Civeo Corporation (NYSE:CVEO) today reported financial and
operating results for the first quarter ended March 31, 2019.
Highlights include:
- Delivered first quarter revenues of $108.6 million
- Reported first quarter net loss of $17.5 million and Adjusted
EBITDA of $15.9 million
- Generated $6.3 million in operating cash flow during the
quarter
- Significantly improved year-over-year results from the U.S.
segment
- Expanded our Sitka Lodge in British Columbia to 754 rooms
during the quarter with 1,100 total rooms expected to be on site by
June 2019
“Despite recent macroeconomic headwinds and winter seasonality,
we are pleased to deliver first quarter revenue and Adjusted EBITDA
in-line with our expectations. Our U.S. business generated
significantly improved year-over-year results as our efforts to
relocate well site assets into the Permian and Mid-Con regions over
the past eighteen months produced materially improved utilization
of those assets. Our Australia business also produced improved
year-over-year revenues and Adjusted EBITDA as Bowen Basin activity
increased with conducive metallurgical coal prices. Our first
quarter Canadian Adjusted EBITDA was up year-over-year, primarily
due to proceeds from an insurance claim, a full quarter of
contribution from the Noralta acquisition and the impact of British
Columbia LNG activity, partially offset by lower activity in our
core oil sands lodges. We will continue to remain vigilant in
adapting to dynamic market conditions in a way that maximizes the
value of our company for our shareholders,” stated Bradley J.
Dodson, Civeo's President and Chief Executive Officer.
Mr. Dodson added, “We expect a sequentially improved second
quarter as increased turnaround and maintenance activity in Canada
and Australia start up for the year coupled with growing
contributions from LNG-related work at our Sitka Lodge in British
Columbia. Looking forward, we seek to continue delivering on our
strategic priorities: generating free cash flow, managing our
balance sheet, investing in attractive growth opportunities in key
end markets and continuing our best-in-class service offerings to
customers.”
First Quarter 2019 Results
In the first quarter of 2019, Civeo generated revenues of $108.6
million and reported a net loss of $17.5 million, or $0.11 per
share. During the first quarter of 2019, Civeo produced operating
cash flow of $6.3 million and Adjusted EBITDA of $15.9 million.
The first quarter of 2019 was in-line with the Company's
expectations as a result of solid operational execution in the U.S.
and Australia.
By comparison, in the first quarter of 2018, Civeo generated
revenues of $101.5 million and reported a net loss of $55.5
million, or $0.42 per share. The net loss included a pre-tax $28.7
million impairment charge and $1.0 million in costs associated with
Civeo’s acquisition of Noralta. During the first quarter of 2018,
Civeo generated operating cash flow of $2.8 million and Adjusted
EBITDA of $10.0 million.
(EBITDA is a non-GAAP financial measure that is defined as net
income plus interest, taxes, depreciation and amortization, and
Adjusted EBITDA is defined as EBITDA adjusted to exclude impairment
charges and certain costs associated with Civeo's acquisition of
Noralta. Please see the reconciliations to GAAP measures at the end
of this news release.)
Business Segment Results
(Unless otherwise noted, the following discussion compares the
quarterly results for the first quarter of 2019 to the results for
the first quarter of 2018. The Adjusted EBITDA amounts discussed
below exclude the fixed asset impairment and Noralta-related
expenses in the first quarter of 2018 noted above.)
Canada
During the first quarter of 2019, the Canadian segment generated
revenues of $66.8 million, operating loss of $11.6 million and
Adjusted EBITDA of $10.2 million, compared to revenues of $63.4
million, operating loss of $40.3 million and Adjusted EBITDA of
$8.9 million in the first quarter of 2018. The first quarter of
2019 results reflect the impact of a weakened Canadian dollar
relative to the U.S. dollar, which decreased revenues by $3.4
million. Included in first quarter 2019 Adjusted EBITDA for the
Canadian segment is $1.5 million of other income for proceeds from
an insurance claim related to the closure of a lodge in 2018 for
maintenance-related operational issues.
The Canadian segment saw softening room demand from major
customers in the core oil sands lodges related to extended holiday
downtime and the continued impact of provincially imposed oil
production curtailments. These headwinds were partially offset by
the inclusion of the Noralta assets, improving contribution of
LNG-related occupancy in British Columbia and a recently announced
food service contract.
