Civeo Corporation (NYSE:CVEO) today reported financial and
operating results for the second quarter ended June 30, 2021.
Highlights include:
- Reported second quarter revenues of $154.2 million, a net loss
of $0.5 million and operating cash flow of $16.5 million;
- Delivered second quarter Adjusted EBITDA of $32.2 million and
free cash flow of $13.7 million; and
- Reduced total debt to $226.8 million as of June 30, 2021 from
$238.1 million as of March 31, 2021.
“In the second quarter of 2021, we once again stuck to our
objectives of operating safely, generating free cash flow and
reducing our debt balance. The second quarter marks our eighth
consecutive quarter of debt and leverage ratio reduction," stated
Bradley J. Dodson, Civeo's President and Chief Executive
Officer.
Mr. Dodson concluded, "In Canada, we are encouraged and thankful
for the rapid decline of COVID-19 cases after the strong third wave
occurred in April, and as a result, customer activity in the
Canadian oil sands and pipeline work continued to strengthen. In
Australia, Civeo and its customers continue to deal with labor
supply issues and subdued activity due to COVID-19 travel
restrictions and the lingering China/Australia trade dispute, but
we continue to view these issues as transitory. Australia has been
more successful in finding demand for its met coal exports, and
Australian met coal is now trading above $200/tonne, an increase of
almost 100% since the first quarter of 2021."
Second Quarter 2021 Results
In the second quarter of 2021, Civeo generated revenues of
$154.2 million and reported a net loss of $0.5 million, or $0.03
per diluted share. The loss results in part from $7.9 million in
costs associated with asset impairments on properties in Australia.
During the second quarter of 2021, Civeo produced operating cash
flow of $16.5 million, Adjusted EBITDA of $32.2 million and free
cash flow of $13.7 million.
By comparison, in the second quarter of 2020, Civeo generated
revenues of $114.7 million and reported net income of $6.1 million,
or $0.37 per diluted share. Net income included $4.7 million of
income associated with the settlement of a representations and
warranties claim related to the Noralta acquisition. During the
second quarter of 2020, Civeo produced operating cash flow of $24.5
million, Adjusted EBITDA of $28.1 million and free cash flow of
$25.1 million.
Overall, the increase in revenues and Adjusted EBITDA in the
second quarter of 2021 compared to 2020 was primarily due to a
significant increase in billed rooms in the oil sands lodges and
Canadian mobile camp activity, partially offset by $6.2 million of
other income in 2020 related to proceeds from the Canadian
Emergency Wage Subsidy ("CEWS") program and increased labor costs
in our Australian business during the second quarter of 2021.
(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 proceeds from the settlement of a representation and
warranties claim related to a prior acquisition. 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.)
Business Segment Results
(Unless otherwise noted, the following discussion compares the
quarterly results for the second quarter of 2021 to the results for
the second quarter of 2020.)
Canada
During the second quarter of 2021, the Canadian segment
generated revenues of $83.3 million, operating income of $7.5
million and Adjusted EBITDA of $22.6 million, compared to revenues
of $53.0 million, operating loss of $6.7 million and Adjusted
EBITDA of $15.3 million in the second quarter of 2020. Operating
income and Adjusted EBITDA for the second quarter of 2021 included
$0.7 million of other income related to proceeds from CEWS. The
second quarter of 2020 Adjusted EBITDA included $6.2 million of
other income related to proceeds from CEWS and a $1.7 million gain
on sale of assets from the partial sale of assets from our Henday
lodge. Results from the second quarter of 2021 reflect the impact
of a strengthened Canadian dollar relative to the U.S. dollar,
which increased revenues and Adjusted EBITDA by $9.6 million and
$2.7 million, respectively.
On a constant currency basis, the Canadian segment experienced a
39% period-over-period increase in revenues driven by a 76%
year-over-year increase in billed rooms, primarily in the oil sands
lodges, related to increased customer activity as a result of the
recovery of oil prices from the impact of COVID-19. Adjusted EBITDA
for the Canadian segment increased 48% year-over-year primarily due
to the increase in billed rooms coupled with increased mobile camp
activity, partially offset by decreased billed rooms at Sitka lodge
due to British Columbia's health order protocol.
Australia
During the second quarter of 2021, the Australian segment
generated revenues of $64.0 million, operating loss of $2.7 million
and Adjusted EBITDA of $15.4 million, compared to revenues of $57.1
million, operating income of $8.2 million and Adjusted EBITDA of
$18.8 million in the second quarter of 2020. Results from the
second quarter of 2021 reflect the impact of a strengthened
Australian dollar relative to the U.S. dollar, which increased
revenues and Adjusted EBITDA by $9.4 million and $2.3 million,
respectively. Operating loss for the second quarter of 2021
includes asset impairment charges of $7.9 million.
