First Quarter Highlights include:
- Reported revenues of $166.1 million, net loss of $5.1 million
and operating cash flow of $6.0 million;
- Delivered Adjusted EBITDA of $17.3 million and free cash flow
of $7.2 million;
- Continued to return capital to shareholders through the
quarterly dividend and share repurchase program; and
- Completed the previously announced sale of McClelland Lake
Lodge in January and continue to assess additional potential
associated revenue opportunities.
Civeo Corporation (NYSE:CVEO) today reported financial and
operating results for the first quarter ended March 31, 2024.
"Through continued safe and effective operations, our first
quarter 2024 results were in line with expectations. The first
quarter results were highlighted by the significant year-over-year
improvement in our Australian segment with revenues up 19%,
operating income up 22% and Adjusted EBITDA up 43% as a result of
increased activity related to new contract awards as well as
improved margins, up 360 basis points year-over-year. The
year-over-year improvements in Australian results were largely
offset by declines in revenues and Adjusted EBITDA in Canada with
the sale of McClelland Lake Lodge and reduced LNG-related mobile
camp activity." said Bradley J. Dodson, Civeo's President and Chief
Executive Officer.
Mr. Dodson concluded, "Our focus remains on enhancing our
existing operations while we evaluate growth opportunities across
our portfolio and return cash flow to shareholders through our
quarterly dividend and opportunistic share repurchases."
First Quarter 2024 Results
In the first quarter of 2024, Civeo generated revenues of $166.1
million and reported a net loss of $5.1 million, or $0.35 per
diluted share. The loss results in part from $7.8 million in costs
associated with impairments on assets in Australia and the U.S.
During the first quarter of 2024, Civeo produced operating cash
flow of $6.0 million, Adjusted EBITDA of $17.3 million and free
cash flow of $7.2 million.
By comparison, in the first quarter of 2023, Civeo generated
revenues of $167.6 million and reported a net loss of $6.4 million,
or $0.42 per diluted share. During the first quarter of 2023, Civeo
produced operating cash flow of $0.4 million, Adjusted EBITDA of
$20.2 million and negative free cash flow of $2.1 million.
The year-over-year decrease in Adjusted EBITDA in the first
quarter of 2024 was primarily driven by the expected wind-down of
LNG-related Canadian mobile camp activity, including $1.8 million
in mobile camp demobilization costs, partially offset by increased
billed rooms at the Australian owned-villages and improved margins
in both the owned-villages and the Australian integrated services
business.
Business Segment Results
(Unless otherwise noted, the following discussion compares the
quarterly results for the first quarter of 2024 to the results for
the first quarter of 2023.)
Canada
During the first quarter of 2024, the Canadian segment generated
revenues of $67.2 million, operating income of $0.6 million and
Adjusted EBITDA of $5.5 million, compared to revenues of $89.5
million, operating loss of $4.5 million and Adjusted EBITDA of
$12.0 million in the first quarter of 2023.
The Canadian segment experienced a 25% period-over-period
decrease in revenues and a 54% decrease in Adjusted EBITDA driven
by the wind-down of LNG-related mobile camp activity, including
$1.8 million of mobile camp demobilization costs.
Australia
During the first quarter of 2024, the Australian segment
generated revenues of $91.7 million, operating income of $6.0
million and Adjusted EBITDA of $20.3 million, compared to revenues
of $77.0 million, operating income of $4.9 million and Adjusted
EBITDA of $14.2 million in the first quarter of 2023. Results for
the first quarter of 2024 reflect the impact of a weakened
Australian dollar relative to the U.S. dollar, which decreased
revenues and Adjusted EBITDA by $3.7 million and $0.8 million,
respectively. Operating income for the first quarter of 2024
includes asset impairment charges of $5.7 million.
Revenue from the Australian segment increased 19%
period-over-period and Adjusted EBITDA was up 43% driven by a 17%
year-over-year increase in billed rooms, increased integrated
services activity and improved margins for both Civeo's
owned-villages and its integrated services business.
Financial Condition and Capital
Allocation
As of March 31, 2024, Civeo had total liquidity of approximately
$136.9 million, consisting of $120.1 million available under its
revolving credit facilities and $16.8 million of cash on hand.
Civeo’s total debt outstanding on March 31, 2024 was $78.6
million, a $13.0 million increase since December 31, 2023. Civeo's
net debt on March 31, 2024 was $61.8 million, a $0.4 million
decrease since December 31, 2023.
Civeo reported a net leverage ratio of 0.6x as of March 31,
2024, flat with the net leverage ratio at December 31, 2023.
During the first quarter of 2024, Civeo invested $5.6 million in
capital expenditures compared to $4.8 million invested during the
first 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 first quarter of 2024
also included $2.4 million related to customer-funded
infrastructure upgrades at three Australian villages.