Australia
During the first quarter of 2019, the Australian segment
generated revenues of $28.4 million, operating loss of $0.4 million
and Adjusted EBITDA of $9.9 million, compared to revenues of $27.9
million, operating loss of $3.2 million and Adjusted EBITDA of $9.1
million in the first quarter of 2018.
The first quarter of 2019 results reflect the impact of a
weakened Australian dollar relative to the U.S. dollar, which
decreased revenues by $2.9 million. On a constant currency basis,
the Australian segment experienced a 2% period-over-period increase
in revenues driven by strong occupancy with billed rooms up 12%
year-over-year primarily due to continued improvement in
metallurgical coal activity across our Bowen Basin villages.
U.S.
The U.S. segment generated revenues of $13.4 million, operating
loss of $1.0 million and Adjusted EBITDA of $2.8 million in the
first quarter of 2019, compared to revenues of $10.2 million,
operating loss of $3.3 million and an Adjusted EBITDA loss of $0.7
million in the first quarter of 2018. The year-over-year revenue
improvement was primarily driven by increased drilling and
completion activity in the Permian Basin and Mid-Con regions. The
significant year-over-year Adjusted EBITDA improvement in the first
quarter of 2019 is also due to lower year-over-year relocation
expenses for the well site business, which was spent most of 2018
moving well site assets out of legacy northern markets into the
Permian and Mid-Con regions.
Income Taxes
Civeo recognized an income tax benefit of $4.5 million, which
resulted in an effective tax rate of 20.8%, in the first quarter of
2019. During the first quarter of 2018, Civeo recognized an income
tax benefit of $0.7 million, which resulted in an effective tax
rate of 1%.
Financial Condition
As of March 31, 2019, Civeo had total liquidity of
approximately $66.0 million, consisting of $58.0 million available
under its revolving credit facilities and $8.0 million of cash on
hand.
Civeo’s total debt outstanding on March 31, 2019 was $383.5
million, a $4.3 million increase since December 31, 2018. The
increase resulted primarily from a negative foreign currency
translation impact of $7.5 million, partially offset by debt
repayments of $3.2 million made during the quarter.
During the first quarter of 2019, Civeo invested $9.7 million in
capital expenditures, up from $2.7 million during first quarter of
2018. The increase was primarily related to the expansion of its
Sitka lodge in Canada to support LNG Canada related contracts, as
well as selected room reactivations in Australia in anticipation of
increased customer demand in the second half of 2019 going into
2020.
Second Quarter and Full Year 2019 Guidance
For the second quarter of 2019, Civeo expects revenues of $113.0
million to $118.0 million and Adjusted EBITDA of $21.0 million to
$23.5 million. For the full year of 2019, Civeo expects revenues of
$475.0 million to $485.0 million and Adjusted EBITDA of $95.0
million to $101.0 million.
Conference Call
Civeo will host a conference call to discuss its first quarter
2019 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 (800)-289-0438 in the United States or (323)-794-2423
internationally and using the conference ID 9872605#. 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 9872605#.
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 33 lodges
and villages in operation in Canada and Australia, with an
aggregate of approximately 33,000 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 in this news release include the statements regarding
Civeo’s future plans, priorities, contracted revenues and borrowing
needs; growth opportunities and ability to adapt to market
conditions; expectations about activity, market demand and
commodity price environment in 2019; expected benefits of the
agreement with LNG Canada and LNG-related activity and second
quarter and full year 2019 guidance. The forward-looking statements
included herein 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 and developments in the Canadian oil sands,
the level of demand for coal and other natural resources from
Australia, and fluctuations in the current and future prices of
oil, coal, iron ore and other minerals, risks associated with
currency exchange rates, risks associated with the Noralta
acquisition, risks associated with the development of new projects,
including whether such projects will continue in the future, 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 annual report on Form 10-K for
the year ended December 31, 2018 and other reports the Company may
file from time to time with the U.S. Securities and Exchange
Commission. Each forward-looking statement contained in this news
release 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.