On a constant currency basis, the Australian segment experienced
modestly lower period-over-period revenues, driven by a 7%
year-over-year decrease in billed rooms due to subdued customer
spending in the Bowen Basin. Adjusted EBITDA from the Australian
segment decreased 18% year-over-year due to lower village occupancy
in the Bowen Basin, as well as higher labor costs in the Integrated
Services business.
U.S.
The U.S. segment generated revenues of $6.9 million, operating
loss of $1.1 million and Adjusted EBITDA of $0.3 million in the
second quarter of 2021, compared to revenues of $4.6 million,
operating loss of $2.6 million and negative Adjusted EBITDA of $1.4
million in the second quarter of 2020. Revenues and Adjusted EBITDA
increased year-over-year primarily due to increased offshore
fabrication activity coupled with higher occupancy in the U.S.
lodges.
Financial Condition
As of June 30, 2021, Civeo had total liquidity of approximately
$116.5 million, consisting of $112.1 million available under its
revolving credit facilities and $4.4 million of cash on hand.
Civeo’s total debt outstanding on June 30, 2021 was $226.8
million, an $11.2 million decrease since March 31, 2021. The
decrease consisted of $14.4 million in debt payments from cash flow
generated by the business, partially offset by an unfavorable
foreign currency translation of $3.2 million.
Civeo reduced its leverage ratio to 2.0x as of June 30, 2021
from 2.1x as of March 31, 2021.
During the second quarter of 2021, Civeo invested $3.2 million
in capital expenditures, up from $1.2 million during the second
quarter of 2020.
Full Year 2021 Guidance
For the full year of 2021, Civeo is maintaining its revenue and
Adjusted EBITDA guidance range of $555 million to $580 million and
$90 million to $100 million, respectively. This guidance is based
on our expectations as of today and assumes no material changes to
the current macro environment, or conditions related to the
COVID-19 pandemic. The Company is lowering its full year 2021
capital expenditure guidance to $15 million to $20 million.
Conference Call
Civeo will host a conference call to discuss its second quarter
2021 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) 289-0438 in the United States or (323) 794-2423
internationally and using the conference ID 8892853#. 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 8892853#.
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 herein include the statements regarding Civeo’s future
plans and outlook, including guidance, current trends and liquidity
needs, 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, 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, 2020 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.
CIVEO CORPORATION
UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per
share amounts)
Three Months Ended June
30,
Six Months Ended June
30,
2021
2020
2021
2020
Revenues
$
154,176
$
114,702
$
279,606
$
253,494
Costs and expenses:
Cost of sales and services
108,002
83,133
207,812
186,446
Selling, general and administrative
expenses
14,703
11,490
28,884
25,427
Depreciation and amortization expense
21,377
22,205
42,646
47,707
Impairment expense
7,935
—
7,935
144,120
Other operating expense (income)
30
(285)
101
704
152,047
116,543
287,378
404,404
Operating income (loss)
2,129
(1,841)
(7,772)
(150,910)
Interest expense
(3,401)
(3,854)
(6,763)
(9,449)
Interest income
2
4
2
20
Other income
788
12,642
5,702
12,667
(Loss) income before income taxes
(482)
6,951
(8,831)
(147,672)
Income tax benefit (expense)
492
(122)
(584)
8,689
Net income (loss)
10
6,829
(9,415)
(138,983)
Less: Net income attributable to
noncontrolling interest
(3)
222
56
480
Net income (loss) attributable to Civeo
Corporation
13
6,607
(9,471)
(139,463)
Less: Dividends attributable to Class A
preferred shares
480
471
958
939
Net (loss) income attributable to Civeo
common shareholders
$
(467)
$
6,136
$
(10,429)
$
(140,402)
Net (loss) income per share attributable
to Civeo Corporation common shareholders:
Basic
$
(0.03)
$
0.37
$
(0.73)
$
(9.96)
Diluted
$
(0.03)
$
0.37
$
(0.73)
$
(9.96)
Weighted average number of common shares
