UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________________ to Commission file number: 001-36246 Civeo Corporation ____________ (Exact name of registrant as specified in its charter) British Columb ...

Financial Data and Key Metrics Changes - Total revenues for Q4 2024 were $151 million, with a net loss of $15.1 million or $1.10 per diluted share, compared to a net loss of $17.1 million for the full year 2024 [18][20] - Adjusted EBITDA for Q4 2024 was $11.4 million, a decrease from $106.5 million in 2023, primarily due to lower build rooms in Canadian lodges [19][20] - For the full year 2024, revenues were $682 million, with adjusted EBITDA of $79.9 million, down from $106.5 million in 2023 [20][21] Business Line Data and Key Metrics Changes - Australian segment revenues increased by 23% to $110 million in Q4 2024, driven by increased integrated services activity [22] - Canadian segment revenues decreased to $40.7 million in Q4 2024 from $72.7 million in Q4 2023, with adjusted EBITDA turning negative at -$4.7 million [24] Market Data and Key Metrics Changes - In Australia, build rooms totaled 637,000, remaining flat year-over-year, while daily room rates increased from $74 to $77 [22] - In Canada, build rooms decreased to 360,000 from 617,000, with daily room rates slightly decreasing from $95 to $94 [24] Company Strategy and Development Direction - The company is focusing on diversifying revenue streams and expanding its asset-light business, particularly in Australia, with a goal of achieving AUD 500 million in integrated services revenues by 2027 [16][39] - In Canada, the company is rightsizing its operations due to reduced capital spending and is looking to expand geographically and into new end markets [10][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the medium to long-term outlook despite current challenges in Canada, citing potential growth from LNG projects and carbon capture initiatives [11][42] - The company anticipates a challenging 2025 in Canada but remains committed to strategic actions to improve performance [43][44] Other Important Information - The company returned approximately $44 million to shareholders in 2024, representing 65% of free cash flow, and plans to continue opportunistic share repurchases [11][29] - The company announced a quarterly cash dividend of $0.25 per share, payable on March 17, 2025 [30] Q&A Session Summary Question: Details on asset-light versus asset-intensive businesses - The asset-intensive side includes catering and facility management at owned assets, and the integrated services side is expected to be the area of growth [50][52] Question: Seasonal distribution expectations for 2025 - The company expects a normal seasonal distribution, with 60% to 65% of full-year EBITDA generated in the second and third quarters [56] Question: Visibility of Canadian revenue streams - Historically, turnaround activity in Canada accounts for about 25% to 30% of total room nights, which is expected to continue [58] Question: Long-term impact of political uncertainty in Canada - Management views the current customer behavior as a long-term shift, necessitating adjustments to the cost structure [66][68] Question: Impact of economic weakness in China on Australia - Despite softening prices, customer demand for rooms remains strong, and long-term contracts are still being pursued [74] Question: Acquisition details and market pricing - The acquisition price was favorable due to the company's ability to pay cash and the seller's desire for a straightforward transaction [87] Question: Free cash flow and shareholder returns - The company plans to maintain a framework for returning free cash flow to shareholders while pursuing growth opportunities [95] Question: Managing costs in the Canadian business - The company has rightsized its business for current realities and will continue to monitor and adjust its cost structure as needed [98]

Civeo (CVEO) Q4 2024 Earnings Call February 27, 2025 11:00 AM ET Company Participants Regan Nielsen - Senior Director, Corporate Development & IRBradley Dodson - CEO, President & DirectorCollin Gerry - CFOStephen Gengaro - Managing DirectorDave Storms - Director of Equity ResearchJosh Jayne - Managing Director Conference Call Participants Steve Ferazani - Senior Equity Analyst - Diversified Industrials & Energy Operator Greetings, and welcome to the Cybeo Corporation Fourth Quarter twenty twenty four Earnin ...

Civeo (CVEO) reported $150.95 million in revenue for the quarter ended December 2024, representing a year-over-year decline of 11.6%. EPS of -$0.88 for the same period compares to $0.06 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $166.15 million, representing a surprise of -9.15%. The company delivered an EPS surprise of -158.82%, with the consensus EPS estimate being -$0.34.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall ...

