Highlights:
- Reported fourth quarter 2025 revenues of $161.6 million, net loss of $6.5 million and operating cash flow of $19.3 million, with full year 2025 revenues of $638.8 million, net loss of $20.1 million and operating cash flow of $22.3 million;
- Reported fourth quarter 2025 Adjusted EBITDA of $21.7 million with full year 2025 Adjusted EBITDA of $88.2 million;
- Australian segment achieved record annual revenues of $460.3 million;
- Canadian fourth quarter results reflect the effects of recent cost cutting initiatives as revenues increased 4% year over year while Adjusted EBITDA margins improved from -13% to 8%;
- Repurchased 2.3 million common shares for approximately $54 million during 2025, representing approximately 17% of the Civeo common shares outstanding as of December 31, 2024. In total, the Company has repurchased 37% of its common shares since the inception of the share repurchase program in August 2021;
- Subsequent to year-end 2025, Civeo has repurchased approximately 500,000 more common shares, resulting in 95% completion of the first phase of the company’s capital allocation framework which was a 20% share repurchase authorization;
- Announced today an additional repurchase authorization of up to 10% of the Company’s shares outstanding upon completion of the existing authorization; and
- Earlier this year, awarded a four-year integrated services contract with Ontario’s Ministry of the Solicitor General to produce and transport 20,000 meals per day.
HOUSTON & CALGARY–(BUSINESS WIRE)–Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the fourth quarter and year ended December 31, 2025.
Bradley J. Dodson, Civeo’s President and Chief Executive Officer said, “Our fourth quarter and full year results reflect disciplined execution in a challenging macro environment, highlighted by record annual revenues for our Australian segment. Throughout 2025, we remained focused on what we can control — taking care of our guests, operating safely, managing costs, allocating capital thoughtfully, and strengthening our platform for long-term value creation.”
Mr. Dodson continued, “Capital allocation remained a central priority during the year with significant share repurchases completed in 2025 and early 2026. We continue to believe our stock represents an attractive investment opportunity and remain committed to this authorization, while maintaining a prudent leverage profile. As a testament to this, the board has announced a new authorization to repurchase up to 10% of our outstanding shares, which will become effective at the completion of the existing authorization. This authorization is consistent with our capital allocation policy initiated in April of 2025 and will not limit our ability to capitalize on increasing opportunities to deploy growth capital across both geographies to support a diverse set of infrastructure projects.”
Mr. Dodson concluded, “Operationally, Australia delivered continued solid performance across both our owned villages and integrated services business, supported by the successful integration of our recent Australian acquisition of four villages. In Canada, customer spending discipline continued to pressure occupancy levels; however, the cost actions we implemented during 2025 are clearly bearing fruit. These efforts have significantly improved margins on our existing business while we position our asset base to support future demand tied to North American infrastructure and data center development.”
Fourth Quarter 2025 Results
In the fourth quarter of 2025, Civeo reported revenues of $161.6 million and reported a net loss of $6.5 million, or $0.56 per diluted share. During the fourth quarter of 2025, Civeo produced operating cash flow of $19.3 million, Adjusted EBITDA of $21.7 million and free cash flow of $15.3 million.
By comparison, in the fourth quarter of 2024, Civeo generated revenues of $151.0 million and reported a net loss of $15.1 million, or $1.10 per diluted share. During the fourth quarter of 2024, Civeo produced operating cash flow of $9.5 million, Adjusted EBITDA of $11.4 million and free cash flow of $2.1 million.
The increase in Adjusted EBITDA in the fourth quarter of 2025 compared to 2024 was primarily due to margin improvement in the Canadian operations as a result of the Company’s cost reduction efforts as well as the contribution from the May 2025 Australian acquisition.
Full Year 2025 Results
For the full year 2025, the Company reported revenues of $638.8 million and net loss of $20.1 million, or $1.59 per diluted share. Adjusted EBITDA for the full year 2025 was $88.2 million. This is compared to revenues of $682.1 million and net loss of $17.1 million, or $1.19 per diluted share, for the full year 2024. Adjusted EBITDA was $79.9 million in 2024.
The increase in Adjusted EBITDA in 2025 as compared to 2024 was also largely driven by Canadian margin improvement and the May 2025 Australian acquisition.
Business Segment Results
(Unless otherwise noted, the following discussion compares the quarterly results for the fourth quarter of 2025 to the results for the fourth quarter of 2024.)
Australia
During the fourth quarter of 2025, the Australia segment generated revenues of $119.5 million, operating income of $12.2 million and Adjusted EBITDA of $22.4 million, compared to revenues of $110.0 million, operating income of $12.5 million and Adjusted EBITDA of $20.6 million in the fourth quarter of 2024.
