Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Civeo Reports Third Quarter 2022 Results


Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the third quarter ended September 30, 2022.

"In the third quarter of 2022, our focus remained on our strategic objectives of operating safely, generating free cash flow, maintaining our strong balance sheet and returning capital to shareholders through our buyback program. We continued to experience a recovery in Canadian lodge billed rooms as our customers increase activity in the oil sands region. We also experienced strong Canadian mobile camp results supporting pipeline construction activity. We now expect our mobile camps to remain active into 2023, moving their demobilization costs out of 2022 Adjusted EBITDA guidance," stated Bradley J. Dodson, Civeo's President and Chief Executive Officer.

Mr. Dodson concluded, "We are also proud to report that we achieved the significant milestone of reducing our net leverage ratio below 1.0x. This achievement would not be possible without the efforts of the entire Civeo team over the last few years. Our continued debt reduction provides us the flexibility to both weather the current market volatility and further evaluate other capital allocation opportunities."

Third Quarter 2022 Results

In the third quarter of 2022, Civeo generated revenues of $184.2 million and reported net income of $5.2 million, or $0.32 per diluted share. During the third quarter of 2022, Civeo produced operating cash flow of $38.7 million, Adjusted EBITDA of $35.0 million and free cash flow of $38.6 million.

By comparison, in the third quarter of 2021, Civeo generated revenues of $155.1 million and reported net income of $0.1 million, or $0.00 per diluted share. During the third quarter of 2021, Civeo produced operating cash flow of $33.9 million, Adjusted EBITDA of $26.2 million and free cash flow of $31.0 million.

Overall, the increase in revenues and Adjusted EBITDA in the third quarter of 2022 compared to the third quarter of 2021 was primarily driven by improved occupancy in the Canadian lodges and Australian villages as well as increased Canadian mobile camp activity, partially offset by the weaker Canadian and Australian dollars relative to the U.S. dollar.

Business Segment Results

(Unless otherwise noted, the following discussion compares the quarterly results for the third quarter of 2022 to the results for the third quarter of 2021.)

Canada

During the third quarter of 2022, the Canadian segment generated revenues of $103.0 million, operating income of $7.8 million and Adjusted EBITDA of $25.6 million, compared to revenues of $84.1 million, operating income of $6.1 million and Adjusted EBITDA of $19.8 million in the third quarter of 2021. Results from the third quarter of 2022 reflect the impact of a weakened Canadian dollar relative to the U.S. dollar, which decreased revenues and Adjusted EBITDA by $3.7 million and $0.9 million, respectively.

On a constant currency basis, the Canadian segment experienced a 27% period-over-period increase in revenues largely due to increased mobile camp activity and a 19% year-over-year increase in billed rooms, driven by increased customer activity as a result of the recovery of oil prices. Adjusted EBITDA for the Canadian segment increased 29% year-over-year primarily due to the aforementioned dynamics.

Australia

During the third quarter of 2022, the Australian segment generated revenues of $73.8 million, operating income of $5.9 million and Adjusted EBITDA of $16.9 million, compared to revenues of $65.1 million, operating income of $4.4 million and Adjusted EBITDA of $14.8 million in the third quarter of 2021. Results from the third quarter of 2022 reflect the impact of a weakened Australian dollar relative to the U.S. dollar, which decreased revenues and Adjusted EBITDA by $5.5 million and $1.3 million, respectively.

On a constant currency basis, the Australian segment experienced a 22% period-over-period increase in revenues, and a 14% year-over-year increase in Adjusted EBITDA. These improvements were driven by higher integrated services activity in Western Australia as well as a 7% year-over-year growth in billed rooms due to increased customer maintenance activity in the Bowen Basin.

U.S.

The U.S. segment generated revenues of $7.4 million, an operating loss of $1.7 million and negative Adjusted EBITDA of less than $0.0 million in the third quarter of 2022, compared to revenues of $5.9 million, an operating loss of $2.1 million and negative Adjusted EBITDA of $0.5 million in the third quarter of 2021. Revenues and Adjusted EBITDA increased year-over-year primarily due to the increased activity in our wellsite services and offshore businesses, partially offset by the sale of the West Permian lodge in the fourth quarter of 2021.

Financial Condition

As of September 30, 2022, Civeo had total liquidity of approximately $117.3 million, consisting of $108.9 million available under its revolving credit facilities and $8.4 million of cash on hand.