outstanding:
Basic
14,278
14,151
14,244
14,097
Diluted
14,278
14,166
14,244
14,097
CIVEO CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
June 30, 2021
December 31, 2020
(UNAUDITED)
Current assets:
Cash and cash equivalents
$
4,414
$
6,155
Accounts receivable, net
114,187
89,782
Inventories
6,958
6,181
Assets held for sale
2,205
3,910
Prepaid expenses and other current
assets
15,513
13,185
Total current assets
143,277
119,213
Property, plant and equipment, net
442,819
486,930
Goodwill, net
8,474
8,729
Other intangible assets, net
98,967
99,749
Operating lease right-of-use assets
21,445
22,606
Other noncurrent assets
2,705
3,626
Total assets
$
717,687
$
740,853
Current liabilities:
Accounts payable
$
43,956
$
42,056
Accrued liabilities
23,983
27,349
Income taxes
225
203
Current portion of long-term debt
35,593
34,585
Deferred revenue
21,486
6,812
Other current liabilities
5,997
5,760
Total current liabilities
131,240
116,765
Long-term debt
189,228
214,000
Operating lease liabilities
17,997
19,834
Other noncurrent liabilities
15,817
14,897
Total liabilities
354,282
365,496
Shareholders' equity:
Preferred shares
60,974
60,016
Common shares
—
—
Additional paid-in capital
1,580,213
1,578,315
Accumulated deficit
(918,156)
(907,727)
Treasury stock
(8,050)
(6,930)
Accumulated other comprehensive loss
(352,171)
(348,989)
Total Civeo Corporation shareholders'
equity
362,810
374,685
Noncontrolling interest
595
672
Total shareholders' equity
363,405
375,357
Total liabilities and shareholders'
equity
$
717,687
$
740,853
CIVEO CORPORATION
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
Six Months Ended
June 30,
2021
2020
Cash flows from operating activities:
Net loss
$
(9,415)
$
(138,983)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
42,646
47,707
Impairment charges
7,935
144,120
Deferred income tax expense (benefit)
416
(8,941)
Non-cash compensation charge
1,898
3,539
Gains on disposals of assets
(1,941)
(1,819)
Provision for credit losses, net of
recoveries
147
25
Other, net
1,483
(3,240)
Changes in operating assets and
liabilities:
Accounts receivable
(24,617)
10,231
Inventories
(830)
(1,895)
Accounts payable and accrued
liabilities
(563)
(4,583)
Taxes payable
21
251
Other current assets and liabilities,
net
12,170
(1,094)
Net cash flows provided by operating
activities
29,350
45,318
Cash flows from investing activities:
Capital expenditures
(6,530)
(3,847)
Proceeds from disposition of property,
plant and equipment
7,012
1,897
Other, net
—
4,619
Net cash flows provided by investing
activities
482
2,669
Cash flows from financing activities:
Term loan repayments
(17,874)
(16,551)
Revolving credit borrowings (repayments),
net
(12,104)
(25,630)
Taxes paid on vested shares
(1,120)
(1,458)
Net cash flows used in financing
activities
(31,098)
(43,639)
Effect of exchange rate changes on
cash
(475)
(368)
Net change in cash and cash
equivalents
(1,741)
3,980
Cash and cash equivalents, beginning of
period
6,155
3,331
Cash and cash equivalents, end of
period
$
4,414
$
7,311
CIVEO CORPORATION
SEGMENT DATA
(in thousands)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021
2020
2021
2020
Revenues
Canada
$
83,281
$
52,986
$
145,166
$
132,334
Australia
64,019
57,071
123,656
106,184
United States
6,876
4,645
10,784
14,976
Total revenues
$
154,176
$
114,702
$
279,606
$
253,494
EBITDA (1)
Canada
$
22,604
$
19,991
$
33,400
$
(100,265)
Australia
7,513
18,798
20,322
34,959
United States
297
(1,389)
(924)
(13,442)
Corporate and eliminations
(6,117)
(4,616)
(12,278)
(12,268)
Total EBITDA
$
24,297
$
32,784
$
40,520
$
(91,016)
Adjusted EBITDA (1)
Canada
$
22,604
$
15,301
$
33,400
$
26,726
Australia
15,448
18,798
28,257
34,959
United States
297
(1,389)
(924)
(1,003)
Corporate and eliminations
(6,117)
(4,616)
(12,278)
(12,268)
Total adjusted EBITDA
$
32,232
$
28,094
$
48,455
$
48,414
Operating income (loss)
Canada
$
7,452
$
(6,719)
$
(207)
$
(143,350)
Australia
(2,656)
8,191
651
14,355
United States
(1,109)
(2,623)
(3,707)
(16,757)
Corporate and eliminations
(1,558)
(690)
(4,509)
(5,158)
Total operating income (loss)
$
2,129
$
(1,841)
$
(7,772)
$
(150,910)
(1) Please see Non-GAAP Reconciliation
Schedule.
