Highlights:
- Fourth quarter revenues of $162.2 million, net loss of $13.0
million and operating cash flow of $29.4 million;
- Fourth quarter Adjusted EBITDA of $15.1 million and free cash
flow of $25.8 million;
- Full year revenues of $697.1 million, net income of $2.2
million and operating cash flow of $91.8 million;
- Full year 2022 Adjusted EBITDA of $112.8 million and free cash
flow of $82.6 million;
- Repurchased 40% of its outstanding Class A Series 1 preferred
shares in the fourth quarter of 2022, which was the equivalent of
approximately 6% of the Company’s fully diluted common shares
outstanding at the time of the transaction;
- Following the aforementioned preferred share repurchase and
prior to year-end 2022, the remaining balance of preferred shares
was converted into common shares, which are now the only class of
shares outstanding; and
- Recently announced two five-year contract awards in Australia
with expected revenues of approximately A$937 million.
Civeo Corporation (NYSE:CVEO) today reported financial and
operating results for the fourth quarter and year ended December
31, 2022.
“Despite inflationary headwinds in 2022, Civeo reported strong
results. We operated safely while achieving higher revenues and
Adjusted EBITDA compared to 2021. We also generated significant
free cash flow and substantially reduced our total debt balance as
well as our net leverage ratio,” said Bradley J. Dodson, Civeo's
President and Chief Executive Officer.
Mr. Dodson continued, “We continued to prioritize returning
capital to shareholders by repurchasing the equivalent of
approximately 1.5 million common shares during 2022. We allocated
approximately $45 million of capital, or over 50% of the Company's
2022 free cash flow, to these repurchases. We will continue to
evaluate opportunities to return capital to shareholders in 2023 as
well as opportunities to deploy capital for both organic and
inorganic growth.”
Mr. Dodson added, “Looking forward, we are encouraged by the
recent contract awards in Australia with their significant terms
and expected occupancy. In both cases, these contract renewals
retained Civeo's previous work with the customer and granted us
additional locations or additional room commitments, while taking
share from competitors.”
Fourth Quarter 2022 Results
In the fourth quarter of 2022, Civeo generated revenues of
$162.2 million and reported a net loss of $13.0 million, or $1.31
per diluted share. The loss results in part from $5.7 million in
costs associated with impairments on assets in Australia and the
U.S. During the fourth quarter of 2022, Civeo produced operating
cash flow of $29.4 million, Adjusted EBITDA of $15.1 million and
free cash flow of $25.8 million.
By comparison, in the fourth quarter of 2021, Civeo generated
revenues of $159.8 million and reported net income of $9.8 million,
or $0.58 per diluted share. During the fourth quarter of 2021,
Civeo produced operating cash flow of $25.3 million, Adjusted
EBITDA of $34.5 million and free cash flow of $26.1 million.
Overall, the decrease in Adjusted EBITDA in the fourth quarter
of 2022 compared to 2021 was primarily due to (1) $8.5 million of
non-operating items such as the impact of a stronger U.S. dollar
relative to the Canadian and Australian dollars, increased
stock-based compensation expense due to a higher stock price and
larger gains on sales of assets in the fourth quarter of 2021; (2)
$3.3 million of customer and insurance settlements which positively
impacted the fourth quarter of 2021; (3) a $2.9 million increase in
SG&A largely related to higher information technology expenses
and professional fees; and (4) approximately $4.7 million of
increased operating costs largely driven by inflationary pressures,
partially mitigated by increased Australia village occupancy.
Full Year 2022 Results
For the full year 2022, the Company reported revenues of $697.1
million and net income of $2.2 million, or $0.21 loss per share.
Adjusted EBITDA for the full year 2022 was $112.8 million. This
compared to revenues of $594.5 million and a net loss of $0.6
million, or $0.04 per share, for the full year 2021. Adjusted
EBITDA was $109.1 million in 2021. Results for the full year of
2022 reflect the impact of weakened Australian and Canadian dollars
relative to the U.S. dollar, which decreased revenues and Adjusted
EBITDA by $38.2 million and $8.1 million, respectively.
The increase in Adjusted EBITDA in 2022 as compared to 2021 was
largely driven by Canadian contract camp activity in the first half
of 2022, partially offset by the weakened Australian and Canadian
dollar.
Business Segment Results
(Unless otherwise noted, the following discussion compares the
quarterly results for the fourth quarter of 2022 to the results for
the fourth quarter of 2021.)