Civeo's total debt outstanding on September 30, 2022 was $126.2 million, a $28.4 million decrease since June 30, 2022. The decrease consisted of $19.5 million in debt payments from cash flow generated by the business and favorable foreign currency translation of $8.9 million.

Civeo reduced its net leverage ratio to 0.9x as of September 30, 2022 from 1.2x as of June 30, 2022.

During the third quarter of 2022, Civeo invested $8.8 million in capital expenditures compared to $3.4 million invested during the third quarter of 2021. Capital expenditures in both periods were predominantly related to maintenance spending on the Company's lodges and villages.

Full Year 2022 Guidance

For the full year of 2022, Civeo is increasing its previously provided revenue and Adjusted EBITDA guidance range to $675 million to $685 million and $110 million to $115 million, respectively. The Company is maintaining its full year 2022 capital expenditure guidance of $24 million to $29 million.

Conference Call

Civeo will host a conference call to discuss its third quarter 2022 financial results today at 11:00 a.m. Eastern time. This call is being webcast and can be accessed at Civeo's website at www.civeo.com. Participants may also join the conference call by dialing (877) 423-9813 in the United States or (201) 689-8573 internationally and using the conference ID 13733925#. A replay will be available after the call by dialing (844) 512-2921 in the United States or (412) 317-6671 internationally and using the conference ID 13733925#.

About Civeo

Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently operates a total of 27 lodges and villages in Canada, Australia and the U.S., with an aggregate of over 28,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein include the statements regarding Civeo's future plans and outlook, including guidance, current trends and liquidity needs, and ability to pay down debt are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with global health concerns and pandemics, including the COVID-19 pandemic, any increases in or severity of COVID-19 cases (including due to existing or new variants) and the risk that room occupancy may decline if our customers are limited or restricted in the availability of personnel who may become ill or be subjected to quarantine, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with the company's ability to integrate acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company's common shares, availability and cost of capital, risks associated with general global economic conditions, inflation, global weather conditions, natural disasters and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Civeo's most recent annual report on Form 10-K and other reports the company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Information

EBITDA is a non-GAAP financial measure that is defined as net income (loss) plus interest, taxes, depreciation and amortization, and Adjusted EBITDA is defined as EBITDA adjusted to exclude certain other unusual or non-operating items. Free cash flow is a non-GAAP financial measure that is defined as net cash flows provided by operating activities less capital expenditures plus proceeds from asset sales.

See "Non-GAAP Reconciliation" below for additional information concerning non-GAAP financial measures, including a reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. Non-GAAP financial information supplements and should be read together with, and is not an alternative or substitute for, the Company's financial results reported in accordance with GAAP. Because non-GAAP financial information is not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures.

- Financial Schedules Follow -

CIVEO CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 

 

Three Months Ended

 

Nine Months Ended

September 30,

September 30,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

Revenues

$

184,227

 

 

$

155,063

 

 

$

534,859

 

 

$

434,669

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

Cost of sales and services

 

133,496

 

 

 

111,430

 

 

 

389,392

 

 

 

319,242

 

Selling, general and administrative expenses

 

17,677

 

 

 

17,320

 

 

 

50,572

 

 

 

46,204

 

Depreciation and amortization expense

 

22,608

 

 

 

20,282

 

 

 

65,818

 

 

 

62,928

 

Impairment expense

 

?

 

 

 

?

 

 

 

?

 

 

 

7,935

 

Other operating (income) expense

 

(339

)

 

 

21

 

 

 

(187

)

 

 

122

 

 

 

173,442

 

 

 

149,053

 

 

 

505,595

 

 

 

436,431

 

Operating income (loss)

 

10,785

 

 

 

6,010

 

 

 

29,264

 

 

 

(1,762

)

 

 

 

 

 

 

 

 

Interest expense

 

(3,001

)

 

 

(3,166

)

 

 

(8,077

)

 

 

(9,929

)

Loss on extinguishment of debt

 

?

 

 

 

(416

)

 

 

?

 

 

 

(416

)

Interest income

 

13

 

 

 

?

