Second Quarter Highlights include:
- Reported second quarter revenues of $178.8 million, net income
of $4.5 million and operating cash flow of $19.4 million;
- Delivered second quarter Adjusted EBITDA of $31.6 million and
free cash flow of $12.9 million;
- Recorded highest quarterly occupancy in Civeo’s Australian
owned-villages since 2014; and
- Reduced debt and continued to return capital to shareholders
through the share repurchase program.
Civeo Corporation (NYSE:CVEO) today reported financial and
operating results for the second quarter ended June 30, 2023.
“In the second quarter of 2023, we delivered financial results
in line with our expectations while continuing to operate safely
and effectively. We generated solid free cash flow in the quarter
which was used to repurchase approximately 212,000 Civeo shares and
pay down $6.5 million in debt. The second quarter’s results
demonstrate the value of our diversified revenue drivers and were
notable for the significant year-over-year growth in our Australian
segment, driven by a 33% increase in integrated services revenue
related to new contracts as well as a 14% increase in Australian
owned-village revenue. This quarter’s Australian village occupancy
marks the highest level we’ve experienced since 2014. The
improvement in Australia in the quarter was offset by lower
LNG-related Canadian lodge occupancy and mobile camp activity,”
said Bradley J. Dodson, Civeo's President and Chief Executive
Officer.
Mr. Dodson concluded, “As we highlighted on the first quarter
earnings conference call, our two strategic priorities for the
remainder of 2023 were mitigating inflationary pressures in our
Western Australian integrated services business and evaluating
commercial alternatives for our Canadian McClelland Lake lodge
assets. I'm happy to report that during the second quarter we made
progress on both. We will provide additional updates regarding
these developments on our earnings conference call later
today.”
Second Quarter 2023 Results
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 second quarter of 2023, Civeo
produced operating cash flow of $19.4 million, Adjusted EBITDA of
$31.6 million and free cash flow of $12.9 million.
By comparison, in the second quarter of 2022, Civeo generated
revenues of $185.0 million and reported net income of $9.1 million,
or $0.54 per diluted share. During the second quarter of 2022,
Civeo produced operating cash flow of $21.7 million, Adjusted
EBITDA of $37.1 million and free cash flow of $17.6 million.
The year-over-year decrease in Adjusted EBITDA in the second
quarter of 2023 was primarily driven by lower Canadian LNG-related
lodge occupancy and mobile camp activity, partially offset by
increased billed rooms at the Australian Bowen Basin villages.
Business Segment Results
(Unless otherwise noted, the following discussion compares the
quarterly results for the second quarter of 2023 to the results for
the second quarter of 2022.)
Canada
During the second quarter of 2023, the Canadian segment
generated revenues of $95.5 million, operating income of $3.2
million and Adjusted EBITDA of $19.8 million, compared to revenues
of $109.0 million, operating income of $11.2 million and Adjusted
EBITDA of $28.7 million in the second quarter of 2022. Results from
the second quarter of 2023 reflect the impact of a weakened
Canadian dollar relative to the U.S. dollar, which decreased
revenues and Adjusted EBITDA by $5.1 million and $1.1 million,
respectively.
On a constant currency basis, the Canadian segment experienced
an 8% period-over-period decrease in revenues largely related to
Canadian mobile camp activity winding down as well as a 6%
year-over-year decrease in Canadian lodge billed rooms. Adjusted
EBITDA for the Canadian segment decreased 27% due to the
aforementioned dynamics as well as inflationary pressures across
the business.
Australia
During the second quarter of 2023, the Australian segment
generated revenues of $82.5 million, operating income of $9.2
million and Adjusted EBITDA of $19.6 million, compared to revenues
of $67.8 million, operating income of $5.5 million and Adjusted
EBITDA of $15.5 million in the second quarter of 2022. Results from
the second quarter of 2023 reflect the impact of a weakened
Australian dollar relative to the U.S. dollar, which decreased
revenues and Adjusted EBITDA by $5.7 million and $1.3 million,
respectively.
On a constant currency basis, the Australian segment experienced
a 30% period-over-period increase in revenues primarily driven by
increased integrated services revenue related to new contracts as
well as a 16% year-over-year increase in village billed rooms.
Adjusted EBITDA for the Australian segment increased 35% due the
aforementioned dynamics, partially offset by a weakened Australian
dollar relative to the U.S. dollar.