- Financial Schedules Follow -
CIVEO
CORPORATIONUNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share
amounts)
|
|
Three Months Ended March 31, |
|
|
2019 |
|
2018 |
|
|
|
|
|
Revenues |
|
$ |
108,550 |
|
|
$ |
101,504 |
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
Cost of
sales and services |
|
79,630 |
|
|
77,701 |
|
Selling,
general and administrative expenses |
|
16,096 |
|
|
16,514 |
|
Depreciation and amortization expense |
|
30,782 |
|
|
30,764 |
|
Impairment expense |
|
— |
|
|
28,661 |
|
Other
operating expense (income) |
|
(65 |
) |
|
379 |
|
|
|
126,443 |
|
|
154,019 |
|
Operating loss |
|
(17,893 |
) |
|
(52,515 |
) |
|
|
|
|
|
Interest expense |
|
(6,635 |
) |
|
(5,822 |
) |
Interest income |
|
27 |
|
|
58 |
|
Other income |
|
2,978 |
|
|
2,259 |
|
Loss
before income taxes |
|
(21,523 |
) |
|
(56,020 |
) |
Income tax benefit |
|
4,484 |
|
|
685 |
|
Net loss |
|
(17,039 |
) |
|
(55,335 |
) |
Less: Net income attributable to noncontrolling interest |
|
— |
|
|
122 |
|
Net loss attributable
to Civeo Corporation |
|
(17,039 |
) |
|
(55,457 |
) |
Less:
Dividends attributable to Class A preferred shares |
|
459 |
|
|
— |
|
Net loss attributable
to Civeo Corporation common shareholders |
|
$ |
(17,498 |
) |
|
$ |
(55,457 |
) |
|
|
|
|
|
Net loss
per share attributable to Civeo Corporation common
shareholders: |
|
|
Basic |
|
$ |
(0.11 |
) |
|
$ |
(0.42 |
) |
Diluted |
|
$ |
(0.11 |
) |
|
$ |
(0.42 |
) |
|
|
|
|
|
Weighted average number
of common shares outstanding: |
|
|
|
|
Basic |
|
165,330 |
|
|
131,631 |
|
Diluted |
|
165,330 |
|
|
131,631 |
|
|
|
|
|
|
|
|
CIVEO
CORPORATIONCONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands)
|
|
March 31, 2019 |
|
December 31, 2018 |
|
|
(UNAUDITED) |
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
7,992 |
|
|
$ |
12,372 |
|
Accounts
receivable, net |
|
73,513 |
|
|
70,223 |
|
Inventories |
|
4,276 |
|
|
4,313 |
|
Assets
held for sale |
|
8,058 |
|
|
10,297 |
|
Prepaid
expenses and other current assets |
|
9,267 |
|
|
10,592 |
|
Total
current assets |
|
103,106 |
|
|
107,797 |
|
|
|
|
|
|
Property, plant and
equipment, net |
|
650,919 |
|
|
658,905 |
|
Goodwill, net |
|
119,158 |
|
|
114,207 |
|
Other intangible
assets, net |
|
111,542 |
|
|
119,409 |
|
Operating lease
right-of-use assets |
|
22,225 |
|
|
— |
|
Other noncurrent
assets |
|
1,048 |
|
|
1,359 |
|
Total
assets |
|
$ |
1,007,998 |
|
|
$ |
1,001,677 |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
30,053 |
|
|
$ |
28,334 |
|
Accrued
liabilities |
|
13,371 |
|
|
15,956 |
|
Income
taxes |
|
572 |
|
|
310 |
|
Current
portion of long-term debt |
|
34,068 |
|
|
33,329 |
|
Deferred
revenue |
|
3,598 |
|
|
3,035 |
|
Other
current liabilities |
|
9,407 |
|
|
5,719 |
|
Total
current liabilities |
|
91,069 |
|
|
86,683 |
|
|
|
|
|
|
Long-term debt |
|
346,841 |
|
|
342,908 |
|
Deferred income
taxes |
|
13,838 |
|
|
18,442 |
|
Operating lease
liabilities |
|
18,529 |
|
|
— |
|
Other noncurrent