Canada
During the fourth quarter of 2022, the Canada segment generated
revenues of $88.0 million, operating loss of $6.1 million and
Adjusted EBITDA of $11.8 million, compared to revenues of $92.2
million, operating income of $6.9 million and Adjusted EBITDA of
$23.1 million in the fourth quarter of 2021. Results from the
fourth quarter of 2022 reflect the impact of a weakened Canadian
dollar relative to the U.S. dollar, which decreased revenues and
Adjusted EBITDA by $6.9 million and $1.0 million, respectively.
On a constant currency basis, the Canadian segment experienced a
3% period-over-period increase in revenues driven by a 6%
year-over-year increase in billed rooms. Despite the increase in
billed rooms, Adjusted EBITDA for the Canadian segment decreased
year-over-year primarily due to inflationary pressures and certain
non-operating items that benefited the fourth quarter of 2021.
Operating loss for the fourth quarter of 2022 includes asset
impairment charges of $3.8 million.
Australia
During the fourth quarter of 2022, the Australia segment
generated revenues of $73.1 million, operating loss of $2.7 million
and Adjusted EBITDA of $13.1 million, compared to revenues of $62.3
million, operating income of $2.2 million and Adjusted EBITDA of
$13.6 million in the fourth quarter of 2021. Results from the
fourth quarter of 2022 reflect the impact of a weakened Australian
dollar relative to the U.S. dollar, which decreased revenues and
Adjusted EBITDA by $8.0 million and $1.5 million, respectively.
On a constant currency basis, the Australian segment experienced
a 30% period-over-period increase in revenues driven by increased
integrated services activity and a 12% year-over- year increase in
billed rooms. Adjusted EBITDA from the Australian segment increased
year-over-year due to increased village occupancy and integrated
services activity, partially offset by inflationary pressures
throughout the business.
U.S.
The U.S. segment generated revenues of $1.1 million, operating
loss of $3.7 million and negative Adjusted EBITDA of $0.4 million
in the fourth quarter of 2022, compared to revenues of $5.3
million, operating loss of $3.0 million and Adjusted EBITDA of $3.3
million in the fourth quarter of 2021. The revenue and Adjusted
EBITDA decrease was primarily due to a $3.8 million gain on sale of
assets from the fourth quarter 2021 sale of our West Permian Lodge
and the sale of the segment's offshore and wellsite businesses in
the second half of 2022. Operating loss for the fourth quarter of
2022 includes asset impairment charges of $1.9 million.
Financial Condition
As of December 31, 2022, Civeo had total liquidity of
approximately $104.1 million, consisting of $96.1 million available
under its revolving credit facilities and $8.0 million of cash on
hand.
Civeo’s total debt outstanding on December 31, 2022 was $132.0
million, a $5.8 million increase from September 30, 2022 and a
$43.1 million decrease from December 31, 2021.
Civeo reported a net leverage ratio of 1.1x as of December 31,
2022.
During 2022, Civeo invested $25.4 million in capital
expenditures, up from $15.6 million during 2021. This increase is
primarily due to increased maintenance spending on the Company's
lodges and villages.
Full Year 2023 Guidance
For the full year of 2023, Civeo expects revenues of $630.0
million to $650.0 million, EBITDA of $85.0 million to $95.0 million
and capital expenditures of $25.0 million to $30.0 million.
Conference Call
Civeo will host a conference call to discuss its fourth 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 asking for the Civeo call or using the
conference ID 13736531#. 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 13736531#.
