Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $144 million, with a net loss of $9.8 million or $0.72 per diluted share, and adjusted EBITDA of $12.7 million, reflecting a decrease compared to the previous year [11][12] - The company reported negative operating cash flow of $8.4 million, primarily due to seasonal impacts on working capital [11] - Civeo's net debt increased by $21 million to $59 million as of March 31, 2025, with a net leverage ratio of 0.8 times [15] Business Line Data and Key Metrics Changes - Australian segment revenues increased by 13% year-over-year to $103.6 million, with adjusted EBITDA remaining relatively flat at $20.5 million due to rising power and staffing costs [12][13] - Canadian segment revenues decreased significantly to $40.4 million from $67.2 million in the previous year, with adjusted EBITDA at negative $200,000, driven by reduced customer spending and the wind down of LNG-related activities [14] Market Data and Key Metrics Changes - In Australia, strong occupancy levels were reported, with 625,000 build rooms, a modest increase from the previous year [13] - In Canada, billed rooms totaled 359,000, down from 610,000 in the first quarter of 2024, reflecting ongoing economic and political uncertainties [14] Company Strategy and Development Direction - The company has revised its capital allocation strategy, increasing share repurchase authorization from 10% to 20% of total shares outstanding and suspending the quarterly dividend to enhance long-term shareholder value [4][19] - Civeo plans to allocate 100% of its annual free cash flow to share repurchases until the expanded authorization is completed [4][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate free cash flow, despite macroeconomic challenges, and emphasized a focus on operational efficiency and cost structure optimization [8][24] - The company lowered its full-year 2025 revenue and adjusted EBITDA guidance to $620 million to $650 million and $75 million to $85 million, respectively, reflecting a conservative outlook primarily influenced by Canadian market conditions [21][41] Other Important Information - Civeo is in the process of acquiring DeBoer Villages in the Australian Bowen Basin, expected to close in Q2 2025, which is anticipated to be immediately accretive to operating cash flow [6][21] - The company has engaged a consulting firm to review its North American cost structure as part of its commitment to enhance shareholder value [8][36] Q&A Session Summary Question: What is the rationale behind the change in the capital allocation framework? - Management indicated that the decision to shift from dividends to share repurchases was based on extensive shareholder engagement and the realization that the dividend was not being valued by the market [27] Question: What are the benefits of the joint venture with the Six Nations in Canada? - The joint venture is crucial for winning work in Canada, as First Nation relationships are often necessary for bidding on projects, enhancing Civeo's competitive position [29] Question: Are there any larger infrastructure projects expected to generate revenue in the next few years? - Management mentioned potential pipeline projects and carbon sequestration initiatives in Alberta as opportunities for revenue generation [34] Question: How is the company addressing cost-cutting measures? - The consulting firm is helping to address the cost structure primarily in Canada, but the review will encompass all North American operations [36] Question: What is the outlook for free cash flow in 2025? - Management views the $20 million to $30 million free cash flow guidance as potentially low due to market conditions, with expectations for improvement in future years [51][56]

