Civeo Corporation (NYSE:CVEO) today reported financial and
operating results for the fourth quarter and year ended December
31, 2019.
Highlights for the quarter include:
- Generated $41.0 million in operating cash flow and $37.1
million in free cash flow allowing for the reduction of total debt
by $34.5 million during the fourth quarter of 2019
- Reduced leverage ratio to 2.98x at December 31, 2019 from 3.52x
as of September 30, 2019
- Incurred fourth quarter net loss of $32.1 million and delivered
Adjusted EBITDA of $29.9 million
- Reported fourth quarter revenues of $148.7 million, an increase
of 30% year-over-year due to the Action Industrial Catering
("Action") acquisition in Australia and stronger occupancy in both
our Canadian lodges and Australian villages
“Civeo made significant progress in 2019 despite some challenges
in our key end markets. We achieved year-over-year growth in
revenues and EBITDA, generated $74.5 million of operating cash flow
and $50.6 million of free cash flow, completed the acquisition and
integration of Action and reduced our leverage ratio to 2.98x at
year end,” stated Bradley J. Dodson, Civeo's President and Chief
Executive Officer.
Mr. Dodson continued, “The fourth quarter results continued to
build on our positive momentum experienced earlier in 2019 with
strong operational and financial results. We realized a significant
amount of free cash flow in the quarter which allowed us to
materially reduce our total debt and our leverage ratio. Despite
the typical seasonal holiday downtime, our Canadian and Australian
segments experienced very strong occupancy compared to the fourth
quarter of 2018,”
Mr. Dodson added, “Looking ahead to 2020, we will continue to
focus on generating free cash flow to pay down debt, strengthening
our balance sheet and creating long-term shareholder value.”
Fourth Quarter 2019 Results
In the fourth quarter of 2019, Civeo generated revenues of
$148.7 million and reported a net loss of $32.1 million, or $0.19
per share. The loss results in part from $20.6 million in costs
associated with goodwill and asset impairments and $0.2 million in
Action transaction costs. During the fourth quarter of 2019, Civeo
produced operating cash flow of $41.0 million, Adjusted EBITDA of
$29.9 million and free cash flow of $37.1 million.
(EBITDA is a non-GAAP financial measure that is defined as net
income plus interest, taxes, depreciation and amortization, and
Adjusted EBITDA is defined as EBITDA adjusted to exclude impairment
charges and certain costs associated with Civeo's acquisitions of
Noralta Lodge Ltd. ("Noralta") and Action. 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. Please see the reconciliations to GAAP
measures at the end of this news release.)
By comparison, in the fourth quarter of 2018, Civeo generated
revenues of $114.5 million and reported a net loss of $13.8
million, or $0.08 per share. The loss represents a $15.2 million
pre-tax loss resulting in part from $2.1 million in costs
associated with Civeo’s acquisition of Noralta. During the fourth
quarter of 2018, Civeo generated operating cash flow of $28.5
million, Adjusted EBITDA of $19.9 million and free cash flow of
$21.9 million.
Overall, the increase in revenues and Adjusted EBITDA in the
fourth quarter of 2019 compared to 2018 was primarily due to higher
billed rooms in our Canadian and Australian segments coupled with
the acquisition of Action in July 2019.
Full Year 2019 Results
For the full year 2019, the Company reported revenues of $527.6
million and a net loss of $60.3 million, or $0.36 per share.
Adjusted EBITDA for full year 2019 was $108.4 million. This
compared to revenues of $466.7 million and a net loss of $131.8
million, or $0.84 per share, for the full year 2018. Adjusted
EBITDA was $76.8 million in 2018.
The increase in revenues and Adjusted EBITDA in 2019 as compared
to 2018 was primarily due to higher billed rooms across the
majority of our Australian segment, solid operational execution in
Canada, a shift in the Canadian occupancy mix towards Sitka lodge,
and the acquisition of Action in July 2019.
