Civeo(US:CVEO)2024-04-26 12:08Financial 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]