H a 1 - all E T t 110 1 i in il i t 1 One of my favorite companies to write about, historically speaking, has been the little-known accommodations business by the name of Civeo Corp (NYSE:CVEO). The company operates by building accommodation facilities in remote parts of the world where natural resource extraction is popular. It then rents these properties out, sometimes on a room-by-room basis and other times on a lodge-by-lodge basis, to companies that engage in the natural resource extraction industry. L ...

Investment Thesis Company Overview, And The Australian Segment Source: Company's Website Lone Investment Capital The operating results for the first quarter have shown sustained growth in revenues from the Australian segment, which reached $92.1 million over the $62 million generated from activity in Canada. In my view, the variations with respect to the previous year are explained by the reduction of activities in the liquefied natural gas industry in Canada and the increase in activity in Australia in gen ...

Have you evaluated the performance of Civeo's (CVEO) international operations for the quarter ending March 2024? Given the extensive global presence of this provider of remote-site workforce housing, analyzing the patterns in international revenues is crucial for understanding its financial strength and potential for growth.In today's increasingly interconnected global economy, a company's ability to tap into international markets can be a pivotal factor in shaping its overall financial health and growth tr ...

FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common Shares, no par value CVEO New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exch ...

Financial Data and Key Metrics Changes - Total revenues for Q1 2024 were $166.1 million, with a GAAP net loss of $5.1 million or $0.35 per diluted share [57] - Adjusted EBITDA for the first quarter was $17.3 million, reflecting a significant increase due to higher billed rooms and improved margins [57][58] - Operating cash flow was $6 million and free cash flow was $7.2 million [28] Business Line Data and Key Metrics Changes - Australian segment revenues increased to $91.7 million, up from $77 million in Q1 2023, with adjusted EBITDA rising 43% to $20.3 million [76] - Canadian segment revenues decreased to $67.2 million from $89.5 million in Q1 2023, with adjusted EBITDA dropping to $5.5 million from $12 million [77] - Billed rooms in Australian owned-villages reached 614,000, a 17% increase from 523,000 in Q1 2023 [29] Market Data and Key Metrics Changes - The average daily rate for Australian villages in US dollars was $77, down from $78 in Q1 2023 due to a weakened Australian dollar [29] - Billed rooms in Canadian lodges totaled 610,000, down from 643,000 in Q1 2023 [92] Company Strategy and Development Direction - The company aims to grow its Australian integrated services business to AUD 500 million by 2027, focusing on operational improvements and innovation [12][55] - Capital allocation strategy includes returning capital to shareholders through dividends and share repurchases while evaluating growth opportunities [12][78] Management's Comments on Operating Environment and Future Outlook - Management noted that the first quarter and full year outlook for 2024 were in line with expectations, maintaining full year guidance [7] - The company is optimistic about growth in the integrated services side, with expectations to exceed budgeted revenue [17] - Inflation remains a concern, particularly regarding food and labor costs in Australia [93] Other Important Information - Capital expenditures for Q1 2024 were $5.6 million, up from $4.8 million in Q1 2023, primarily for maintenance and activation of Australian village rooms [10] - Total liquidity as of March 31, 2024, was approximately $136.9 million [30] Q&A Session Summary Question: What are the drivers between the low and high end of full year guidance? - Management indicated that the Canadian turnaround season significantly influences guidance, with expectations for better occupancy in Canadian lodges and strong performance in Australian villages [82] Question: Can you elaborate on uses of cash and criteria for potential M&A? - The company prioritizes dividends and opportunistic share buybacks while seeking growth opportunities that exceed the returns from stock repurchases [64] Question: Is there more near-term growth expected in Australia? - Management expressed optimism for continued growth in accommodations and food revenue, with ongoing contract renewals and new contracts expected [84] Question: What are the risks associated with the renewed contracts in Australia? - Management acknowledged the need for consistent service delivery to maintain customer relationships and mitigate risks associated with contract cancellations [68] Question: What is the status of the McClelland Lake Lodge transportation contract? - The transportation contract was completed in Q1, and the company is pursuing reinstallation of assets at a new location in the Western US [87]

For the quarter ended March 2024, Civeo (CVEO) reported revenue of $166.12 million, down 0.9% over the same period last year. EPS came in at -$0.26, compared to -$0.42 in the year-ago quarter.The reported revenue represents a surprise of +7.36% over the Zacks Consensus Estimate of $154.73 million. With the consensus EPS estimate being -$0.20, the EPS surprise was -30.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine the ...

Civeo (CVEO) came out with a quarterly loss of $0.26 per share versus the Zacks Consensus Estimate of a loss of $0.20. This compares to loss of $0.42 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -30%. A quarter ago, it was expected that this provider of remote-site workforce housing would post a loss of $0.27 per share when it actually produced earnings of $0.06, delivering a surprise of 122.22%.Over the last four quarters, ...