Business Segment Results
(Unless otherwise noted, the following discussion compares the
quarterly results for the fourth quarter of 2019 to the results for
the fourth quarter of 2018. The Adjusted EBITDA amounts discussed
below exclude the goodwill and fixed asset impairments and Action
and Noralta-related expenses noted above.)
Canada
During the fourth quarter of 2019, the Canada segment generated
revenues of $89.7 million, operating loss of $17.9 million and
Adjusted EBITDA of $20.9 million, compared to revenues of $69.4
million, operating loss of $8.2 million and Adjusted EBITDA of
$11.3 million in the fourth quarter of 2018. The fourth quarter of
2019 included a goodwill impairment charge of $19.9 million and an
asset impairment charge of $0.7 million.
Revenues and Adjusted EBITDA were higher primarily due to a 22%
increase in total room nights in the fourth quarter of 2019
compared to the fourth quarter of 2018. The increase in occupied
rooms was primarily due to greater turnaround activity in the oil
sands region coupled with higher capacity and occupancy at our
Sitka Lodge serving the LNG Canada project.
Australia
During the fourth quarter of 2019, the Australia segment
generated revenues of $48.9 million, operating income of $1.8
million and Adjusted EBITDA of $15.7 million, compared to revenues
of $29.7 million, operating loss of $1.8 million and Adjusted
EBITDA of $11.8 million in the fourth quarter of 2018.
Results for the fourth quarter of 2019 reflect the impact of a
weakened Australian dollar relative to the U.S. dollar, which
decreased revenues by $1.7 million. On a constant currency basis,
the Australian segment experienced a 70.5% period-over-period
increase in revenues due to the acquisition of Action and 17%
higher room nights year-over-year in our villages primarily due to
continued improvement in customer maintenance activity in the Bowen
Basin. The Adjusted EBITDA increase was also primarily due to
higher billed rooms as noted above.
U.S.
The U.S. segment generated revenues of $10.0 million, operating
loss of $6.7 million and an Adjusted EBITDA loss of $0.2 million in
the fourth quarter of 2019, compared to revenues of $15.5 million,
operating loss of $2.2 million and an Adjusted EBITDA loss of $1.9
million in the fourth quarter of 2018. The revenue and Adjusted
EBITDA decrease was primarily due to the Acadian Acres contract
rolling off in mid-2019 and subdued customer drilling and
completion activity.
Income Taxes
Civeo recognized an income tax provision of $3.2 million, which
resulted in an effective tax rate of (11%) in the fourth quarter of
2019. During the fourth quarter of 2018, Civeo recognized an income
tax benefit of $2.0 million, which resulted in an effective tax
rate of 13%.
Financial Condition
As of December 31, 2019, Civeo had total liquidity of
approximately $124.1 million, consisting of $120.8 million
available under its revolving credit facilities and $3.3 million of
cash on hand.
Civeo’s total debt outstanding on December 31, 2019 was $359.1
million, a $34.5 million decrease since September 30, 2019.
During 2019, Civeo invested $29.8 million in capital
expenditures, up from $17.1 million during 2018. This increase is
primarily related to the completed expansion of our Sitka Lodge in
Kitimat, British Columbia by approximately 500 rooms during the
first half of 2019.
First Quarter and Full Year 2020
Guidance
For the first quarter of 2020, Civeo expects revenues of $139.5
million to $143.5 million and EBITDA of $20.0 million to $22.0
million. For the full year of 2020, Civeo expects revenues of
$560.0 million to $576.0 million, EBITDA of $100.0 million to
$108.0 million and capital expenditures of $18.0 million to $22.0
million.
Conference Call
Civeo will host a conference call to discuss its fourth quarter
2019 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 (800)-263-0877 in the United States or (646)-828-8143
internationally and using the conference ID 2683193#. 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 2683193#.
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 28 lodges
and villages in Canada, Australia and the U.S., with an aggregate
of approximately 30,000 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 in this news release include the statements regarding
Civeo’s future plans and guidance, 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
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 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 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, 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
annual report on Form 10-K for the year ended December 31, 2018 and
other reports the Company may file from time to time with the U.S.