[Civeo First Quarter 2025 Results](index=1&type=section&id=Civeo%20Reports%20First%20Quarter%202025%20Results) [First Quarter 2025 Financial Highlights](index=1&type=section&id=First%20Quarter%202025%20Results) The company reported a Q1 net loss of $9.8 million, as strong Australian results were offset by Canadian headwinds Q1 2025 vs. Q1 2024 Financial Performance | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenues | $144.0 million | $166.1 million | | Net Loss | $9.8 million | $5.1 million | | Diluted EPS | ($0.72) | ($0.35) | | Adjusted EBITDA | $12.7 million | $17.8 million | | Operating Cash Flow | ($8.4 million) | $6.0 million | - Topline growth in Australia was supported by a recent contract award, while **Canadian operations were impacted by intensifying macroeconomic headwinds**[3](index=3&type=chunk) - Civeo returned **$6.8 million to shareholders** in Q1 2025 through share repurchases ($3.3M) and dividends ($3.5M)[7](index=7&type=chunk)[14](index=14&type=chunk)[29](index=29&type=chunk) - The company is rebalancing its capital return mix to **prioritize share repurchases** as the sole vehicle for returning capital[3](index=3&type=chunk) - Progress continues on the acquisition of four Australian villages, with the transaction **expected to close in Q2 2025**[7](index=7&type=chunk)[10](index=10&type=chunk) [Business Segment Results](index=1&type=section&id=Business%20Segment%20Results) [Australia Segment](index=1&type=section&id=Australia) The Australian segment saw a 13% revenue increase to $103.6 million, though a weaker AUD kept Adjusted EBITDA flat Australia Segment Performance (Q1 2025 vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenues | $103.6 million | $91.7 million | | Operating Income | $12.6 million | $7.3 million | | Adjusted EBITDA | $20.5 million | $20.3 million | - The revenue increase was primarily driven by a new **six-year A$1.4 billion integrated services contract**[9](index=9&type=chunk) - A weakened Australian dollar relative to the U.S. dollar **decreased Q1 2025 revenues by $4.9 million** and Adjusted EBITDA by $1.0 million[8](index=8&type=chunk) - The acquisition of four villages in the Australian Bowen Basin is **expected to close in the second quarter of 2025**, subject to regulatory approvals[10](index=10&type=chunk) [Canada Segment](index=2&type=section&id=Canada) The Canadian segment experienced a severe downturn with revenues falling 40% and Adjusted EBITDA turning negative Canada Segment Performance (Q1 2025 vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenues | $40.4 million | $67.2 million | | Operating Loss/Income | ($10.0 million) | $1.7 million | | Adjusted EBITDA | ($0.2 million) | $5.7 million | - The **40% revenue decrease** was driven by lower billed rooms due to customer spending reductions and a lodge sale[12](index=12&type=chunk) - The company **reduced its Canadian employee headcount by approximately 25%** in Q1 2025, incurring a restructuring charge of about $1.0 million[13](index=13&type=chunk) - Further cost-cutting actions are planned, including **cold shutting two lodges** and streamlining the North American cost structure[13](index=13&type=chunk) [Financial Condition and Capital Allocation](index=2&type=section&id=Financial%20Condition%20and%20Capital%20Allocation) [Financial Condition](index=2&type=section&id=Financial%20Condition) The company maintained a solid liquidity position of $162.2 million with a net leverage ratio of 0.8x Financial Position as of March 31, 2025 | Metric | Value | | :--- | :--- | | Total Liquidity | $162.2 million | | Total Debt | $87.4 million | | Net Debt | $59.0 million | | Net Leverage Ratio | 0.8x | - In Q1 2025, Civeo **repurchased approximately 153,000 shares for about $3.3 million**[14](index=14&type=chunk) - Capital expenditures were **$5.3 million in Q1 2025**, compared to $5.6 million in Q1 2024, primarily for maintenance[14](index=14&type=chunk) [Updated Capital Allocation Framework](index=2&type=section&id=Updated%20Capital%20Allocation%20Framework) Civeo shifted its capital strategy to prioritize share buybacks, increasing authorization and suspending its dividend - The share repurchase program authorization was **increased to 20% of the company's total shares**[16](index=16&type=chunk) - Civeo intends to use **100% of free cash flow** to complete the new authorization and at least 75% annually thereafter[16](index=16&type=chunk) - In connection with the focus on repurchases, the Board of Directors has **suspended the company's quarterly cash dividend**[17](index=17&type=chunk) [Full Year 2025 Guidance](index=3&type=section&id=Full%20Year%202025%20Guidance) [Revised 2025 Outlook](index=3&type=section&id=Revised%202025%20Outlook) Civeo lowered its full-year 2025 guidance for revenue, Adjusted EBITDA, and capital expenditures Full Year 2025 Guidance Update | Metric | Previous Guidance | New Guidance | | :--- | :--- | :--- | | Revenues | $630M - $660M | $620M - $650M | | Adjusted EBITDA | $80M - $90M | $75M - $85M | | Capital Expenditures | $25M - $30M | $20M - $25M | - This revised outlook **excludes the impact of the Australian asset acquisition**, which is anticipated to close by the end of Q2[19](index=19&type=chunk) [Financial Statements and Reconciliations](index=5&type=section&id=Financial%20Statements%20and%20Reconciliations) [Unaudited Consolidated Statements of Operations](index=5&type=section&id=UNAUDITED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) The company reported a Q1 2025 operating loss of $5.5 million and a net loss of $9.8 million on lower revenues Q1 2025 Statement of Operations Highlights (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenues | $144,044 | $166,120 | | Operating loss | $(5,516) | $(1,781) | | Net loss | $(9,850) | $(5,196) | | Net loss per share, diluted | $(0.72) | $(0.35) | [Condensed Consolidated Balance Sheets](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, total assets were $423.8 million, while long-term debt increased to $87.4 million Balance Sheet Highlights (in thousands) | Line Item | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total current assets | $134,439 | $110,453 | | Total assets | $423,752 | $405,072 | | Long-term debt | $87,367 | $43,299 | | Total liabilities | $203,014 | $168,074 | | Total shareholders' equity | $220,738 | $236,998 | [Unaudited Consolidated Statements of Cash Flows](index=7&type=section&id=UNAUDITED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Q1 2025 saw a net cash outflow from operations of $8.4 million, a reversal from a $6.0 million inflow in Q1 2024 Q1 2025 Cash Flow Highlights (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash flows (used in) operating activities | $(8,445) | $5,985 | | Net cash flows (used in) investing activities | $(5,104) | $1,165 | | Net cash flows provided by financing activities | $36,625 | $6,614 | | Net change in cash and cash equivalents | $23,168 | $13,429 | [Segment Data](index=8&type=section&id=SEGMENT%20DATA) Segment data highlights the performance divergence, with Australia generating positive EBITDA and Canada reporting a loss Q1 2025 Segment Performance (in thousands) | Segment | Revenues | Adjusted EBITDA | | :--- | :--- | :--- | | Australia | $103,646 | $20,485 | | Canada | $40,398 | $(228) | | Corporate, other and eliminations | — | $(7,602) | | **Total** | **$144,044** | **$12,655** | [Supplemental Quarterly Segment and Operating Data](index=9&type=section&id=SUPPLEMENTAL%20QUARTERLY%20SEGMENT%20AND%20OPERATING%20DATA) Australia's billed rooms increased in Q1 2025, while Canada experienced a significant drop from the prior year Q1 2025 vs Q1 2024 Operating Metrics | Metric | Region | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | :--- | | Billed rooms | Australia | 625,636 | 613,936 | | Average daily rates | Australia | $75 | $77 | | Billed rooms | Canada | 358,697 | 610,032 | | Average daily rates | Canada | $93 | $98 | [Supplemental Operations by Service Type](index=11&type=section&id=SUPPLEMENTAL%20OPERATIONS%20BY%20SERVICE%20TYPE%20BY%20REGION%20DATA) Asset-light services generated $102.3 million in revenue, accounting for approximately 71% of the company's total Q1 2025 Revenue by Service Type (in thousands) | Service Type | Australia | Canada | Total | | :--- | :--- | :--- | :--- | | Asset Light: Catering and Facility management | $76,659 | $25,649 | $102,308 | | Asset Intensive: Accommodations and Infrastructure | $26,987 | $14,749 | $41,736 | | **Total revenues** | **$103,646** | **$40,398** | **$144,044** | [Non-GAAP Reconciliations](index=12&type=section&id=NON-GAAP%20RECONCILIATIONS) This section reconciles non-GAAP measures like Adjusted EBITDA and Free Cash Flow to their GAAP equivalents Q1 2025 EBITDA and Adjusted EBITDA Reconciliation (in thousands) | Line Item | Amount | | :--- | :--- | | Net loss attributable to Civeo Corporation | $(9,842) | | Plus: Income tax, D&A, Interest | $20,960 | | **EBITDA** | **$11,092** | | Plus: Restructuring costs | $964 | | Plus: Share-based compensation | $599 | | **Adjusted EBITDA** | **$12,655** | Q1 2025 Free Cash Flow Reconciliation (in thousands) | Line Item | Amount | | :--- | :--- | | Net Cash Flows Used in Operating Activities | $(8,445) | | Less: Capital expenditures | $(5,271) | | Plus: Proceeds from dispositions | $167 | | **Free Cash Flow** | **$(13,549)** |

