Stonegate Capital Partners Updates Coverage on Civeo Corporation (CVEO) 2024 Q2 To view the full announcement, including downloadable images, bios, and more, click here. . . Dallas, Texas--(Newsfile Corp. - July 31, 2024) - Civeo Corporation (NYSE: CVEO): Stonegate Capital Partners updates their coverage on Civeo Corporation. About Stonegate Capital Partners Stonegate Capital Partners is a Dallas-based corporate advisory firm dedicated to serving the specialized needs of small-cap public companies. Since ou ...

Financial Data and Key Metrics Changes - Total revenues for the second quarter were $188.7 million, with net income of $8.2 million or $0.56 per diluted share [6] - Adjusted EBITDA was $31.3 million, with a year-over-year increase of 10% from $19.6 million [7][32] - Operating cash flow was $32.4 million, and free cash flow was $30.9 million [6] - The net leverage ratio decreased to 0.3 times as of June 30, 2024, with total liquidity of approximately $159 million [19] Business Line Data and Key Metrics Changes - Australian segment revenues increased to $108.6 million from $82.5 million in the second quarter of 2023 [16] - Canadian segment revenues decreased to $79.5 million from $95.5 million year-over-year, with adjusted EBITDA down to $17.2 million from $19.8 million [17] - Daily room rate for the Canadian segment decreased to $96 from $100 year-over-year [8] Market Data and Key Metrics Changes - Australian billed rooms increased to 625,000, up 6% from 588,000 in the second quarter of 2023 [36] - Billed rooms in Canadian lodges totaled 752,000, up from 724,000 in the second quarter of 2023 [37] Company Strategy and Development Direction - The company aims to grow Australian Integrated Services revenues to AUD500 million by 2027 [25][45] - The focus is on winning additional contracts and expanding existing customer relationships in the Integrated Services business [29][25] - The company is exploring opportunities to acquire additional villages to augment its portfolio [80] Management's Comments on Operating Environment and Future Outlook - Management expects occupancy in Australian villages to remain consistent through the third quarter, with a slight downtick in the fourth quarter due to holiday downtimes [27] - The company anticipates modest results in the latter half of 2024 for Canada due to the shift in turnaround activity [23] - Management remains cautious about the impact of wildfires in Western Canada but does not expect a material financial impact [42] Other Important Information - The company returned $10.3 million to shareholders through dividends and share repurchases during the second quarter [4] - Capital expenditures for the second quarter were $5.3 million, down from $6.9 million in the same period in 2023 [38] - The company is maintaining its full-year 2024 revenue guidance of $625 million to $700 million and adjusted EBITDA guidance of $80 million to $90 million [40] Q&A Session Summary Question: What are the growth opportunities in Australia for the next couple of years? - Management expects occupancy in Australian villages to remain consistent and is looking to add capacity in Bowen Basin [27][49] Question: Can you frame the opportunities for future LNG expansions? - Management noted that the LNG Canada project is nearing first production, impacting activity at Sitka [55] Question: What are the high-level factors influencing 2025 outlook? - Management indicated that capital investment in own villages and winning new contracts in Integrated Services will be key [62] Question: What is the status of the source gas opportunity for LNG Canada? - Management stated that entry into the source gas market would likely require an acquisition [65] Question: How do you view the Canadian room rates and potential rebound? - Management explained that lower prices are tied to higher volumes due to tiered pricing structures, and prices are expected to rise as turnaround volumes decrease [101][102]

FORM 10-Q | --- | --- | |------------------------------------------------------------------------------|------------------------------------------| | | | | For the transition period from _________________________ to | _________________________ | | Commission file number: | 001-36246 | | Civeo Corporation | | | (Exact name of registrant as specified | in its charter) | | | | | British Columbia, Canada | 98-1253716 | | (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identific ...

Group 1: Earnings Performance - Civeo reported quarterly earnings of $0.56 per share, significantly exceeding the Zacks Consensus Estimate of $0.21 per share, and up from $0.30 per share a year ago, representing an earnings surprise of 166.67% [1] - The company posted revenues of $188.71 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 8.64% and increasing from $178.84 million year-over-year [2] Group 2: Stock Performance and Outlook - Civeo shares have increased approximately 10.2% since the beginning of the year, while the S&P 500 has gained 14.5%, indicating underperformance relative to the broader market [3] - The current consensus EPS estimate for the upcoming quarter is $0.23 on revenues of $169.71 million, and for the current fiscal year, it is -$0.51 on revenues of $665.18 million [6] Group 3: Industry Context - The Hotels and Motels industry, to which Civeo belongs, is currently ranked in the top 35% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [7] - Hilton Worldwide Holdings Inc., another company in the same industry, is expected to report quarterly earnings of $1.85 per share, reflecting a year-over-year increase of 13.5%, with revenues anticipated to be $2.97 billion, up 11.8% from the previous year [8][9]

Civeo Reports Second Quarter 2024 Results Second Quarter Highlights include: HOUSTON and CALGARY, July 30, 2024 (BUSINESS WIRE) -- Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the second quarter ended June 30, 2024. "In the second quarter of 2024, we delivered increased billed rooms year-over-year in our Canadian lodges and Australian owned-villages as well as increased Australian integrated services business with existing clients. These year-over-year improvements were o ...

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]