Securities and Exchange Commission. Each forward-looking statement
contained in this news release 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.
- Financial Schedules Follow -
CIVEO CORPORATION
UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per
share amounts)
THREE MONTHS ENDED DECEMBER
31,
TWELVE MONTHS ENDED DECEMBER
31,
2019
2018
2019
2018
Revenues
$
148,689
$
114,520
$
527,555
$
466,692
Costs and expenses:
Cost of sales and services
102,464
83,031
366,814
332,414
Selling, general and administrative
expenses
16,626
11,847
59,586
67,036
Depreciation and amortization expense
30,794
26,344
123,768
125,846
Impairment expense
20,602
—
26,148
28,661
Other operating expense
181
442
290
790
170,667
121,664
576,606
554,747
Operating loss
(21,978
)
(7,144
)
(49,051
)
(88,055
)
Interest expense
(6,713
)
(6,929
)
(27,383
)
(26,258
)
Loss on extinguishment of debt
—
—
—
(748
)
Interest income
12
134
78
226
Other income (expense)
399
(1,300
)
7,281
1,623
Loss before income taxes
(28,280
)
(15,239
)
(69,075
)
(113,212
)
Income tax benefit (provision)
(3,222
)
1,979
10,741
31,365
Net loss
(31,502
)
(13,260
)
(58,334
)
(81,847
)
Less: Net income attributable to
noncontrolling interest
97
55
157
396
Net loss attributable to Civeo
Corporation
(31,599
)
(13,315
)
(58,491
)
(82,243
)
Less: Dividends attributable to Class A
preferred shares
465
489
1,849
49,589
Net loss attributable to Civeo Corporation
common shareholders
$
(32,064
)
$
(13,804
)
$
(60,340
)
$
(131,832
)
Net loss per share attributable to Civeo
Corporation common shareholders:
Basic
$
(0.19
)
$
(0.08
)
$
(0.36
)
$
(0.84
)
Diluted
$
(0.19
)
$
(0.08
)
$
(0.36
)
$
(0.84
)
Weighted average number of common shares
outstanding:
Basic
167,653
165,599
167,047
157,231
Diluted
167,653
165,599
167,047
157,231
CIVEO CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
December 31, 2019
December 31, 2018
(UNAUDITED)
Current assets:
Cash and cash equivalents
$
3,331
$
12,372
Accounts receivable, net
99,493
70,223
Inventories
5,877
4,313
Assets held for sale
7,589
10,297
Prepaid expenses and other current
assets
15,151
10,592
Total current assets
131,441
107,797
Property, plant and equipment, net
590,309
658,905
Goodwill, net
110,173
114,207
Other intangible assets, net
111,837
119,409
Operating lease right-of-use assets
24,876
—
Other noncurrent assets
1,276
1,359
Total assets
$
969,912
$
1,001,677
Current liabilities:
Accounts payable
$
36,971
$
28,334
Accrued liabilities
21,755
15,956
Income taxes
328
310
Current portion of long-term debt
35,080
33,329
Deferred revenue
7,165
3,035
Other current liabilities
8,741
5,719
Total current liabilities
110,040
86,683
Long-term debt
321,792
342,908
Deferred income taxes
9,452
18,442
Operating lease liabilities
21,231
—
Other noncurrent liabilities
16,592
18,220
Total liabilities
479,107
466,253
Shareholders' equity:
Preferred shares
58,129
56,280
Common shares
—
—
Additional paid-in capital
1,572,249
1,562,133
Accumulated deficit
(771,590
)
(710,551
)
Treasury stock
(5,472
)
(1,189
)
Accumulated other comprehensive loss
(363,173