Core Viewpoint - The market anticipates a year-over-year decline in Civeo's earnings due to lower revenues, with a focus on how actual results will compare to estimates [1][3]. Earnings Expectations - Civeo is expected to report a quarterly loss of $0.78 per share, reflecting a year-over-year change of -200% [3]. - Revenues are projected to be $146.86 million, down 11.6% from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised 6.67% higher in the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [10][11]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive or negative reading indicates the likely deviation of actual earnings from the consensus estimate, with a positive reading being a strong predictor of an earnings beat [7][8]. - Civeo currently holds a Zacks Rank of 3, making it challenging to predict an earnings beat conclusively [11]. Historical Performance - In the last reported quarter, Civeo was expected to post a loss of $0.34 per share but actually reported a loss of $0.88, resulting in a surprise of -158.82% [12]. - Over the past four quarters, Civeo has only beaten consensus EPS estimates once [13]. Conclusion - Civeo does not appear to be a compelling candidate for an earnings beat, and investors should consider other factors when evaluating the stock ahead of its earnings release [16].

Core Insights - Civeo Corporation (CVEO) remains a strong free cash flow generator, reporting $68.4 million in free cash flow (FCF) for FY24, despite challenges in the Canadian segment [1] - The company has provided FCF guidance for 2025, estimating between $30 million to $40 million [1] - With disciplined capital allocation, a robust balance sheet, and continued expansion in Australia, Civeo is well-positioned to drive long-term value for shareholders, with an expected increase in FCF in the coming years [1] Financial Highlights - Civeo has been awarded a six-year integrated services contract renewal valued at A$1.4 billion across eleven villages [6] - The company executed a strategic acquisition in the Bowen Basin, purchasing four villages for approximately $67 million [6] - For 2025, Civeo projects revenue to range from $630 million to $660 million, with adjusted EBITDA expected to be between $80 million and $90 million [6]

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]

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 ...