 

 

 

15

 

 

 

2

 

Other income

 

2,179

 

 

 

364

 

 

 

4,290

 

 

 

6,066

 

Income (loss) before income taxes

 

9,976

 

 

 

2,792

 

 

 

25,492

 

 

 

(6,039

)

Income tax expense

 

(3,713

)

 

 

(1,770

)

 

 

(7,091

)

 

 

(2,354

)

Net income (loss)

 

6,263

 

 

 

1,022

 

 

 

18,401

 

 

 

(8,393

)

Less: Net income attributable to noncontrolling interest

 

546

 

 

 

478

 

 

 

1,706

 

 

 

534

 

Net income (loss) attributable to Civeo Corporation

 

5,717

 

 

 

544

 

 

 

16,695

 

 

 

(8,927

)

Less: Dividends attributable to Class A preferred shares

 

492

 

 

 

482

 

 

 

1,469

 

 

 

1,440

 

Net income (loss) attributable to Civeo common shareholders

$

5,225

 

 

$

62

 

 

$

15,226

 

 

$

(10,367

)

 

 

 

 

 

 

 

 

Net income (loss) per share attributable to Civeo Corporation common shareholders:

 

 

 

 

 

 

Basic

$

0.32

 

 

$

?

 

 

$

0.92

 

 

$

(0.73

)

Diluted

$

0.32

 

 

$

?

 

 

$

0.91

 

 

$

(0.73

)

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

Basic

 

13,932

 

 

 

14,277

 

 

 

14,058

 

 

 

14,255

 

Diluted

 

14,064

 

 

 

14,361

 

 

 

14,220

 

 

 

14,255

 

 

 

 

 

 

 

 

 

CIVEO CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

September 30,

 

December 31,

2022

2021

 

(UNAUDITED)

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

8,361

 

 

$

6,282

 

Accounts receivable, net

 

122,280

 

 

 

114,859

 

Inventories

 

6,984

 

 

 

6,468

 

Assets held for sale

 

13,759

 

 

 

11,762

 

Prepaid expenses and other current assets

 

13,337

 

 

 

17,822

 

Total current assets

 

164,721

 

 

 

157,193

 

 

 

 

 

Property, plant and equipment, net

 

309,752

 

 

 

389,996

 

Goodwill, net

 

7,322

 

 

 

8,204

 

Other intangible assets, net

 

81,997

 

 

 

93,642

 

Operating lease right-of-use assets

 

14,267

 

 

 

18,327

 

Other noncurrent assets

 

5,270

 

 

 

5,372

 

Total assets

$

583,329

 

 

$

672,734

 

 

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

46,225

 

 

$

49,321

 

Accrued liabilities

 

32,432

 

 

 

33,564

 

Income taxes

 

111

 

 

 

171

 

Current portion of long-term debt

 

27,964

 

 

 

30,576

 

Deferred revenue

 

2,092

 

 

 

18,479

 

Other current liabilities

 

8,900

 

 

 

4,807

 

Total current liabilities

 

117,724

 

 

 

136,918

 

 

 

 

 

Long-term debt

 

96,727

 

 

 

142,602

 

Deferred income taxes

 

7,344

 

 

 

896

 

Operating lease liabilities

 

11,669

 

 

 

15,429

 

Other noncurrent liabilities

 

13,668

 

 

 

13,778

 

Total liabilities

 

247,132

 

 

 

309,623

 

 

 

 

 

Shareholders' equity:

 

 

 

Preferred shares

 

63,410

 

 

 

61,941

 

Common shares

 

?

 

 

 

?

 

Additional paid-in capital

 

1,585,303

 

 

 

1,582,442

 

Accumulated deficit

 

(911,934

)

 

 

(912,951

)

Treasury stock

 

(9,063

)

 

 

(8,050

)

Accumulated other comprehensive loss

 

(394,408

)

 

 

(361,883

)

Total Civeo Corporation shareholders' equity

 

333,308

 

 

 

361,499

 

Noncontrolling interest

 

2,889

 

 

 

1,612

 

Total shareholders' equity

 

336,197

 

 

 

363,111

 

Total liabilities and shareholders' equity

$

583,329

 

 

$

672,734

 

CIVEO CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

Nine Months Ended

September 30,

 

2022

 

2021

 

 

 

 

Cash flows from operating activities:

 

 

 

Net income (loss)

$

18,401

 

 

$

(8,393

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

65,818

 

 

 

62,928

 

Impairment charges

 

?

 

 

 

7,935

 

Loss on extinguishment of debt

 

?