)
(371,249
)
Total Civeo Corporation shareholders'
equity
490,143
535,424
Noncontrolling interest
662
—
Total shareholders' equity
490,805
535,424
Total liabilities and shareholders'
equity
$
969,912
$
1,001,677
CIVEO CORPORATION
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
TWELVE MONTHS ENDED DECEMBER
31,
2019
2018
Cash flows from operating activities:
Net loss
$
(58,334
)
$
(81,847
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
123,768
125,846
Impairment charges
26,148
28,661
Loss on extinguishment of debt
—
748
Deferred income tax benefit
(11,713
)
(31,403
)
Non-cash compensation charge
10,116
11,036
Gain on disposals of assets
(3,882
)
(1,606
)
Provision for loss on receivables, net of
recoveries
(30
)
(276
)
Other, net
2,659
4,879
Changes in operating assets and
liabilities:
Accounts receivable
(20,547
)
13,326
Inventories
(87
)
3,376
Accounts payable and accrued
liabilities
8,473
(17,716
)
Taxes payable
(75
)
5,310
Other current assets and liabilities,
net
(2,015
)
(5,943
)
Net cash flows provided by operating
activities
74,481
54,391
Cash flows from investing activities:
Payments related to acquisitions, net of
cash acquired
(16,434
)
(171,337
)
Capital expenditures
(29,812
)
(17,108
)
Proceeds from disposition of property,
plant and equipment
5,906
5,844
Other, net
1,762
654
Net cash flows used in investing
activities
(38,578
)
(181,947
)
Cash flows from financing activities:
Term loan repayments
(34,942
)
(26,609
)
Revolving credit borrowings (repayments),
net
(3,456
)
140,973
Debt issuance costs
(1,950
)
(4,009
)
Other, net
(4,283
)
(832
)
Net cash flows provided by (used in)
financing activities
(44,631
)
109,523
Effect of exchange rate changes on
cash
(313
)
(2,242
)
Net change in cash and cash
equivalents
(9,041
)
(20,275
)
Cash and cash equivalents, beginning of
period
12,372
32,647
Cash and cash equivalents, end of
period
$
3,331
$
12,372
CIVEO CORPORATION
SEGMENT DATA
(in thousands)
(unaudited)
THREE MONTHS ENDED DECEMBER
31,
TWELVE MONTHS ENDED DECEMBER
31,
2019
2018
2019
2018
Revenues
Canada
$
89,708
$
69,351
$
325,651
$
296,012
Australia
48,933
29,696
156,093
119,238
United States
10,048
15,473
45,811
51,442
Total revenues
$
148,689
$
114,520
$
527,555
$
466,692
EBITDA (1)
Canada
$
311
$
10,112
$
51,745
$
21,639
Australia
15,563
11,759
49,871
44,821
United States
(155
)
1,908
5,479
5,566
Corporate and eliminations
(6,601
)
(5,934
)
(25,254
)
(33,008
)
Total EBITDA
$
9,118
$
17,845
$
81,841
$
39,018
Adjusted EBITDA (1)
Canada
$
20,913
$
11,313
$
72,347
$
53,816
Australia
15,716
11,759
55,786
44,821
United States
(155
)
1,908
5,479
5,566
Corporate and eliminations
(6,601
)
(5,077
)
(25,254
)
(27,425
)
Total adjusted EBITDA
$
29,873
$
19,903
$
108,358
$
76,778
Operating income (loss)
Canada
$
(17,876
)
$
(8,177
)
$
(32,313
)
$
(63,519
)
Australia
1,819
1,843
517
(1,950
)
United States
(6,730
)
(2,195
)
(11,214
)
(8,640
)
Corporate and eliminations
809
1,385
(6,041
)
(13,946
)
Total operating loss
$
(21,978
)
$
(7,144
)
$
(49,051
)
$
(88,055
)
(1) Please see Non-GAAP Reconciliation
Schedule.