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 26 lodges
and villages in Canada, Australia and the U.S., with an aggregate
of approximately 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
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, global
health concerns, such as the COVID-19 pandemic, 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, Adjusted EBITDA, free cash flow, net debt, bank-adjusted
EBITDA and net leverage ratio are non-GAAP financial measures. See
“Non-GAAP Reconciliation” below for definitions and 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
TWELVE MONTHS ENDED
DECEMBER 31,
DECEMBER 31,
2022
2021
2022
2021
Revenues
$
162,193
$
159,794
$
697,052
$
594,463
Costs and expenses:
Cost of sales and services
127,671
117,220
517,063
436,462
Selling, general and administrative
expenses
19,390
14,396
69,962
60,600
Depreciation and amortization expense
21,396
20,173
87,214
83,101
Impairment expense
5,721
—
5,721
7,935
Other operating expense (income)
261
191
74
313
174,439
151,980
680,034
588,411
Operating income (loss)
(12,246
)
7,814
17,018
6,052
Interest expense
(3,397
)
(3,035
)
(11,474
)
(12,964
)
Loss on extinguishment of debt
—
—
—
(416
)
Interest income
24
—
39
2
Other income
859
7,133
5,149
13,199
Income (loss) before income taxes
(14,760
)
11,912
10,732
5,873
Income tax benefit (provision)
2,689
(1,022
)
(4,402
)
(3,376
)
Net income (loss)
(12,071
)
10,890
6,330
2,497
Less: Net income attributable to
noncontrolling interest
627
613
2,333
1,147
Net income (loss) attributable to Civeo
Corporation
(12,698
)
10,277
3,997
1,350
Less: Dividends attributable to Class A
preferred shares
302
485
1,771
1,925
Net income (loss) attributable to Civeo
Corporation common shareholders
$
(13,000
)
$
9,792
$
2,226
$
(575
)
Net income (loss) per share attributable
to Civeo Corporation common shareholders:
Basic
$
(1.31
)
$
0.59
$
(0.21
)
$
(0.04
)
Diluted
$
(1.31
)
$
0.58
$
(0.21
)
$
(0.04
)
Weighted average number of common shares
outstanding:
Basic
13,835
14,165
14,002
14,232
Diluted
13,835
14,289
14,002
14,232
CIVEO CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
December 31,
December 31,
2022
2021
(UNAUDITED)
Current assets:
Cash and cash equivalents
$
7,954
$
6,282
Accounts receivable, net
119,755
114,859
Inventories
6,907
6,468
Assets held for sale
8,653
11,762
Prepaid expenses and other current
assets
10,280
17,822
Total current assets
153,549
157,193
Property, plant and equipment, net
301,890
389,996
Goodwill, net
7,672
8,204
Other intangible assets, net
81,747
93,642
Operating lease right-of-use assets
15,722
18,327
Other noncurrent assets
5,604
5,372
Total assets
$
566,184
$
672,734
Current liabilities:
Accounts payable
$
51,087
$
49,321
Accrued liabilities
39,211
33,564
Income taxes
178
171
Current portion of long-term debt
28,448
30,576
Deferred revenue
991
18,479
Other current liabilities
8,342
4,807
Total current liabilities
128,257
136,918
Long-term debt
102,505
142,602
Deferred income taxes
4,778
896
Operating lease liabilities
12,771
15,429
Other noncurrent liabilities
14,172
13,778
Total liabilities
262,483
309,623
Shareholders' equity:
Preferred shares
—
61,941
Common shares
—
—
Additional paid-in capital
1,624,512
1,582,442
Accumulated deficit
(930,123
)
(912,951
)
Treasury stock
(9,063
)
(8,050
)
Accumulated other comprehensive loss
(385,187
)
(361,883
)
Total Civeo Corporation shareholders'
equity
300,139
361,499
Noncontrolling interest
3,562
1,612
Total shareholders' equity
303,701
363,111
Total liabilities and shareholders'
equity
$
566,184
$
672,734
CIVEO CORPORATION
UNAUDITED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
TWELVE MONTHS ENDED
DECEMBER 31,
2022
2021
Cash flows from operating activities:
Net income
$
6,330
$
2,497
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
87,214
83,101
Impairment charges
5,721
7,935
Loss on extinguishment of debt
—
416
Deferred income tax expense
4,177
3,070
Non-cash compensation charge
3,787
4,127
Gain on disposals of assets
(4,917
)