 

 

 

416

 

Deferred income tax expense

 

6,930

 

 

 

2,105

 

Non-cash compensation charge

 

2,861

 

 

 

2,933

 

Gains on disposals of assets

 

(4,069

)

 

 

(2,305

)

Provision (benefit) for credit losses, net of recoveries

 

(23

)

 

 

155

 

Other, net

 

2,397

 

 

 

2,436

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(19,138

)

 

 

(21,516

)

Inventories

 

(1,557

)

 

 

(193

)

Accounts payable and accrued liabilities

 

3,515

 

 

 

9,836

 

Taxes payable

 

(62

)

 

 

61

 

Other current assets and liabilities, net

 

(12,701

)

 

 

6,843

 

Net cash flows provided by operating activities

 

62,372

 

 

 

63,241

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Capital expenditures

 

(17,466

)

 

 

(9,645

)

Proceeds from dispositions of property, plant and equipment

 

11,975

 

 

 

7,545

 

Other, net

 

190

 

 

 

?

 

Net cash flows used in investing activities

 

(5,301

)

 

 

(2,100

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Term loan repayments

 

(23,059

)

 

 

(117,595

)

Revolving credit borrowings (repayments), net

 

(14,824

)

 

 

62,474

 

Debt issuance costs

 

?

 

 

 

(4,407

)

Repurchases of common shares

 

(14,209

)

 

 

(445

)

Taxes paid on vested shares

 

(1,013

)

 

 

(1,120

)

Net cash flows used in financing activities

 

(53,105

)

 

 

(61,093

)

 

 

 

 

Effect of exchange rate changes on cash

 

(1,887

)

 

 

(1,255

)

Net change in cash and cash equivalents

 

2,079

 

 

 

(1,207

)

 

 

 

 

Cash and cash equivalents, beginning of period

 

6,282

 

 

 

6,155

 

Cash and cash equivalents, end of period

$

8,361

 

 

$

4,948

 

CIVEO CORPORATION

SEGMENT DATA

(in thousands)

(unaudited)

 

 

Three Months Ended

 

Nine Months Ended

September 30,

September 30,

 

2022

 

2021

 

2022

 

2021

Revenues

 

 

 

 

 

 

 

Canada

$

103,009

 

 

$

84,057

 

 

$

307,984

 

 

$

229,223

 

Australia

 

73,805

 

 

 

65,118

 

 

 

205,154

 

 

 

188,774

 

United States

 

7,413

 

 

 

5,888

 

 

 

21,721

 

 

 

16,672

 

Total revenues

$

184,227

 

 

$

155,063

 

 

$

534,859

 

 

$

434,669

 

 

 

 

 

 

 

 

 

EBITDA (1)

 

 

 

 

 

 

 

Canada

$

25,567

 

 

$

19,801

 

 

$

71,445

 

 

$

53,201

 

Australia

 

16,858

 

 

 

14,835

 

 

 

47,832

 

 

 

35,157

 

United States

 

(33

)

 

 

(544

)

 

 

197

 

 

 

(1,468

)

Corporate and eliminations

 

(7,366

)

 

 

(7,914

)

 

 

(21,808

)

 

 

(20,192

)

Total EBITDA

$

35,026

 

 

$

26,178

 

 

$

97,666

 

 

$

66,698

 

 

 

 

 

 

 

 

 

Adjusted EBITDA (1)

 

 

 

 

 

 

 

Canada

$

25,567

 

 

$

19,801

 

 

$

71,445

 

 

$

53,201

 

Australia

 

16,858

 

 

 

14,835

 

 

 

47,832

 

 

 

43,092

 

United States

 

(33

)

 

 

(544

)

 

 

197

 

 

 

(1,468

)

Corporate and eliminations

 

(7,366

)

 

 

(7,914

)

 

 

(21,808

)

 

 

(20,192

)

Total adjusted EBITDA

$

35,026

 

 

$

26,178

 

 

$

97,666

 

 

$

74,633

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

 

 

 

 

 

Canada

$

7,846

 

 

$

6,131

 

 

$

23,081

 

 

$

5,924

 

Australia

 

5,859

 

 

 

4,422

 

 

 

17,446

 

 

 

5,073

 

United States

 

(1,690

)

 

 

(2,124

)

 

 

(4,594

)

 

 

(5,831

)

Corporate and eliminations

 

(1,230

)

 

 

(2,419

)

 

 

(6,669

)

 

 

(6,928

)

Total operating income (loss)

$

10,785

 

 

$

6,010

 

 

$

29,264

 

 

$

(1,762

)

 

 

 

 

 

 

 

 

(1) Please see Non-GAAP Reconciliation Schedule.