CIVEO CORPORATION
NON-GAAP
RECONCILIATIONS
(in thousands)
(unaudited)
THREE MONTHS ENDED DECEMBER
31,
TWELVE MONTHS ENDED DECEMBER
31,
2019
2018
2019
2018
EBITDA (1)
$
9,118
$
17,845
$
81,841
$
39,018
Adjusted EBITDA (1)
$
29,873
$
19,903
$
108,358
$
76,778
Free Cash Flow (2)
$
37,084
$
21,893
$
50,575
$
43,127
(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 impairment charges and certain costs
associated with Civeo's acquisitions of Noralta and Action. 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 the 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 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 DECEMBER
31,
TWELVE MONTHS ENDED DECEMBER
31,
2019
2018
2019
2018
Net loss attributable to Civeo
Corporation
$
(31,599
)
$
(13,315
)
$
(58,491
)
$
(82,243
)
Income tax provision (benefit)
3,222
(1,979
)
(10,741
)
(31,365
)
Depreciation and amortization
30,794
26,344
123,768
125,846
Interest income
(12
)
(134
)
(78
)
(226
)
Loss on extinguishment of debt
—
—
—
748
Interest expense
6,713
6,929
27,383
26,258
EBITDA
$
9,118
$
17,845
$
81,841
$
39,018
Adjustments to EBITDA
Impairment of long-lived assets (a)
702
—
6,248
28,661
Impairment of goodwill (b)
19,900
—
19,900
—
Noralta transaction costs (c)
—
2,058
—
9,099
Action transaction costs (d)
153
—
369
—
Adjusted EBITDA
$
29,873
$
19,903
$
108,358
$
76,778
(a)
Relates to asset impairments recorded in
the fourth and second quarter of 2019 and the first quarter 2018.
In the fourth quarter 2019, we recorded a pre-tax loss related to
the impairment of assets in Canada of $0.7 million ($0.5 million
after-tax, or $0.00 per diluted share), which is included in
Impairment expense on the unaudited statements of operations. In
the second quarter 2019, we recorded a pre-tax loss related to the
impairment of assets in Australia of $5.5 million ($5.5 million
after-tax, or $0.03 per diluted share), which is included in
Impairment expense on the unaudited statements of operations. This
includes $1.0 million of impairment expense related to an error
corrected in the second quarter 2019. During the second quarter of
2019, we identified a future liability related to an asset
retirement obligation (ARO) at one of our villages in Australia
that should have been recorded in 2011. We determined that the
error was not material to our previously issued financial
statements included in our Annual Report on Form 10-K for the year
ended December 31, 2018, and therefore, corrected the error in the
second quarter of 2019.
In the first quarter 2018, we recorded a
pre-tax loss related to the impairment of assets in Canada of $28.7
million ($20.9 million after-tax, or $0.14 per diluted share),
which is included in Impairment expense on the unaudited statements
of operations.
(b)
Relates to the impairment of goodwill. The
$19.9 million impairment ($19.9 million after-tax, or $0.12 per
diluted share) is related to our Canada reporting unit and is
included in Impairment expense on the statements of operations.
(c)
Relates to costs incurred associated with
Civeo's acquisition of Noralta. For the twelve month period ended
December 31, 2018, the $9.1 million of costs in 2018 ($8.0 million
after-tax, or $0.05 per diluted share), are reflected in the Canada
($3.5 million) and Corporate and eliminations ($5.6 million)
reportable segments and are included in Costs of sales and services
($1.0 million), Selling, general and administrative expenses ($7.2
million) and Other income (expense) ($0.9 million) on the unaudited
statements of operations. For the three month period ended December
31, 2018, the $2.1 million of costs in 2018 ($1.7 million
after-tax, or $0.01, per diluted share), are reflected in the
Canada ($1.2 million) and Corporate and eliminations ($0.9 million)
reportable segments and are included in Costs of sales and services
($0.6 million), Selling, general and administrative expenses ($0.6
million) and Other income (expense) ($0.9 million) on the unaudited
statements of operations.
