a)
Relates to asset impairments in the first
quarter of 2024 and the fourth quarter of 2023. In the first
quarter of 2024, we recorded a pre-tax loss related to the
impairment of long-lived assets in our Australian segment of $5.7
million and a pre-tax loss related to the impairment of long-lived
assets in the U.S. of $2.1 million. 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.
(b)
Relates to proceeds received and expenses
incurred associated with the dismantlement and sale of the
McClelland Lake Lodge. In the second quarter of 2024, we recorded
expenses associated with the sale of our McClelland Lake Lodge of
$0.1 million, which are included in (Gain) loss on sale of
McClelland Lake Lodge assets, net on the unaudited statements of
operations. In the first quarter of 2024, we recorded gains
associated with the sale of the McClelland Lake Lodge of $6.1
million, which are included in (Gain) loss on sale of McClelland
Lake Lodge assets, net on the unaudited statements of operations.
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) loss 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) loss 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
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Net Cash Flows Provided by Operating
Activities
$
32,358
$
19,403
$
38,343
$
19,761
Capital expenditures
(5,316
)
(6,945
)
(10,929
)
(11,717
)
Proceeds from dispositions of property,
plant and equipment
3,839
454
10,617
2,719
Free Cash Flow
$
30,881
$
12,912
$
38,031
$
10,763
(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 June 30,
2024
Total debt
$
47,489
Less: Cash and cash equivalents
7,435
Net debt
$
40,054
Adjusted EBITDA for the twelve months
ended June 30, 2024 (a)
$
98,833
Adjustments to Adjusted EBITDA
Stock-based compensation
3,573
Interest income
187
Incremental adjustments for McClelland
Lake Lodge disposition (b)
13,041
Bank-adjusted EBITDA
$
115,634
Net leverage ratio (c)
0.3x
(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)
$
78.2
$
88.2
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 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 loss
$
(11.8
)
$
(3.8
)
Income tax expense
12.0
14.0
Depreciation and amortization
70.0
70.0
Interest expense
8.0
8.0
EBITDA
$
78.2
$
88.2
Adjustments to EBITDA
Impairment expense
7.8
7.8
Net gain on disposition of McClelland Lake
Lodge assets
(6.0
)
(6.0
)
Adjusted EBITDA
$
80.0
$
90.0
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
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Supplemental Operating Data - Canadian
Segment
Revenues
Accommodation revenue (1)
$
72,259
$
72,355
$
132,046
$
136,583
Mobile facility rental revenue (2)
356
17,407
1,350
37,438
Food and other services revenue (3)
6,912
5,708
13,291
10,902
Total Canadian revenues
$
79,527
$
95,470
$
146,687
$
184,923
Costs
Accommodation cost
$
48,197
$
52,431
$
93,917
$
104,529
Mobile facility rental cost
1,401
11,598
4,052
26,100
Food and other services cost
6,314
5,060
12,454
9,834
Indirect other cost
2,937
2,756
5,683
5,287
Total Canadian cost of sales and
services
$
58,849
$
71,845
$
116,106
$
145,750
Average daily rates (4)
$
96
$
100
$
97
$
98
Billed rooms (5)
752,364
724,299
1,362,396
1,367,095
Canadian dollar to U.S. dollar
$
0.731
$
0.745
$
0.736
$
0.742
Supplemental Operating Data -
Australian Segment
Revenues
Accommodation revenue (1)
$
48,914
$
44,342
$
96,021
$
84,941
Food and other services revenue (3)
59,694
38,202
104,324
74,592
Total Australian revenues
$
108,608
$
82,544
$
200,345
$
159,533
Costs
Accommodation cost
$
23,613
$
20,948
$
46,207
$
41,266
Food and other services cost
54,527
35,372
95,431
71,234
Indirect other cost
2,897
2,225
5,512
4,353
Total Australian cost of sales and
services
$
81,037
$
58,545
$
147,150
$
116,853
Average daily rates (4)
$
78
$
75
$
77
$
76
Billed rooms (5)
625,353
587,855
1,239,289
1,110,568
Australian dollar to U.S. dollar
$
0.659
$
0.668
$
0.658
$
0.676
(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 assets
for the periods presented.
(3)
Includes revenues related to food
services, 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 owned assets for the periods presented.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240730401166/en/
Regan Nielsen Civeo Corporation Vice President, Corporate
Development & Investor Relations 713-510-2400
Civeo (NYSE:CVEO)
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Civeo (NYSE:CVEO)
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