(6,188
)
Provision for loss on receivables, net of
recoveries
162
141
Other, net
3,223
2,200
Changes in operating assets and
liabilities:
Accounts receivable
(14,447
)
(28,131
)
Inventories
(1,845
)
(526
)
Accounts payable and accrued
liabilities
12,323
15,435
Taxes payable
5
(28
)
Other current assets and liabilities,
net
(9,960
)
4,485
Net cash flows provided by operating
activities
91,773
88,534
Cash flows from investing activities:
Capital expenditures
(25,421
)
(15,571
)
Proceeds from disposition of property,
plant and equipment
16,286
14,306
Other, net
190
559
Net cash flows used in investing
activities
(8,945
)
(706
)
Cash flows from financing activities:
Term loan repayments
(30,442
)
(125,483
)
Revolving credit borrowings (repayments),
net
(3,374
)
49,157
Debt issuance costs
—
(4,412
)
Repurchases of common shares
(14,209
)
(4,649
)
Repurchases of preferred shares
(30,553
)
—
Other, net
(1,078
)
(1,120
)
Net cash flows used in financing
activities
(79,656
)
(86,507
)
Effect of exchange rate changes on
cash
(1,500
)
(1,194
)
Net change in cash and cash
equivalents
1,672
127
Cash and cash equivalents, beginning of
period
6,282
6,155
Cash and cash equivalents, end of
period
$
7,954
$
6,282
CIVEO CORPORATION
SEGMENT DATA
(in thousands)
(unaudited)
THREE MONTHS ENDED
TWELVE MONTHS ENDED
DECEMBER 31,
DECEMBER 31,
2022
2021
2022
2021
Revenues
Canada
$
88,013
$
92,155
$
395,997
$
321,378
Australia
73,098
62,300
278,252
251,074
United States
1,082
5,339
22,803
22,011
Total revenues
$
162,193
$
159,794
$
697,052
$
594,463
EBITDA (1)
Canada
$
11,803
$
23,125
$
83,248
$
76,326
Australia
9,286
13,570
57,118
48,727
United States
(2,351
)
3,283
(1,957
)
1,815
Corporate and eliminations
(9,356
)
(5,471
)
(31,361
)
(25,663
)
Total EBITDA
$
9,382
$
34,507
$
107,048
$
101,205
Adjusted EBITDA (1)
Canada
$
11,803
$
23,125
$
83,248
$
76,326
Australia
13,094
13,570
60,926
56,662
United States
(438
)
3,283
(44
)
1,815
Corporate and eliminations
(9,356
)
(5,471
)
(31,361
)
(25,663
)
Total adjusted EBITDA
$
15,103
$
34,507
$
112,769
$
109,140
Operating income (loss)
Canada
$
(6,058
)
$
6,892
$
17,023
$
12,816
Australia
(2,715
)
2,230
14,731
7,303
United States
(3,736
)
(3,038
)
(8,330
)
(8,869
)
Corporate and eliminations
263
1,730
(6,406
)
(5,198
)
Total operating income (loss)
$
(12,246
)
$
7,814
$
17,018
$
6,052
(1) Please see Non-GAAP Reconciliation
Schedule.
CIVEO CORPORATION
NON-GAAP
RECONCILIATIONS
(in thousands)
(unaudited)
THREE MONTHS ENDED
TWELVE MONTHS ENDED
DECEMBER 31,
DECEMBER 31,
2022
2021
2022
2021
EBITDA (1)
$
9,382
$
34,507
$
107,048
$
101,205
Adjusted EBITDA (1)
$
15,103
$
34,507
$
112,769
$
109,140
Free Cash Flow (2)
$
25,757
$
26,128
$
82,638
$
87,269
Net Leverage Ratio (3)
1.1x
(1)
The term EBITDA is a non-GAAP financial
measure that is defined as net income (loss) attributable to Civeo
Corporation plus interest, taxes, depreciation and amortization.
The term Adjusted EBITDA is a non-GAAP financial measure that 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
TWELVE MONTHS ENDED
DECEMBER 31,
DECEMBER 31,
2022
2021
2022
2021
Net income (loss) attributable to Civeo
Corporation
$
(12,698
)
$
10,277
$
3,997
$
1,350
Income tax provision (benefit)
(2,689
)
1,022
4,402
3,376
Depreciation and amortization
21,396
20,173
87,214
83,101
Interest income
(24
)
—
(39
)
(2
)
Loss on extinguishment of debt
—
—
—
416
Interest expense
3,397
3,035
11,474
12,964
EBITDA
$
9,382
$
34,507
$
107,048
$
101,205
Adjustments to EBITDA
Impairment of long-lived assets (a)
5,721
—
5,721
7,935
Adjusted EBITDA
$
15,103
$
34,507
$
112,769
$
109,140
(a)
Relates to asset impairments in the fourth
quarter of 2022 and the second quarter of 2021. In the fourth
quarter of 2022, we recorded a pre-tax loss related to the
impairment of long-lived assets in our Australian segment of $3.8
million and a pre-tax loss related to the impairment of long-lived
assets in our U.S. segment of $1.9 million, which is included in
Impairment expense on the unaudited statements of operations.
