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]

Financial Data and Key Metrics Changes - Total revenues for Q4 2024 were $151 million, with a net loss of $15.1 million or $1.1 per diluted share, compared to a net loss of $17.1 million for the full year 2024 [12][13] - Adjusted EBITDA for Q4 2024 was $11.4 million, a decrease from the previous year, primarily due to lower build rooms in Canadian lodges [12][13] - For the full year 2024, adjusted EBITDA was $79.9 million, down from $106.5 million in 2023, largely due to the sale of McClellan Lake Lodge and reduced LNG-related activity in Canada [13][12] 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 [14][5] - Adjusted EBITDA for the Australian segment was $22.2 million, up 3% from the previous year [15] - Canadian segment revenues decreased to $40.7 million from $72.7 million in Q4 2023, with adjusted EBITDA dropping to negative $4.7 million [16][17] Market Data and Key Metrics Changes - In Australia, occupancy levels remain strong, with 637,000 built rooms in Q4 2024, relatively flat compared to the previous year [15] - Canadian build rooms totaled 360,000 in Q4 2024, down from 617,000 in the same quarter of the previous year, reflecting reduced customer spending [16][17] - Daily room rates in Australia increased to $77 from $74, while Canadian rates decreased slightly to $94 from $95 [16][17] Company Strategy and Development Direction - The company is focusing on diversifying revenue streams and expanding its asset-light business, particularly in Australia [10][11] - A recent acquisition of four villages in the Australian Bowen Basin is expected to be immediately accretive to cash flow and enhance revenue stability [5][6] - In Canada, the company is rightsizing its operations due to reduced capital spending and is looking to expand geographically to mitigate dependency on oil sands activity [7][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unfavorable conditions in Canada but remains optimistic about medium to long-term growth opportunities, including potential LNG projects and government policy shifts [8][27] - The company expects to incur one-time restructuring costs of approximately $3 million in Q1 2025 to adjust its Canadian operations [7][26] - Initial guidance for 2025 includes revenues of $630 million to $660 million and adjusted EBITDA of $80 million to $90 million, reflecting recent market changes [20][21] Other Important Information - The company returned approximately $44 million to shareholders in 2024, representing about 65% of free cash flow [8][19] - A quarterly cash dividend of $0.25 per common share was declared, payable on March 17, 2025 [20] 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, which is a growth area [33][35] Question: Seasonal distribution expectations for 2025 - A normal seasonal distribution is expected, with 60% to 65% of full-year EBITDA generated in the second and third quarters [36] Question: Visibility of Canadian revenue streams - Historically, turnaround activity accounts for about 25% to 30% of total room nights in Canada, which is expected to continue [38] 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 [44][45] Question: Impact of economic conditions in Australia on CapEx - Despite softening prices, customer demand for rooms remains strong, supported by long-term contracts [48][49] Question: Acquisition details and market conditions - The acquisition was favorable due to cash payment capability and straightforward execution, but not all market assets are priced similarly [55]

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 ...

Group 1 - Civeo Corporation (NYSE: CVEO) is recognized as an interesting company in the market, providing accommodations and related services to companies in the oil and natural gas sector [1] - The focus of Crude Value Insights is on cash flow and identifying companies that generate it, which leads to value and growth prospects with real potential [1] Group 2 - Subscribers of Crude Value Insights benefit from a 50+ stock model account, in-depth cash flow analyses of exploration and production (E&P) firms, and live chat discussions about the sector [2] - A two-week free trial is available for new subscribers, offering insights into the oil and gas industry [3]

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 ...

Civeo Corporation (NYSE:CVEO) Q3 2024 Earnings Conference Call October 30, 2024 11:00 AM ET Company Participants Regan Nielsen - Vice President, Corporate Development and Investor Relations Bradley Dodson - President and CEO Collin Gerry - Chief Financial Officer and Treasurer Conference Call Participants Stephen Gengaro - Stifel Steve Ferazani - Sidoti & Company Dave Storms - Stonegate Sean Mitchell - Daniel Energy Partners Operator Greetings, and welcome to the Civeo Corporation Third Quarter 2024 Earning ...