Financial Condition
As of June 30, 2023, Civeo had total liquidity of approximately
$89.0 million, consisting of $77.6 million available under its
revolving credit facilities and $11.4 million of cash on hand.
Civeo’s total debt outstanding on June 30, 2023 was $136.1
million, a $6.5 million decrease since March 31, 2023.
Civeo reported a net leverage ratio of 1.2x as of June 30,
2023.
During the second quarter of 2023, Civeo invested $6.9 million
in capital expenditures compared to $5.1 million invested during
the second quarter of 2022. Capital expenditures in both periods
were predominantly related to maintenance spending on the Company’s
lodges and villages.
In the second quarter of 2023, Civeo repurchased approximately
212,000 shares through its share repurchase program for a total of
approximately $4.2 million.
Full Year 2023 Guidance
For the full year of 2023, Civeo is increasing the lower end of
its previously provided revenue and Adjusted EBITDA guidance
ranges. The revised revenue and Adjusted EBITDA guidance ranges are
$640 million to $650 million and $90 million to $95 million,
respectively. The Company is decreasing full year 2023 capital
expenditure guidance to a range of $35 million to $40 million. The
$10 million decrease in capital expenditure guidance is entirely
driven by downward revisions to the scope of the customer-funded
infrastructure upgrades to three Australian villages announced last
quarter. As these upgrades will be fully funded by the customer
upfront, this change will not impact our 2023 free cash flow
guidance.
Conference Call
Civeo will host a conference call to discuss its second 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 using the conference ID 13740254#. 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 13740254#.
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 26 lodges
and villages in Canada, Australia and the U.S., with an aggregate
of approximately 28,000 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 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
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, 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
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Revenues
$
178,843
$
184,954
$
346,434
$
350,632
Costs and expenses:
Cost of sales and services
131,425
130,053
264,939
255,896
Selling, general and administrative
expenses
16,459
17,682
32,649
32,895
Depreciation and amortization expense
20,701
23,083
42,363
43,210
Other operating expense (income)
86
(106
)
215
152
168,671
170,712
340,166
332,153
Operating income
10,172
14,242
6,268
18,479
Interest expense
(3,604
)
(2,608
)
(7,260
)
(5,076
)
Interest income
50
2
82
2
Other income
427
415
2,877
2,111
Income before income taxes
7,045
12,051
1,967
15,516
Income tax expense
(2,878
)
(1,821
)
(4,111
)
(3,378
)
Net income (loss)
4,167
10,230
(2,144
)
12,138
Less: Net income (loss) attributable to
noncontrolling interest
(296
)
662
(254
)
1,160
Net income (loss) attributable to Civeo
Corporation
4,463
9,568
(1,890
)
10,978
Less: Dividends attributable to Class A
preferred shares
—
490
—
977
Net income (loss) attributable to Civeo
common shareholders
$
4,463
$
9,078
$
(1,890
)
$
10,001
Net income (loss) per share attributable
to Civeo Corporation common shareholders:
Basic
$
0.30
$
0.55
$
(0.13
)
$
0.60
Diluted
$
0.30
$
0.54
$
(0.13
)
$
0.60
Weighted average number of common shares
outstanding:
Basic
14,970
14,148
15,064
14,122
Diluted
15,000
14,275
15,064
14,271
CIVEO CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
June 30, 2023
December 31, 2022
(UNAUDITED)
Current assets:
Cash and cash equivalents
$
11,421
$
7,954
Accounts receivable, net
140,090
119,755
Inventories
7,171
6,907
Assets held for sale
8,204
8,653