The Company announced today that its board of directors has
declared a quarterly cash dividend of $0.25 per common share,
payable on June 17, 2024 to shareholders of record as of close of
business on May 27, 2024. For purposes of the Income Tax Act
(Canada), the Company has designated this dividend to be an
"eligible dividend".
In the first quarter of 2024, Civeo repurchased approximately
133,000 shares through its share repurchase program for
approximately $3.2 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 first 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 13746099#. 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 13746099#.
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
March 31,
2024
2023
Revenues
$
166,120
$
167,591
Costs and expenses:
Cost of sales and services
130,445
133,514
Selling, general and administrative
expenses
18,640
16,190
Depreciation and amortization expense
16,770
21,662
Impairment expense
7,823
—
Gain on sale of McClelland Lake Lodge
assets, net
(6,075
)
—
Other operating expense
298
129
167,901
171,495
Operating loss
(1,781
)
(3,904
)
Interest expense
(2,360
)
(3,656
)
Interest income
43
32
Other income
453
2,450
Loss before income taxes
(3,645
)
(5,078
)
Income tax expense
(1,551
)
(1,233
)
Net loss
(5,196
)
(6,311
)
Less: Net income (loss) attributable to
noncontrolling interest
(63
)
42
Net loss attributable to Civeo
Corporation
$
(5,133
)
$
(6,353
)
Net loss per share attributable to Civeo
Corporation common shareholders:
Basic
$
(0.35
)
$
(0.42
)
Diluted
$
(0.35
)
$
(0.42
)
Weighted average number of common shares
outstanding:
Basic
14,655
15,158
Diluted
14,655
15,158
CIVEO CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
March 31, 2024
December 31, 2023
(UNAUDITED)
Current assets:
Cash and cash equivalents
$
16,752
$
3,323
Accounts receivable, net
131,478
143,222
Inventories
7,233
6,982
Assets held for sale
3,800
5,873
Prepaid expenses and other current
assets
9,609
15,846
Total current assets
168,872
175,246
Property, plant and equipment, net
245,840
270,563
Goodwill, net
7,360
7,690
Other intangible assets, net
74,688
77,999
Operating lease right-of-use assets
12,738
12,286
Other noncurrent assets
3,572
4,278
Total assets
$
513,070
$
548,062
Current liabilities:
Accounts payable
$
48,641
$
58,699
Accrued liabilities
26,127
40,523
Income taxes
7,426
3,831
Deferred revenue
4,492
4,849
Other current liabilities
6,167
6,334
Total current liabilities
92,853
114,236
Long-term debt
78,597
65,554
Deferred income taxes
9,046
11,803
Operating lease liabilities
9,447
9,264
Other noncurrent liabilities
23,017
24,167
Total liabilities
212,960
225,024
Shareholders' equity:
Common shares
—
—
Additional paid-in capital
1,629,521
1,628,972
Accumulated deficit
(931,135
)
(919,023
)
Treasury stock
(10,130
)
(9,063
)
Accumulated other comprehensive loss
(390,877
)
(380,715
)
Total Civeo Corporation shareholders'
equity
297,379
320,171
Noncontrolling interest
2,731
2,867
Total shareholders' equity
300,110
323,038
Total liabilities and shareholders'
equity
$
513,070
$
548,062
CIVEO CORPORATION
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
March 31,
2024
2023
Cash flows from operating activities:
Net loss
$
(5,196
)
$
(6,311
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
16,770
21,662
Impairment charges
7,823
—
Deferred income tax expense (benefit)
(2,265
)
1,189
Non-cash compensation charge
549
867
Gain on disposals of assets
(6,065
)
(2,018
)
Provision (benefit) for credit losses, net
of recoveries
4
(68
)
Other, net
722
589
Changes in operating assets and
liabilities:
Accounts receivable
7,387
(4,298
)
Inventories
(510
)
(535
)
Accounts payable and accrued
liabilities
(21,205
)
(20,075
)
Taxes payable
3,791
45
Other current and noncurrent assets and
liabilities, net
4,180
9,311
Net cash flows provided by operating
activities
5,985
358
Cash flows from investing activities:
Capital expenditures
(5,613
)
(4,772
)
Proceeds from dispositions of property,
plant and equipment
6,778
2,265
Net cash flows provided by (used in)
investing activities
1,165
(2,507
)
Cash flows from financing activities:
Term loan repayments
—
(7,389
)
Revolving credit borrowings (repayments),
net
14,596
17,730
Dividends paid
(3,707
)
—
Repurchases of common shares
(3,208
)
(3,771
)
Taxes paid on vested shares
(1,067
)
—
Net cash flows provided by financing
activities
6,614
6,570
Effect of exchange rate changes on
cash
(335
)
(9
)
Net change in cash and cash
equivalents
13,429
4,412
Cash and cash equivalents, beginning of
period
3,323
7,954
Cash and cash equivalents, end of
period
$
16,752
$
12,366
CIVEO CORPORATION
SEGMENT DATA
(in thousands)
(unaudited)
Three Months Ended
March 31,
2024
2023
Revenues
Canada
$
67,160
$
89,453
Australia
91,737
76,989
Other
7,223
1,149
Total revenues
$
166,120
$
167,591
EBITDA (1)
Canada
$
11,619
$
12,011
Australia
14,522
14,209
Corporate, other and eliminations
(10,636
)
(6,054
)
Total EBITDA
$
15,505
$
20,166
Adjusted EBITDA (1)
Canada
$
5,544
$
12,011
Australia
20,272
14,209
Corporate, other and eliminations
(8,563
)
(6,054
)
Total adjusted EBITDA
$
17,253
$
20,166
Operating income (loss)
Canada
$
554
$
(4,502
)
Australia
5,967
4,897
Corporate, other and eliminations
(8,302
)
(4,299
)
Total operating income (loss)
$
(1,781
)
$
(3,904
)
(1) Please see Non-GAAP Reconciliation
Schedule.