 

 

CIVEO CORPORATION

NON-GAAP RECONCILIATIONS

(in thousands)

(unaudited)

 

 

Three Months Ended

 

Nine Months Ended

September 30,

September 30,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

EBITDA (1)

$

35,026

 

$

26,178

 

$

97,666

 

$

66,698

Adjusted EBITDA (1)

$

35,026

 

$

26,178

 

$

97,666

 

$

74,633

Free Cash Flow (2)

$

38,595

 

$

31,035

 

$

56,881

 

$

61,141

(1)

The term EBITDA is defined as net income (loss) attributable to Civeo Corporation plus interest, taxes, depreciation and amortization. The term Adjusted EBITDA is defined as EBITDA adjusted to exclude certain other unusual or non-operating items. EBITDA and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for net income or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. Additionally, EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Civeo has included EBITDA and Adjusted EBITDA as supplemental disclosures because its management believes that EBITDA and Adjusted EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provide investors a helpful measure for comparing Civeo's operating performance with the performance of other companies that have different financing and capital structures or tax rates. Civeo uses EBITDA and Adjusted EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan.

 

The following table sets forth a reconciliation of EBITDA and Adjusted EBITDA to net income (loss) attributable to Civeo Corporation, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles (in thousands) (unaudited):

 

Three Months Ended

 

Nine Months Ended

September 30,

September 30,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

Net income (loss) attributable to Civeo Corporation

$

5,717

 

 

$

544

 

$

16,695

 

 

$

(8,927

)

Income tax expense

 

3,713

 

 

 

1,770

 

 

7,091

 

 

 

2,354

 

Depreciation and amortization

 

22,608

 

 

 

20,282

 

 

65,818

 

 

 

62,928

 

Interest income

 

(13

)

 

 

?

 

 

(15

)

 

 

(2

)

Loss on extinguishment of debt

 

?

 

 

 

416

 

 

?

 

 

 

416

 

Interest expense

 

3,001

 

 

 

3,166

 

 

8,077

 

 

 

9,929

 

EBITDA

$

35,026

 

 

$

26,178

 

$

97,666

 

 

$

66,698

 

Adjustments to EBITDA

 

 

 

 

 

 

 

Impairment of long-lived assets (a)

 

?

 

 

 

?

 

 

?

 

 

 

7,935

 

EBITDA and Adjusted EBITDA

$

35,026

 

 

$

26,178

 

$

97,666

 

 

$

74,633

 

 

 

 

 

 

 

 

 

(a) Relates to asset impairments in the second quarter of 2021. In the second quarter of 2021, we recorded a pre-tax loss related to the impairment of long-lived assets in our Australian segment of $7.9 million, which is included in Impairment expense on the unaudited statements of operations.

(2)

The term Free Cash Flow is defined as net cash flows provided by operating activities less capital expenditures plus proceeds from asset sales. Free Cash Flow is not a measure of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. Additionally, Free Cash Flow may not be comparable to other similarly titled measures of other companies. Civeo has included Free Cash Flow as a supplemental disclosure because its management believes that Free Cash Flow provides useful information regarding the cash flow generating ability of its business relative to its capital expenditure and debt service obligations. Civeo uses Free Cash Flow to compare and to understand, manage, make operating decisions and evaluate Civeo's business. It is also used as a benchmark for the award of incentive compensation under its annual incentive compensation plan.

 

The following table sets forth a reconciliation of Free Cash Flow to Net Cash Flows Provided by Operating Activities, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles (in thousands) (unaudited):

 

Three Months Ended

 

Nine Months Ended

September 30,

September 30,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

Net Cash Flows Provided by Operating Activities

$

38,741

 

 

$

33,891

 

 

$

62,372

 

 

$

63,241

 

Capital expenditures

 

(8,819

)

 

 

(3,389

)

 

 

(17,466

)

 

 

(9,645

)

Proceeds from dispositions of property, plant and equipment

 

8,673

 

 

 

533

 

 

 

11,975

 

 

 

7,545

 

Free Cash Flow

$

38,595

 

 

