Civeo(US:CVEO)2022-04-28 16:00Financial Performance - Civeo Corporation reported revenues of $165,678,000 for the three months ended March 31, 2022, a 32% increase from $125,430,000 in the same period of 2021[9]. - The company achieved a net income of $1,908,000 for Q1 2022, compared to a net loss of $9,425,000 in Q1 2021, marking a significant turnaround[12]. - Operating income for the quarter was $4,237,000, compared to an operating loss of $9,901,000 in the prior year, indicating improved operational efficiency[9]. - Comprehensive income for the quarter was $9,920,000, compared to a comprehensive loss of $11,052,000 in the same quarter of the previous year[12]. - Total revenues for Q1 2022 were $165.7 million, an increase from $125.4 million in Q1 2021, with Canada contributing $95.9 million and Australia $63.5 million[68]. - Net income attributable to Civeo was $0.9 million, or $0.06 per diluted share, compared to a net loss of $10.0 million, or $0.70 per diluted share in Q1 2021[1]. - Operating income increased by $14.1 million, or 143%, in Q1 2022, primarily due to higher activity levels in Canada and Australia[6]. Assets and Liabilities - Civeo's total current assets increased to $161,847,000 as of March 31, 2022, up from $157,193,000 at the end of 2021[15]. - The company reported total assets of $673,094,000 as of March 31, 2022, slightly up from $672,734,000 at the end of 2021[15]. - Civeo's total liabilities decreased to $300,123,000 as of March 31, 2022, down from $309,623,000 at the end of 2021, reflecting improved financial health[15]. - Total debt as of March 31, 2022, was $175,905 thousand, slightly up from $173,178 thousand as of December 31, 2021[48]. - Long-term debt, less current maturities, increased to $145,037 thousand as of March 31, 2022, from $142,602 thousand as of December 31, 2021[48]. - As of March 31, 2022, total available liquidity was $83.1 million, down from $92.8 million as of December 31, 2021[126]. Revenue Breakdown - Accommodation revenues in Canada for the three months ended March 31, 2022, were $67,194,000, up from $46,530,000 in 2021, reflecting a growth of approximately 44%[32]. - Total Australia revenues for the three months ended March 31, 2022, were $63,529,000, an increase from $59,637,000 in the same period of 2021[32]. - The U.S. segment reported revenues of $6.2 million in Q1 2022, compared to $3.9 million in Q1 2021, indicating growth in this market[68]. - Canadian segment revenues increased by $34.1 million, or 55%, driven by higher billed rooms and increased mobile asset activity[13]. - Australian segment revenues increased by $3.9 million, or 7%, despite a $4.2 million decrease due to a weaker Australian dollar[118]. Cash Flow and Expenditures - Total cash flows provided by operating activities for the three months ended March 31, 2022, were $1,953,000, down from $12,817,000 in the same period of 2021[22]. - Capital expenditures for the three months ended March 31, 2022, were $3,592,000, compared to $3,372,000 in the same period of 2021[22]. - The company anticipates capital expenditures in 2022 to be influenced by macroeconomic conditions and commodity price volatility, particularly in the natural resources sector[74]. - Capital expenditures for 2022 are expected to be in the range of $20 million to $25 million, compared to $15.6 million in 2021, indicating a planned increase[98]. Shareholder Information - The company repurchased 500 common shares at a weighted average price of $18.47 per share, totaling approximately $9.2 thousand during Q1 2022[58]. - The company authorized a share repurchase program to buy back up to 5.0% of its total common shares, equating to 715,814 shares, over a twelve-month period[133]. - The company repurchased a total of 46,577 common shares during the three months ended March 31, 2022, at an average price of $21.93 per share[151]. Legal and Compliance - The company is involved in various pending legal claims, but believes that any ultimate liability will not have a material adverse effect on its financial position[148]. - Investors are advised to refer to the "Risk Factors" section in the Annual Report for additional information on potential risks[149]. - The company has filed various agreements as exhibits to its Quarterly Report to provide investors with information regarding their terms[156]. - The certifications of the Chief Executive Officer and Chief Financial Officer were filed in compliance with the Securities Exchange Act of 1934[153][154]. Market Conditions - The ongoing impact of COVID-19 has led to increased staff costs due to labor shortages in Australia, affecting operational efficiency and cost management[78]. - WCS prices in Q1 2022 averaged $82.04 per barrel, up from $46.28 in Q1 2021, indicating a significant year-over-year increase of 77.1%[83]. - The U.S. oil rig count increased from 267 at the end of 2020 to 531 at the end of Q1 2022, showing a recovery in drilling activity[94]. - The average U.S. to Australian dollar exchange rate was $0.724 in Q1 2022, down 6.3% from $0.773 in Q1 2021, impacting financial results[96].