CIVEO CORPORATION
NON-GAAP
RECONCILIATIONS
(in thousands)
(unaudited)
Three Months Ended
March 31,
Twelve Months Ended March
31,
2024
2023
2024
EBITDA (1)
$
15,505
$
20,166
$
124,276
Adjusted EBITDA (1)
$
17,253
$
20,166
$
99,121
Free Cash Flow (2)
$
7,150
$
(2,149
)
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
March 31,
Twelve Months Ended March
31,
2024
2023
2024
Net income (loss) attributable to Civeo
Corporation
$
(5,133
)
$
(6,353
)
$
31,377
Income tax (benefit) expense
1,551
1,233
10,951
Depreciation and amortization
16,770
21,662
70,250
Interest income
(43
)
(32
)
(183
)
Interest expense
2,360
3,656
11,881
EBITDA
$
15,505
$
20,166
$
124,276
Adjustments to EBITDA
Impairment of long-lived assets (a)
7,823
—
9,218
Net gain on disposition of McClelland Lake
Lodge assets (b)
(6,075
)
—
(34,373
)
Adjusted EBITDA
$
17,253
$
20,166
$
99,121
(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 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 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 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
March 31,
2024
2023
Net Cash Flows Provided by Operating
Activities
$
5,985
$
358
Capital expenditures
(5,613
)
(4,772
)
Proceeds from dispositions of property,
plant and equipment
6,778
2,265
Free Cash Flow
$
7,150
$
(2,149
)
(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 March 31,
2024
Total debt
$
78,597
Less: Cash and cash equivalents
16,752
Net debt
$
61,845
Adjusted EBITDA for the twelve months
ended March 31, 2024 (a)
$
99,121
Adjustments to Adjusted EBITDA
Stock-based compensation
4,142
Interest income
183
Incremental adjustments for McClelland
Lake Lodge disposition (b)
7,634
Bank-adjusted EBITDA
$
111,080
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)
$
78.3
$
88.3
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
$
(13.7
)
$
(5.7
)
Income tax expense
12.0
14.0
Depreciation and amortization
72.0
72.0
Interest expense
8.0
8.0
EBITDA
$
78.3
$
88.3
Adjustments to EBITDA
Impairment expense
7.8
7.8
Net gain on disposition of McClelland Lake
Lodge assets
(6.1
)
(6.1
)
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
March 31,
2024
2023
Supplemental Operating Data - Canadian
Segment
Revenues
Accommodation revenue (1)
$
59,787
$
64,228
Mobile facility rental revenue (2)
994
20,031
Food and other services revenue (3)
6,379
5,194
Total Canadian revenues
$
67,160
$
89,453
Costs
Accommodation cost
$
45,720
$
52,098
Mobile facility rental cost
2,651
14,502
Food and other services cost
6,140
4,774
Indirect other cost
2,746
2,531
Total Canadian cost of sales and
services
$
57,257
$
73,905
Average daily rates (4)
$
98
$
96
Billed rooms (5)
610,032
642,796
Canadian dollar to U.S. dollar
$
0.741
$
0.740
Supplemental Operating Data -
Australian Segment
Revenues
Accommodation revenue (1)
$
47,107
$
40,599
Food and other services revenue (3)
44,630
36,390
Total Australian revenues
$
91,737
$
76,989
Costs
Accommodation cost
$
22,594
$
20,318
Food and other services cost
40,904
35,862
Indirect other cost
2,615
2,128
Total Australian cost of sales and
services
$
66,113
$
58,308
Average daily rates (4)
$
77
$
78
Billed rooms (5)
613,936
522,713
Australian dollar to U.S. dollar
$
0.657
$
0.684
(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/20240426571489/en/
Regan Nielsen Civeo Corporation Vice President, Corporate
Development & Investor Relations 713-510-2400
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