liabilities |
|
16,404 |
|
|
18,220 |
|
Total
liabilities |
|
486,681 |
|
|
466,253 |
|
|
|
|
|
|
Shareholders'
equity: |
|
|
|
|
Preferred
shares |
|
56,739 |
|
|
56,280 |
|
Common
shares |
|
— |
|
|
— |
|
Additional paid-in capital |
|
1,564,667 |
|
|
1,562,133 |
|
Accumulated deficit |
|
(728,748 |
) |
|
(710,551 |
) |
Treasury
stock |
|
(5,471 |
) |
|
(1,189 |
) |
Accumulated other comprehensive loss |
|
(365,870 |
) |
|
(371,249 |
) |
Total
Civeo Corporation shareholders' equity |
|
521,317 |
|
|
535,424 |
|
Noncontrolling
interest |
|
— |
|
|
— |
|
Total
shareholders' equity |
|
521,317 |
|
|
535,424 |
|
Total
liabilities and shareholders' equity |
|
$ |
1,007,998 |
|
|
$ |
1,001,677 |
|
|
|
|
|
|
|
|
|
|
CIVEO
CORPORATIONUNAUDITED CONSOLIDATED STATEMENTS OF
CASH FLOWS(in thousands)
|
|
Three Months Ended March 31, |
|
|
2019 |
|
2018 |
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
Net loss |
|
$ |
(17,039 |
) |
|
$ |
(55,335 |
) |
Adjustments to
reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
Depreciation and amortization |
|
30,782 |
|
|
30,764 |
|
Impairment charges |
|
— |
|
|
28,661 |
|
Deferred
income tax provision (benefit) |
|
(4,745 |
) |
|
2 |
|
Non-cash
compensation charge |
|
2,534 |
|
|
2,200 |
|
Gain on
disposals of assets |
|
(1,452 |
) |
|
(2,147 |
) |
Provision
for loss on receivables, net of recoveries |
|
(32 |
) |
|
(35 |
) |
Other,
net |
|
(410 |
) |
|
2,047 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
Accounts
receivable |
|
(2,377 |
) |
|
4,837 |
|
Inventories |
|
87 |
|
|
2,190 |
|
Accounts
payable and accrued liabilities |
|
(1,417 |
) |
|
(10,352 |
) |
Taxes
payable |
|
262 |
|
|
(1,358 |
) |
Other
current assets and liabilities, net |
|
148 |
|
|
1,364 |
|
Net cash
flows provided by operating activities |
|
6,341 |
|
|
2,838 |
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
Capital
expenditures |
|
(9,679 |
) |
|
(2,696 |
) |
Payments
related to acquisitions, net of cash acquired |
|
— |
|
|
(23,771 |
) |
Proceeds
from disposition of property, plant and equipment |
|
4,457 |
|
|
2,718 |
|
Other,
net |
|
1,518 |
|
|
110 |
|
Net cash
flows used in investing activities |
|
(3,704 |
) |
|
(23,639 |
) |
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
Term loan
repayments |
|
(8,608 |
) |
|
(4,079 |
) |
Revolving
credit borrowings (repayments), net |
|
5,396 |
|
|
35,641 |
|
Taxes
paid on vested shares |
|
(4,282 |
) |
|
(594 |
) |
Net cash
flows provided by (used in) financing activities |
|
(7,494 |
) |
|
30,968 |
|
|
|
|
|
|
Effect of exchange rate
changes on cash |
|
477 |
|
|
(837 |
) |
Net change in cash and
cash equivalents |
|
(4,380 |
) |
|
9,330 |
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period |
|
12,372 |
|
|
32,647 |
|
Cash and cash
equivalents, end of period |
|
$ |
7,992 |
|
|
$ |
41,977 |
|
|
|
|
|
|
|
|
|
|
CIVEO CORPORATIONSEGMENT
DATA(in
thousands)(unaudited)
|
|
Three Months Ended March 31, |
|
|
2019 |
|
2018 |
Revenues |
|
|
|
|
Canada |
|