Prepaid expenses and other current
assets
8,992
10,280
Total current assets
175,878
153,549
Property, plant and equipment, net
275,561
301,890
Goodwill, net
7,522
7,672
Other intangible assets, net
80,635
81,747
Operating lease right-of-use assets
14,023
15,722
Other noncurrent assets
5,343
5,604
Total assets
$
558,962
$
566,184
Current liabilities:
Accounts payable
$
47,763
$
51,087
Accrued liabilities
27,524
39,211
Income taxes
100
178
Current portion of long-term debt
14,664
28,448
Deferred revenue
3,097
991
Other current liabilities
9,534
8,342
Total current liabilities
102,682
128,257
Long-term debt
120,999
102,505
Deferred income taxes
8,628
4,778
Operating lease liabilities
11,446
12,771
Other noncurrent liabilities
19,874
14,172
Total liabilities
263,629
262,483
Shareholders' equity:
Common shares
—
—
Additional paid-in capital
1,626,556
1,624,512
Accumulated deficit
(939,983
)
(930,123
)
Treasury stock
(9,063
)
(9,063
)
Accumulated other comprehensive loss
(385,350
)
(385,187
)
Total Civeo Corporation shareholders'
equity
292,160
300,139
Noncontrolling interest
3,173
3,562
Total shareholders' equity
295,333
303,701
Total liabilities and shareholders'
equity
$
558,962
$
566,184
CIVEO CORPORATION
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
Six Months Ended
June 30,
2023
2022
Cash flows from operating activities:
Net income (loss)
$
(2,144
)
$
12,138
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization
42,363
43,210
Deferred income tax expense
3,985
3,256
Non-cash compensation charge
2,044
1,974
Gains on disposals of assets
(2,445
)
(1,895
)
Provision for credit losses, net of
recoveries
(65
)
(24
)
Other, net
1,242
1,544
Changes in operating assets and
liabilities:
Accounts receivable
(19,669
)
(23,119
)
Inventories
(297
)
(1,180
)
Accounts payable and accrued
liabilities
(14,713
)
(6,713
)
Taxes payable
(78
)
(99
)
Other current and noncurrent assets and
liabilities, net
9,538
(5,461
)
Net cash flows provided by operating
activities
19,761
23,631
Cash flows from investing activities:
Capital expenditures
(11,717
)
(8,647
)
Proceeds from dispositions of property,
plant and equipment
2,719
3,302
Other, net
—
190
Net cash flows used in investing
activities
(8,998
)
(5,155
)
Cash flows from financing activities:
Term loan repayments
(14,942
)
(15,763
)
Revolving credit borrowings (repayments),
net
15,993
(2,576
)
Repurchases of common shares
(7,970
)
(542
)
Taxes paid on vested shares
—
(1,013
)
Net cash flows used in financing
activities
(6,919
)
(19,894
)
Effect of exchange rate changes on
cash
(377
)
(82
)
Net change in cash and cash
equivalents
3,467
(1,500
)
Cash and cash equivalents, beginning of
period
7,954
6,282
Cash and cash equivalents, end of
period
$
11,421
$
4,782
CIVEO CORPORATION
SEGMENT DATA
(in thousands)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Revenues
Canada
$
95,470
$
109,023
$
184,923
$
204,975
Australia
82,544
67,820
159,533
131,349
Other (2)
829
8,111
1,978
14,308
Total revenues
$
178,843
$
184,954
$
346,434
$
350,632
EBITDA (1)
Canada
$
19,818
$
28,659
$
31,829
$
45,878
Australia
19,606
15,537
33,815
30,974
Corporate, other and eliminations (2)
(7,828
)
(7,118
)
(13,882
)
(14,212
)
Total EBITDA
$
31,596
$
37,078
$
51,762
$
62,640
Adjusted EBITDA (1)
Canada
$
19,818
$
28,659
$
31,829
$
45,878
Australia
19,606
15,537
33,815
30,974
Corporate, other and eliminations (2)
(7,828
)
(7,118
)
(13,882
)
(14,212
)
Total adjusted EBITDA
$
31,596
$
37,078
$
51,762
$
62,640
Operating income (loss)
Canada
$
3,177
$
11,197
$
(1,325
)
$
15,235
Australia
9,176
5,452
14,073
11,587
Corporate, other and eliminations (2)
(2,181
)
(2,407
)
(6,480
)
(8,343
)
Total operating income
$
10,172
$
14,242
$
6,268
$
18,479
(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.