$

31,035

 

 

$

56,881

 

 

$

61,141

 

CIVEO CORPORATION

NON-GAAP RECONCILIATIONS - GUIDANCE

(in millions)

(unaudited)

 

 

Year Ending December

31, 2022

 

 

 

 

EBITDA Range (1)

$

110.0

 

$

115.0

(1)

The following table sets forth a reconciliation of estimated EBITDA to estimated net loss, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles (in millions) (unaudited):

 

Year Ending December

31, 2022

 

(estimated)

 

 

 

 

Net Income

$

3.0

 

$

8.0

Income tax expense

 

9.0

 

 

9.0

Depreciation and amortization

 

88.0

 

 

88.0

Interest expense

 

10.0

 

 

10.0

EBITDA

$

110.0

 

$

115.0

CIVEO CORPORATION

SUPPLEMENTAL QUARTERLY SEGMENT AND OPERATING DATA

(U.S. dollars in thousands, except for room counts and average daily rates)

(unaudited)

 

 

Three Months Ended

 

Nine Months Ended

September 30,

September 30,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

Supplemental Operating Data - Canadian Segment

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

Accommodation revenue (1)

$

72,724

 

$

60,511

 

$

219,349

 

$

176,800

Mobile facility rental revenue (2)

 

25,283

 

 

19,075

 

 

73,359

 

 

38,240

Food and other services revenue (3)

 

5,002

 

 

4,471

 

 

15,276

 

 

14,183

Total Canadian revenues

$

103,009

 

$

84,057

 

$

307,984

 

$

229,223

 

 

 

 

 

 

 

 

Costs

 

 

 

 

 

 

 

Accommodation cost

$

50,308

 

$

41,470

 

$

156,543

 

$

124,798

Mobile facility rental cost

 

15,597

 

 

11,144

 

 

44,939

 

 

23,562

Food and other services cost

 

4,447

 

 

4,007

 

 

13,782

 

 

12,583

Indirect other cost

 

2,526

 

 

2,593

 

 

7,829

 

 

7,498

Total Canadian cost of sales and services

$

72,878

 

$

59,214

 

$

223,093

 

$

168,441

 

 

 

 

 

 

 

 

Average daily rates (4)

$

99

 

$

98

 

$

102

 

$

97

 

 

 

 

 

 

 

 

Billed rooms (5)

 

730,708

 

 

613,017

 

 

2,137,530

 

 

1,816,407

 

 

 

 

 

 

 

 

Canadian dollar to U.S. dollar

$

0.766

 

$

0.794

 

$

0.779

 

$

0.799

 

 

 

 

 

 

 

 

Supplemental Operating Data - Australian Segment

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

Accommodation revenue (1)

$

38,316

 

$

38,104

 

$

114,967

 

$

109,559

Food and other services revenue (3)

 

35,489

 

 

27,014

 

 

90,187

 

 

79,215

Total Australian revenues

$

73,805

 

$

65,118

 

$

205,154

 

$

188,774

 

 

 

 

 

 

 

 

Costs

 

 

 

 

 

 

 

Accommodation cost

$

17,818

 

$

18,351

 

$

55,065

 

$

53,538

Food and other services cost

 

33,465

 

 

26,007

 

 

84,836

 

 

75,458

Indirect other cost

 

2,050

 

 

2,016

 

 

5,638

 

 

5,176

Total Australian cost of sales and services

$

53,333

 

$

46,374

 

$

145,539

 

$

134,172

 

 

 

 

 

 

 

 

Average daily rates (4)

$

73

 

$

78

 

$

76

 

$

79

 

 

 

 

 

 

 

 

Billed rooms (5)

 

525,359

 

 

491,218

 

 

1,505,143

 

 

1,382,182

 

 

 

 

 

 

 

 

Australian dollar to U.S. dollar

$

0.683

 

$

0.735

 

$

0.707

 

$

0.759

 

 

 

 

 

 

 

 

(1)

Includes revenues related to lodge and village rooms and hospitality services for owned rooms for the periods presented.

(2)

Includes revenues related to mobile assets for the periods presented.

(3)

Includes revenues related to food service, laundry and water and wastewater treatment services, and facilities management for the periods presented.

(4)

Average daily rate is based on billed rooms and accommodation revenue.

(5)

Billed rooms represents total billed days for owned assets for the periods presented.

 


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