(d)
Relates to costs incurred associated with
Civeo's acquisition of Action. For the twelve month period ended
December 31, 2019, the $0.4 million of costs ($0.4 million
after-tax, or $0.00, per diluted share), are reflected in the
Australia reportable segment and are included in Selling, general
and administrative expenses on the unaudited statements of
operations. For the three month period ended December 31, 2019, the
$0.2 million of costs ($0.2 million after-tax, or $0.00, per
diluted share), are reflected in the Australia reportable segment
and are included in Selling, general and administrative expenses 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 Free
Cash Flow 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 DECEMBER
31,
TWELVE MONTHS ENDED DECEMBER
31,
2019
2018
2019
2018
Net Cash Flows Provided by Operating
Activities
$
40,955
$
28,529
$
74,481
$
54,391
Capital expenditures
(4,295
)
(8,442
)
(29,812
)
(17,108
)
Proceeds from disposition of property,
plant and equipment
424
1,806
5,906
5,844
Free Cash Flow
$
37,084
$
21,893
$
50,575
$
43,127
CIVEO CORPORATION
NON-GAAP RECONCILIATIONS -
GUIDANCE
(in millions)
(unaudited)
THREE MONTHS ENDING MARCH 31,
2020
YEAR ENDING DECEMBER 31,
2020
EBITDA Range (1)
$
20.0
$
22.0
$
100.0
$
108.0
(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):
THREE MONTHS ENDING MARCH 31,
2020
YEAR ENDING DECEMBER 31,
2020
(estimated)
(estimated)
Net loss
$
(8.6
)
$
(7.0
)
$
(12.8
)
$
(5.3
)
Income tax provision (benefit)
(1.4
)
(1.0
)
(0.2
)
0.3
Depreciation and amortization
24.0
24.0
93.0
93.0
Interest expense
6.0
6.0
20.0
20.0
EBITDA
$
20.0
$
22.0
$
100.0
$
108.0
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 DECEMBER
31,
TWELVE MONTHS ENDED DECEMBER
31,
2019
2018
2019
2018
Supplemental Operating Data - Canadian
Segment
Revenues
Accommodation revenue (1)
$
77,803
$
62,641
$
281,577
$
266,899
Mobile facility rental revenue (2)
3,927
33
9,575
9,316
Food and other services revenue (3)
7,978
4,519
33,485
15,601
Manufacturing revenue (4)
—
2,158
1,014
4,196
Total Canadian revenues
$
89,708
$
69,351
$
325,651
$
296,012
Costs
Accommodation cost
$
50,539
$
43,335
$
187,679
$
182,387
Mobile facility rental cost
2,758
248
7,493
9,985
Food and other services cost
6,975
4,435
30,595
14,756
Manufacturing cost
18
2,622
1,025
4,995
Indirect other cost
3,134
4,345
12,832
15,134
Total Canadian cost of sales and
services
$
63,424
$
54,985
$
239,624
$
227,257
Average daily rates (5)
$
92
$
91
$
91
$
89
Billed rooms (6)
837,217
687,217
3,078,727
3,007,229
Canadian dollar to U.S. dollar
$
0.758
$
0.757
$
0.754
$
0.772
Supplemental Operating Data - Australian
Segment
Accommodation revenue (1)
$
33,574
$
29,553
$
126,047
$
117,896
Food and other services revenue (3)
15,359
143
30,046
1,342
Total Australian revenues
$
48,933
$
29,696
$
156,093
$
119,238
Costs
Accommodation cost
$
15,229
$
14,424
$
60,045
$
57,366
Food and other services cost
13,266
125
26,073
1,150
Indirect other cost
877
630
2,972
2,552
Total Australian cost of sales and
services
$
29,372
$
15,179
$
89,090
$
61,068
Average daily rates (5)
$
72
$
74
$
73
$
78
Billed rooms (6)
463,330
397,335
1,717,186
1,512,030
Australian dollar to U.S. dollar
$
0.684
$
0.718
$
0.695
$
0.748
(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 camps
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)
Includes revenues related to modular
construction services for the periods presented.
(5)
Average daily rate is based on billed
rooms and accommodation revenue.
(6)
Billed rooms represents total billed days
for the periods presented.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200227005223/en/
Carolyn J. Stone Civeo Corporation Senior Vice President &
Chief Financial Officer 713-510-2400
Jeffrey Spittel FTI Consulting 713-353-5407
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