$ |
66,770 |
|
|
$ |
63,390 |
|
Australia |
|
28,421 |
|
|
27,875 |
|
United
States |
|
13,359 |
|
|
10,239 |
|
Total revenues |
|
$ |
108,550 |
|
|
$ |
101,504 |
|
|
|
|
|
|
EBITDA (1) |
|
|
|
|
Canada |
|
$ |
10,173 |
|
|
$ |
(20,026 |
) |
Australia |
|
9,853 |
|
|
9,107 |
|
United
States |
|
2,796 |
|
|
(738 |
) |
Corporate and
eliminations |
|
(6,955 |
) |
|
(7,957 |
) |
Total EBITDA |
|
$ |
15,867 |
|
|
$ |
(19,614 |
) |
|
|
|
|
|
Adjusted EBITDA
(1) |
|
|
|
|
Canada |
|
$ |
10,173 |
|
|
$ |
8,903 |
|
Australia |
|
9,853 |
|
|
9,107 |
|
United
States |
|
2,796 |
|
|
(738 |
) |
Corporate and
eliminations |
|
(6,955 |
) |
|
(7,259 |
) |
Total adjusted EBITDA |
|
$ |
15,867 |
|
|
$ |
10,013 |
|
|
|
|
|
|
Operating income
(loss) |
|
|
|
|
Canada |
|
$ |
(11,595 |
) |
|
$ |
(40,303 |
) |
Australia |
|
(385 |
) |
|
(3,166 |
) |
United
States |
|
(961 |
) |
|
(3,264 |
) |
Corporate and
eliminations |
|
(4,952 |
) |
|
(5,782 |
) |
Total operating loss |
|
$ |
(17,893 |
) |
|
$ |
(52,515 |
) |
|
|
|
|
|
(1) Please
see Non-GAAP Reconciliation Schedule. |
|
CIVEO
CORPORATIONNON-GAAP
RECONCILIATIONS(in
thousands)(unaudited)
|
|
Three Months Ended March 31, |
|
|
2019 |
|
2018 |
|
|
|
|
|
EBITDA (1) |
|
$ |
15,867 |
|
|
$ |
(19,614 |
) |
Adjusted EBITDA
(1) |
|
$ |
15,867 |
|
|
$ |
10,013 |
|
Free Cash Flow (2) |
|
$ |
1,119 |
|
|
$ |
2,860 |
|
|
|
|
|
|
|
|
|
|
(1) The term EBITDA is defined as net income (loss) attributable
to Civeo Corporation plus interest, taxes, depreciation and
amortization. The term Adjusted EBITDA is defined as EBITDA
adjusted to exclude impairment charges and certain costs associated
with Civeo's acquisition of Noralta. 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 the 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 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 March 31, |
|
|
2019 |
|
2018 |
|
|
|
|
|
Net income (loss)
attributable to Civeo Corporation |
|
$ |
(17,039 |
) |
|
$ |
(55,457 |
) |
Income tax provision
(benefit) |
|
(4,484 |
) |
|
(685 |
) |
Depreciation and
amortization |
|
30,782 |
|
|
30,764 |
|
Interest income |
|
(27 |
) |
|
(58 |
) |
Interest expense |
|
6,635 |
|
|
5,822 |
|
EBITDA |
|
$ |
15,867 |
|
|
$ |
(19,614 |
) |
Adjustments to
EBITDA |
|
|
|
|
Impairment
expense (a) |
|
— |
|
|
28,661 |
|
Noralta
transaction costs (b) |
|
— |
|
|
966 |
|
Adjusted EBITDA |
|
$ |
15,867 |
|
|
$ |
10,013 |
|
(a) Relates to the first quarter 2018 impairment of assets in
Canada. We recorded a pre-tax loss of $28.7 million ($20.9
million after-tax, or $0.13 per diluted share), which is included
in Impairment expense on the unaudited statements of
operations.
(b) Relates to costs incurred associated with Civeo's
acquisition of Noralta. During the first quarter 2018, the
$1.0 million of costs ($0.9 million after-tax, or $0.01, per
diluted share), which are primarily corporate in nature, are
included in Selling, general and administrative expenses on the
unaudited statements of operations.