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 a non-GAAP
financial measure that 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
TWELVE MONTHS ENDED
DECEMBER 31,
DECEMBER 31,
2022
2021
2022
2021
Net Cash Flows Provided by Operating
Activities
$
29,401
$
25,293
$
91,773
$
88,534
Capital expenditures
(7,955
)
(5,926
)
(25,421
)
(15,571
)
Proceeds from disposition of property,
plant and equipment
4,311
6,761
16,286
14,306
Free Cash Flow
$
25,757
$
26,128
$
82,638
$
87,269
(3)
The term net leverage ratio is a non-GAAP
financial measure that is defined as net debt divided by
bank-adjusted EBITDA. Net debt, bank-adjusted EBITDA and net
leverage ratio are not financial measures under GAAP and should not
be considered in isolation from or as a substitute for total debt,
net income (loss) or cash flow measures prepared in accordance with
GAAP or as a measure of profitability or liquidity. Additionally,
net debt, bank-adjusted EBITDA and net leverage ratio may not be
comparable to other similarly titled measures of other companies.
Civeo has included net debt, bank-adjusted EBITDA and net leverage
ratio as a supplemental disclosure because its management believes
that this data provides useful information regarding the level of
the Company’s indebtedness and its ability to service debt.
Additionally, per Civeo’s credit agreement, the Company is required
to maintain a net leverage ratio below 3.0x every quarter to remain
in compliance with the credit agreement.
The following table sets forth a
reconciliation of net debt, bank-adjusted EBITDA and net leverage
ratio to the most directly comparable measures of financial
performance calculated under GAAP (in thousands) (unaudited):
AS OF DECEMBER 31,
2022
Total debt
$
132,037
Less: Cash and cash equivalents
7,954
Net debt
$
124,083
Adjusted EBITDA for the twelve months
ended December 31, 2022 (a)
$
112,769
Adjustments to Adjusted EBITDA
Stock-based compensation
3,787
Interest income
39
Bank-adjusted EBITDA
$
116,595
Net leverage ratio (b)
1.1x
(a) See footnote 1 above for
reconciliation of Adjusted EBITDA to net income (loss) attributable
to Civeo Corporation
(b) Calculated as net debt divided by
bank-adjusted EBITDA
CIVEO CORPORATION
NON-GAAP RECONCILIATIONS -
GUIDANCE
(in millions)
(unaudited)
YEAR ENDING DECEMBER
31, 2023
EBITDA Range (1)
$
85.0
$
95.0
(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, 2023
(estimated)
Net loss
$
(19.5
)
$
(9.5
)
Income tax provision
12.5
12.5
Depreciation and amortization
80.0
80.0
Interest expense
12.0
12.0
EBITDA
$
85.0
$
95.0
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
TWELVE MONTHS ENDED
DECEMBER 31,
DECEMBER 31,
2022
2021
2022
2021
Supplemental Operating Data - Canadian
Segment
Revenues
Accommodation revenue (1)
$
60,106
$
62,726
$
279,455
$
239,526
Mobile facility rental revenue (2)
23,041
24,616
96,400
62,856
Food and other services revenue (3)
4,866
4,813
20,142
18,996
Total Canadian revenues
$
88,013
$
92,155
$
395,997
$
321,378
Costs
Accommodation cost
$
48,049
$
45,273
$
204,592
$
170,071
Mobile facility rental cost
15,116
15,009
60,055
38,571
Food and other services cost
4,590
4,167
18,372
16,750
Indirect other cost
2,728
2,529
10,557
10,027
Total Canadian cost of sales and
services
$
70,483
$
66,978
$
293,576
$
235,419
Average daily rates (4)
$
93
$
106
$
100
$
99
Billed rooms (5)
621,991
588,473
2,759,521
2,404,880
Canadian dollar to U.S. dollar
$
0.736
$
0.794
$
0.769
$
0.798
Supplemental Operating Data - Australian
Segment
Accommodation revenue (1)
$
37,747
$
35,776
$
152,714
$
145,335
Food and other services revenue (3)
35,351
26,524
125,538
105,739
Total Australian revenues
$
73,098
$
62,300
$
278,252
$
251,074
Costs
Accommodation cost
$
18,260
$
18,012
$
73,325
$
71,550
Food and other services cost
35,121
25,011
119,957
100,469
Indirect other cost
2,024
1,947
7,662
7,123
Total Australian cost of sales and
services
$
55,405
$
44,970
$
200,944
$
179,142
Average daily rates (4)
$
73
$
77
$
75
$
79
Billed rooms (5)
518,925
464,700
2,024,068
1,846,882
Australian dollar to U.S. dollar
$
0.657
$
0.729
$
0.695
$
0.752
(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 Civeo owned Canadian lodges and Australian villages for the
periods presented.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230228005200/en/
Carolyn J. Stone Civeo Corporation Senior Vice President &
Chief Financial Officer 713-510-2400
Civeo (NYSE:CVEO)
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