CIVEO CORPORATION
NON-GAAP
RECONCILIATIONS
(in thousands)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021
2020
2021
2020
EBITDA (1)
$
24,297
$
32,784
$
40,520
$
(91,016)
Adjusted EBITDA (1)
$
32,232
$
28,094
$
48,455
$
48,414
Free Cash Flow (2)
$
13,736
$
25,110
$
29,832
$
43,368
(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
proceeds from the settlement of a representation and warranties
claim related to a prior acquisition. 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
June 30,
Six Months Ended
June 30,
2021
2020
2021
2020
Net income (loss) attributable to Civeo
Corporation
$
13
$
6,607
$
(9,471)
$
(139,463)
Income tax expense (benefit)
(492)
122
584
(8,689)
Depreciation and amortization
21,377
22,205
42,646
47,707
Interest income
(2)
(4)
(2)
(20)
Interest expense
3,401
3,854
6,763
9,449
EBITDA
$
24,297
$
32,784
$
40,520
$
(91,016)
Adjustments to EBITDA
Impairment of long-lived assets (a)
7,935
—
7,935
50,514
Impairment of goodwill (b)
—
—
—
93,606
Representations and warranties settlement
(c)
—
(4,690)
—
(4,690)
Adjusted EBITDA
$
32,232
$
28,094
$
48,455
$
48,414
(a)
Relates to asset impairments in the second
quarter of 2021 and the first quarter of 2020. 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.
In the first quarter of 2020, we recorded
a pre-tax loss related to the impairment of long-lived assets in
our Canadian segment of $38.1 million and a pre-tax loss related to
the impairment of long-lived assets in our U.S. segment of $12.4
million, which is included in Impairment expense on the unaudited
statements of operations.
(b)
Relates to the impairment of goodwill in
the first quarter of 2020. The $93.6 million impairment is related
to our Canada reporting unit and is included in Impairment expense
on the statements of operations.
(c)
In the second quarter of 2020, we recorded
$4.7 million of income associated with the settlement of a
representations and warranties claim related to the Noralta
acquisition, which is included in Other income 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
June 30,
Six Months Ended
June 30,
2021
2020
2021
2020
Net Cash Flows Provided by Operating
Activities
$
16,533
$
24,481
$
29,350
$
45,318
Capital expenditures
(3,158)
(1,196)
(6,530)
(3,847)
Proceeds from disposition of property,
plant and equipment
361
1,825
7,012
1,897
Free Cash Flow
$
13,736
$
25,110
$
29,832
$
43,368
CIVEO CORPORATION
NON-GAAP RECONCILIATIONS -
GUIDANCE
(in millions)
(unaudited)
Year Ending December 31,
2021
EBITDA Range (1)
$
82.1
$
92.1
Adjusted EBITDA Range (1)
$
90.0
$
100.0
(1)
The following table sets forth a
reconciliation of estimated Adjusted 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,
2021
(estimated)
Net loss
$
(18.4)
$
(8.4)
Income tax expense
0.5
0.5
Depreciation and amortization
85.0
85.0
Interest expense
15.0
15.0
EBITDA
$
82.1
$
92.1
Adjustments to EBITDA
Impairment expense
7.9
7.9
Adjusted EBITDA
$
90.0
$
100.0
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
June 30,
Six Months Ended
June 30,
2021
2020
2021
2020
Supplemental Operating Data - Canadian
Segment
Revenues
Accommodation revenue (1)
$
69,759
$
40,204
$
116,289
$
106,270
Mobile facility rental revenue (2)
8,666
6,072
19,165
8,580
Food and other services revenue (3)
4,856
6,710
9,712
17,484
Total Canadian revenues
$
83,281
$
52,986
$
145,166
$
132,334
Costs
Accommodation cost
$
44,992
$
28,598
$
83,328
$
76,653
Mobile facility rental cost
5,644
5,285
12,418
8,542
Food and other services cost
4,455
6,163
8,576
16,178
Indirect other cost
2,251
2,419
4,905
5,364
Total Canadian cost of sales and
services
$
57,342
$
42,465
$
109,227
$
106,737
Average daily rates (4)
$
96
$
96
$
97
$
94
Billed rooms (5)
723,324
409,897
1,203,390
1,118,220
Canadian dollar to U.S. dollar
$
0.815
$
0.722
$
0.802
$
0.733
Supplemental Operating Data -
Australian Segment
Accommodation revenue (1)
$
37,780
$
34,933
$
71,455
$
67,518
Food and other services revenue (3)
26,239
22,138
52,201
38,666
Total Australian revenues
$
64,019
$
57,071
$
123,656
$
106,184
Costs
Accommodation cost
$
18,082
$
15,269
$
35,187
$
30,264
Food and other services cost
25,154
18,759
49,451
32,466
Indirect other cost
1,659
885
3,160
1,736
Total Australian cost of sales and
services
$
44,895
$
34,913
$
87,798
$
64,466
Average daily rates (4)
$
81
$
70
$
80
$
69
Billed rooms (5)
466,298
502,392
890,964
974,232
Australian dollar to U.S. dollar
$
0.770
$
0.658
$
0.772
$
0.658
(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)
Average daily rate is based on billed
rooms and accommodation revenue.
(5)
Billed rooms represents total billed days
for the periods presented.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210730005094/en/
Carolyn J. Stone Civeo Corporation Senior Vice President &
Chief Financial Officer 713-510-2400
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