CIVEO CORPORATION
NON-GAAP
RECONCILIATIONS
(in thousands)
(unaudited)
Three Months Ended
Six Months Ended
Twelve Months Ended
June 30,
June 30,
June 30,
2023
2022
2023
2022
2023
EBITDA (1)
$
31,596
$
37,078
$
51,762
$
62,640
Adjusted EBITDA (1)
$
31,596
$
37,078
$
51,762
$
62,640
Free Cash Flow (2)
$
12,912
$
17,561
$
10,763
$
18,286
Net Leverage Ratio (3)
1.2x
(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
Six Months Ended
Twelve Months Ended
June 30,
June 30,
June 30,
2023
2022
2023
2022
2023
Net income (loss) attributable to Civeo
Corporation
$
4,463
$
9,568
$
(1,890
)
$
10,978
$
(8,871
)
Income tax expense
2,878
1,821
4,111
3,378
5,135
Depreciation and amortization
20,701
23,083
42,363
43,210
86,367
Interest income
(50
)
(2
)
(82
)
(2
)
(119
)
Interest expense
3,604
2,608
7,260
5,076
13,658
EBITDA
$
31,596
$
37,078
$
51,762
$
62,640
$
96,170
Adjustments to EBITDA
Impairment of long-lived assets (a)
—
—
—
—
5,721
Adjusted EBITDA
$
31,596
$
37,078
$
51,762
$
62,640
$
101,891
(a)
Relates to asset impairments in the fourth quarter of 2022. 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.
(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.
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
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Net Cash Flows Provided by Operating
Activities
$
19,403
$
21,678
$
19,761
$
23,631
Capital expenditures
(6,945
)
(5,055
)
(11,717
)
(8,647
)
Proceeds from dispositions of property,
plant and equipment
454
938
2,719
3,302
Free Cash Flow
$
12,912
$
17,561
$
10,763
$
18,286
(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,
2023
Total debt
$
136,105
Less: Cash and cash equivalents
11,421
Net debt
$
124,684
Adjusted EBITDA for the twelve months
ended June 30, 2023 (a)
$
101,891
Adjustments to Adjusted EBITDA
Stock-based compensation
3,857
Interest income
119
Bank-adjusted EBITDA
$
105,867
Net leverage ratio (b)
1.2x
(a) See footnote 1 above for
reconciliation of Adjusted EBITDA to net income (loss) attributable
to Civeo Corporation
(b) Calculated as net debt divided by
bank-adjusted EBITDA
CIVEO CORPORATION
NON-GAAP RECONCILIATIONS -
GUIDANCE
(in millions)
(unaudited)
Year Ending
December 31, 2023
EBITDA Range (1)
$
90.0
$
95.0
(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):
Year Ending
December 31, 2023
(estimated)
Net income
$
(13.0
)
$
(10.0
)
Income tax expense
11.0
13.0
Depreciation and amortization
79.0
79.0
Interest expense
13.0
13.0
EBITDA
$
90.0
$
95.0
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
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Supplemental Operating Data - Canadian
Segment
Revenues
Accommodation revenue (1)
$
72,355
$
79,431
$
136,583
$
146,625
Mobile facility rental revenue (2)
17,407
24,058
37,438
48,076
Food and other services revenue (3)
5,708
5,534
10,902
10,274
Total Canadian revenues
$
95,470
$
109,023
$
184,923
$
204,975
Costs
Accommodation cost
$
52,431
$
53,108
$
104,529
$
106,235
Mobile facility rental cost
11,598
14,458
26,100
29,342
Food and other services cost
5,060
4,976
9,834
9,335
Indirect other cost
2,756
2,467
5,287
5,303
Total Canadian cost of sales and
services
$
71,845
$
75,009
$
145,750
$
150,215
Average daily rates (4)
$
100
$
103
$
98
$
104
Billed rooms (5)
724,299
771,267
1,367,095
1,406,822
Canadian dollar to U.S. dollar
$
0.745
$
0.784
$
0.742
$
0.787
Supplemental Operating Data -
Australian Segment
Revenues
Accommodation revenue (1)
$
44,342
$
39,052
$
84,941
$
76,651
Food and other services revenue (3)
38,202
28,768
74,592
54,698
Total Australian revenues
$
82,544
$
67,820
$
159,533
$
131,349
Costs
Accommodation cost
$
20,948
$
18,840
$
41,266
$
37,247
Food and other services cost
35,372
27,008
71,234
51,371
Indirect other cost
2,225
1,844
4,353
3,588
Total Australian cost of sales and
services
$
58,545
$
47,692
$
116,853
$
92,206
Average daily rates (4)
$
75
$
77
$
76
$
78
Billed rooms (5)
587,855
505,310
1,110,568
979,784
Australian dollar to U.S. dollar
$
0.668
$
0.715
$
0.676
$
0.719
(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/20230728280636/en/
Carolyn J. Stone Civeo Corporation Senior Vice President &
Chief Financial Officer 713-510-2400
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