Financial Performance - Civeo reported fourth quarter 2024 revenues of $151.0 million, a net loss of $15.1 million, and operating cash flow of $9.5 million, with full year 2024 revenues of $682.1 million and a net loss of $17.1 million[3]. - Revenues for Q4 2024 were $150.951 million, a decrease of 11.6% from $170.799 million in Q4 2023[29]. - Total revenues for the twelve months ended December 31, 2024, were $682.122 million, down 2.7% from $700.805 million in 2023[29]. - Operating loss for Q4 2024 was $10.043 million compared to an operating income of $22.048 million in Q4 2023[29]. - Net loss attributable to Civeo Corporation for the twelve months ended December 31, 2024, was $17.067 million, compared to a net income of $30.157 million in 2023[29]. - EBITDA for the twelve months ended December 31, 2024, was $71.249 million, down 44.7% from $128.937 million in 2023[34]. - Adjusted EBITDA for the twelve months ended December 31, 2024, was $79.937 million, a decrease of 25.0% from $106.494 million in 2023[34]. - Adjusted EBITDA for Q4 2024 was $11,440, down 38.0% from $18,524 in Q4 2023[43]. - Free Cash Flow for the twelve months ended December 31, 2024, was $68,383, compared to $81,672 in 2023, a decrease of 16.3%[44]. Segment Performance - The Australian segment generated revenues of $110.0 million in Q4 2024, a 23% increase year-over-year, driven by a significant increase in integrated services activity[9][10]. - Civeo's Canadian segment experienced a 44% decrease in revenues to $40.7 million in Q4 2024, primarily due to lower billed rooms and occupancy[12][13]. - Total Australian revenues for Q4 2024 reached $109,989, an increase of 23.2% compared to $89,345 in Q4 2023[35]. - Total Canadian revenues for Q4 2024 were $40,664, a decrease of 44.1% from $72,728 in Q4 2023[35]. Shareholder Returns - The company returned $44.0 million to shareholders in 2024, representing 65% of free cash flow of $68.4 million[3]. - The company repurchased 1,130,000 shares for approximately $29.6 million in 2024, compared to 564,000 shares for $11.6 million in 2023[15]. Future Outlook - Civeo expects full year 2025 revenues of $630.0 million to $660.0 million and Adjusted EBITDA of $80.0 million to $90.0 million, excluding contributions from the recent Australian asset acquisition[19]. - For the year ending December 31, 2025, Civeo estimates an EBITDA range of $74.3 million to $84.3 million and an adjusted EBITDA range of $80.0 million to $90.0 million[48]. - The estimated net loss for the year ending December 31, 2025, is projected to be between $11.7 million and $3.7 million[49]. Balance Sheet and Liquidity - As of December 31, 2024, Civeo had total liquidity of approximately $202.2 million and total debt of $43.3 million, a decrease of $22.3 million from the previous year[14]. - Cash and cash equivalents increased to $5.204 million as of December 31, 2024, from $3.323 million at the end of 2023[30]. - Accounts receivable decreased significantly to $89.038 million in 2024 from $143.222 million in 2023, a decline of 37.8%[30]. - Total assets decreased to $405.072 million in 2024 from $548.062 million in 2023, a reduction of 26.1%[30]. - Total liabilities decreased to $168.074 million in 2024 from $225.024 million in 2023, a decline of 25.3%[30]. - As of December 31, 2024, Civeo's total debt was $43.3 million, with net debt amounting to $38.1 million after accounting for cash and cash equivalents of $5.2 million[46]. - The bank-adjusted EBITDA for the twelve months ended December 31, 2024, was $80.5 million, resulting in a net leverage ratio of 0.5x[46]. - The net leverage ratio as of December 31, 2024, was 0.5x, indicating a strong position relative to debt obligations[43]. Capital Expenditures and Costs - Civeo invested $26.1 million in capital expenditures for the full year 2024, down from $31.6 million in 2023[17]. - The company plans to incur one-time restructuring costs of approximately $3 million in Q1 2025 as it adjusts its Canadian cost structure[14]. - Total costs of sales and services in Australia for Q4 2024 were $81,157, up 29.7% from $62,563 in Q4 2023[35]. Management and Compensation - Civeo's management believes that free cash flow provides useful information regarding the cash flow generating ability of its business relative to capital expenditures and debt service obligations[45]. - The company uses free cash flow as a benchmark for the award of incentive compensation under its annual incentive compensation plan[45]. - Civeo's share-based compensation expense is associated with performance share awards, restricted share awards, restricted share units, and deferred share awards[45].

Civeo (CVEO) came out with a quarterly loss of $0.88 per share versus the Zacks Consensus Estimate of a loss of $0.34. This compares to earnings of $0.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -158.82%. A quarter ago, it was expected that this provider of remote-site workforce housing would post earnings of $0.03 per share when it actually produced a loss of $0.36, delivering a surprise of -1,300%.Over the last four q ...

Civeo (CVEO) shares rallied 7.5% in the last trading session to close at $26.90. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 1.6% gain over the past four weeks.Shares of Civeo surged following the announcement of a definitive asset purchase agreement with a private seller. The deal includes the acquisition of four villages in Australia’s Bowen Basin, adding 1,340 rooms along with long-term customer contra ...

For years now, one of the most interesting companies on the market, in my opinion, has been Civeo Corporation (NYSE: CVEO ). For those not familiar with the business, it provides accommodations and related services to companies inCrude Value Insights offers you an investing service and community focused on oil and natural gas. We focus on cash flow and the companies that generate it, leading to value and growth prospects with real potential.Subscribers get to use a 50+ stock model account, in-depth cash flo ...

Core Insights - Civeo Corporation (NYSE: CVEO) is primarily engaged in providing accommodation and hospitality services for the natural resources industry, which constitutes 65% of its revenue [1] Financial Performance - The company had been performing well throughout the year until the release of its Q3 results [1]

Stonegate Capital Partners Updates Coverage on Civeo Corporation (CVEO) 2024 Q3November 05, 2024 5:20 PM EST | Source: Reportable, Inc. Dallas, Texas--(Newsfile Corp. - November 5, 2024) - Civeo Corporation (NYSE: CVEO) Stonegate Capital Partners updates their coverage on Civeo Corporation. Civeo has consistently generated positive free cash flow every year since 2014 and continues to do so. In 3Q24, CVEO produced $28.3M in FCF, building on the $30.9M achieved in 2Q24. This quarter's FCF, whil ...