(2) The term Free Cash Flow 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 Free Cash Flow 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 March 31, |
|
|
2019 |
|
2018 |
|
|
|
|
|
Net Cash Flows Provided
by Operating Activities |
|
$ |
6,341 |
|
|
$ |
2,838 |
|
Capital
expenditures, including capitalized interest |
|
(9,679 |
) |
|
(2,696 |
) |
Proceeds from
disposition of property, plant and equipment |
|
4,457 |
|
|
2,718 |
|
Free Cash
Flow |
|
$ |
1,119 |
|
|
$ |
2,860 |
|
|
|
|
|
|
|
|
|
|
CIVEO
CORPORATIONNON-GAAP RECONCILIATIONS -
GUIDANCE(in
millions)(unaudited)
|
|
Three Months
Ending June 30, 2019 |
|
Year Ending
December 31, 2019 |
EBITDA Range (1) |
|
$ |
21.0 |
|
|
$ |
23.5 |
|
|
$ |
95.0 |
|
|
$ |
101.0 |
|
(1) (1) The following table sets forth a reconciliation of
estimated EBITDA to estimated net loss, which is the most directly
comparable measure of financial performance calculated under
generally accepted accounting principles (in millions)
(unaudited):
|
|
Three Months
Ending June 30, 2019 |
|
Year Ending
December 31, 2019 |
|
|
(estimated) |
|
(estimated) |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(16.0 |
) |
|
$ |
(14.5 |
) |
|
$ |
(53.0 |
) |
|
$ |
(50.0 |
) |
Income tax provision
(benefit) |
|
(3.0 |
) |
|
(2.0 |
) |
|
(12.0 |
) |
|
(9.0 |
) |
Depreciation and
amortization |
|
33.5 |
|
|
33.5 |
|
|
135.0 |
|
|
135.0 |
|
Interest expense |
|
6.5 |
|
|
6.5 |
|
|
25.0 |
|
|
25.0 |
|
EBITDA |
|
$ |
21.0 |
|
|
$ |
23.5 |
|
|
$ |
95.0 |
|
|
$ |
101.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CIVEO
CORPORATIONSUPPLEMENTAL QUARTERLY SEGMENT AND
OPERATING DATA(U.S. dollars in thousands, except
for room counts and average daily
rates)(unaudited)
|
|
Three Months Ended March 31, |
|
|
2019 |
|
2018 |
|
|
|
|
|
Supplemental Operating
Data - Canadian Segment |
|
|
|
|
Revenues |
|
|
|
|
Accommodation revenue
(1) |
|
$ |
57,652 |
|
|
$ |
50,647 |
|
Mobile facility rental
revenue (2) |
|
781 |
|
|
7,794 |
|
Food and other services
revenue (3) |
|
8,337 |
|
|
3,739 |
|
Manufacturing revenue
(4) |
|
— |
|
|
1,210 |
|
Total Canadian revenues |
|
$ |
66,770 |
|
|
$ |
63,390 |
|
|
|
|
|
|
Costs |
|
|
|
|
Accommodation cost |
|
$ |
42,217 |
|
|
$ |
37,038 |
|
Mobile
facility rental cost |
|
649 |
|
|
7,404 |
|
Food and
other services cost |
|
8,236 |
|
|
3,218 |
|
Manufacturing cost |
|
189 |
|
|
1,239 |
|
Indirect
other cost |
|
3,356 |
|
|
2,997 |
|
Total
Canadian cost of sales and services |
|
$ |
54,647 |
|
|
$ |
51,896 |
|
|
|
|
|
|
Average daily
rates (5) |
|
$ |
92 |
|
|
$ |
88 |
|
|
|
|
|
|
Billed rooms
(6) |
|
625,992 |
|
|
572,888 |
|
|
|
|
|
|
Canadian dollar
to U.S. dollar |
|
$ |
0.752 |
|
|
$ |
0.791 |
|
|
|
|
|
|
Supplemental Operating
Data - Australian Segment |
|
|
|
|
Accommodation revenue (1) |
|
$ |
28,421 |
|
|
$ |
27,698 |
|
Food and other services revenue (3) |
|
— |
|
|
177 |
|
Total Australian revenues |
|
$ |
28,421 |
|
|
$ |
27,875 |
|
|
|
|
|
|
Costs |
|
|
|
|
Accommodation cost |
|
$ |
14,397 |
|
|
$ |
14,506 |
|
Food and
other services cost |
|
— |
|
|
163 |
|
Indirect
other cost |
|
602 |
|
|
664 |
|
Total
Australian cost of sales and services |
|
$ |
14,999 |
|
|
$ |
15,333 |
|
|
|
|
|
|
Average daily
rates (5) |
|
$ |
74 |
|
|
$ |
81 |
|
|
|
|
|
|
Billed rooms
(6) |
|
382,581 |
|
|
341,579 |
|
|
|
|
|
|
Australian
dollar to U.S. dollar |
|
$ |
0.712 |
|
|
$ |
0.786 |
|
|
|
|
|
|
|
|
|
|
(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 for the periods
presented.(4) Includes revenues related to modular construction and
offshore manufacturing services for the periods presented.(5)
Average daily rate is based on billed rooms and accommodation
revenue.(6) Billed rooms represents total billed days for the
periods presented.
CONTACT:
Frank C. SteiningerCiveo CorporationExecutive Vice President
& Chief Financial Officer713-510-2400
Jeffrey SpittelFTI Consulting713-353-5407
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