Financial Performance - Civeo reported revenues of $166.1 million for Q1 2024, a slight decrease from $167.6 million in Q1 2023[2][10] - The company experienced a net loss of $5.1 million, or $0.35 per diluted share, compared to a net loss of $6.4 million, or $0.42 per diluted share in the same quarter last year[4][10] - Adjusted EBITDA for Q1 2024 was $17.3 million, down from $20.2 million in Q1 2023, primarily due to the wind-down of LNG-related Canadian mobile camp activity[2][10] - EBITDA for Q1 2024 was $15,505, down 23.1% from $20,166 in Q1 2023[29] - Adjusted EBITDA for Q1 2024 was $17,253, compared to $20,166 in Q1 2023, reflecting a decrease of 14.5%[29] - Net loss attributable to Civeo for Q1 2024 was $(5,133), an improvement from a net loss of $(6,353) in Q1 2023[31] - Free Cash Flow for Q1 2024 was $7,150, a significant recovery from $(2,149) in Q1 2023[29] - Net Cash Flows Provided by Operating Activities for Q1 2024 was $5,985,000, a significant increase from $358,000 in Q1 2023[34] - Free Cash Flow for Q1 2024 was $7,150,000, compared to a negative $2,149,000 in Q1 2023[34] Segment Performance - The Australian segment generated revenues of $91.7 million, a 19% increase year-over-year, with Adjusted EBITDA up 43% driven by increased activity and improved margins[6][7][9] - The Canadian segment saw revenues decrease by 25% to $67.2 million, with Adjusted EBITDA down 54% due to reduced LNG-related mobile camp activity[5][11] - Total Canadian revenues for Q1 2024 were $67,160,000, down from $89,453,000 in Q1 2023, primarily due to a decrease in accommodation revenue[38] - Total Australian revenues for Q1 2024 increased to $91,737,000 from $76,989,000 in Q1 2023, driven by higher accommodation and food service revenues[38] Guidance and Projections - Civeo maintains its full-year 2024 revenue guidance of $625 million to $700 million and Adjusted EBITDA guidance of $80 million to $90 million[17] - The company expects EBITDA for the year ending December 31, 2024, to range between $78.3 million and $88.3 million[37] - The estimated net loss for the year ending December 31, 2024, is projected to be between $(13.7) million and $(5.7) million[37] Debt and Liquidity - Civeo's total debt outstanding increased by $13.0 million to $78.6 million as of March 31, 2024, while net debt decreased by $0.4 million to $61.8 million[8] - Civeo's total liquidity as of March 31, 2024, was approximately $136.9 million, consisting of $120.1 million available under revolving credit facilities and $16.8 million in cash[13] - Net debt as of March 31, 2024, was $61,845,000, with a net leverage ratio of 0.6x, indicating strong debt management[36] - Long-term debt increased to $78,597 as of March 31, 2024, up from $65,554 at the end of 2023[25] Shareholder Returns - The company declared a quarterly cash dividend of $0.25 per common share, payable on June 17, 2024[16] Asset and Equity Changes - Total current assets decreased to $168,872 as of March 31, 2024, down from $175,246 at the end of 2023[25] - Total liabilities decreased to $212,960 as of March 31, 2024, compared to $225,024 at the end of 2023[25] - Total shareholders' equity decreased to $300,110 as of March 31, 2024, from $323,038 at the end of 2023[25] Capital Expenditures - Capital expenditures for Q1 2024 were $5.6 million, compared to $4.8 million in Q1 2023, with a portion allocated to customer-funded infrastructure upgrades[15] Currency and Pricing - Average daily rates in the Canadian segment increased to $98 in Q1 2024 from $96 in Q1 2023, indicating improved pricing power[38] - The Australian dollar to U.S. dollar exchange rate was 0.657 in Q1 2024, compared to 0.684 in Q1 2023, reflecting currency fluctuations[38]

Civeo (CVEO) is expected to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April 26. On the o ...

Civeo Corporation (NYSE:CVEO) Q4 2023 Earnings Conference Call February 29, 2024 11:00 AM ET Company Participants Regan Nielsen - Vice President, Corporate Development & Investor Relations Bradley Dodson - President & Chief Executive Officer Carolyn Stone - Senior Vice President, Chief Financial Officer & Treasurer Conference Call Participants Stephen Gengaro - Stifel Steve Ferazani - Sidoti & Company Dave Storms - Stonegate Operator Greetings. Welcome to the Civeo Corporation's Fourth Quarter 2023 Earnings ...