The Australian segment experienced a 9% increase in revenues and a 9% increase in Adjusted EBITDA, driven primarily by the addition of our recently acquired villages and increased integrated services activity.
Canada
During the fourth quarter of 2025, the Canada segment generated revenues of $42.1 million, operating loss of $5.8 million and Adjusted EBITDA of $3.4 million, compared to revenues of $40.7 million, operating loss of $17.5 million and negative Adjusted EBITDA of $5.4 million in the fourth quarter of 2024.
The Canadian segment experienced a 4% increase in revenues driven by occupancy mix. Adjusted EBITDA increased due to cost reduction efforts resulting in significant margin improvement across the Canadian operations.
Financial Condition and Capital Allocation
As of December 31, 2025, Civeo had total liquidity of approximately $90.4 million. Civeo’s total debt on December 31, 2025 was $182.8 million, a $5.1 million decrease from September 30, 2025 and a $139.5 million increase from December 31, 2024 attributable to the acquisition in Australia and share repurchases. Civeo’s net debt on December 31, 2025 was $168.4 million, a $7.5 million decrease from September 30, 2025 and a $130.3 million increase from December 31, 2024.
For the full year 2025, the Company repurchased 2.3 million shares for approximately $53.6 million, compared to 1.1 million shares for $29.6 million in 2024.
Civeo reported a net leverage ratio of 1.9x as of December 31, 2025.
For the full year 2025, Civeo invested $20.2 million in capital expenditures, down from $26.1 million during 2024. Capital expenditures in both periods were primarily related to planned maintenance spending on the Company’s lodges and villages. Capital expenditures in 2024 included approximately $2.9 million related to customer-funded infrastructure upgrades at three Australian villages which were reimbursed by Civeo’s customer.
In the fourth quarter of 2025, Civeo repurchased approximately 0.2 million shares through its share repurchase program for approximately $4.9 million.
Full Year 2026 Guidance
For the full year of 2026, Civeo expects revenues of $650.0 million to $700.0 million, Adjusted EBITDA of $85.0 million to $90.0 million and capital expenditures of $25.0 million to $30.0 million.
Supplemental Data Disclosure
In addition to the Company’s standard earnings release schedules, please see below additional supplemental data schedule disclosing results associated with the asset-light (integrated services) portion of our business and the asset-intensive (accommodation) portion of our business within each of its two reporting segments.
Conference Call
Civeo will host a conference call to discuss its fourth quarter 2025 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 13759022#. 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 13759022#.
About Civeo
Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Australian natural resource regions and the Canadian oil sands. 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 owns and operates a total of 26 lodges and villages in Australia and North America with an aggregate of approximately 26,500 rooms. In addition, Civeo operates and provides hospitality services at 24 customer-owned locations with approximately 19,500 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, including the statements regarding Civeo’s future plans and outlook, strategic priorities, guidance, current trends, expectations with respect to Adjusted EBITDA, capital expenditures, future revenues, share repurchases, free cash flow generation, cost reductions, integration of the Australian asset acquisition 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 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 coal, iron ore, oil, natural gas 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 inflation and volatility in the banking sector, risks associated with the company’s ability to integrate any future 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, geopolitical events, inflation, global weather conditions, natural disasters, including wildfires, global health concerns, 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 December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Revenues |
|
$ |
161,620 |
|
|
$ |
150,951 |
|
|
$ |
638,849 |
|
|
$ |
682,122 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Costs and expenses: |
|
|
|
|
|
|
|
|
||||||||
|
Cost of sales and services |
|
|
124,911 |
|
|
|
122,846 |
|
|
|
487,761 |
|
|
|
532,667 |
|
|
Selling, general and administrative expenses |
|
|
18,580 |
|
|
|
17,642 |
|
|
|
75,342 |
|
|
|
73,350 |
|
|
Depreciation and amortization expense |
|
|
18,526 |
|
|
|
16,769 |
|
|
|
72,618 |
|
|
|
68,038 |
|
|
Impairment expense |
|
|
— |
|
|
|
3,758 |
|
|
|
— |
|
|
|
11,581 |
|
|
(Gain) loss on sale of McClelland Lake Lodge assets, net |
|
|
— |
|
|
|
73 |
|
|
|
— |
|
|
|
(5,744 |
) |
|
Other operating expense (income) |
|
|
(262 |
) |
|
|
(94 |
) |
|
|
(987 |
) |
|
|
898 |
|
|
|
|
|
161,755 |
|
|
|
160,994 |
|
|
|
634,734 |
|
|
|
680,790 |
|
|
Operating income (loss) |
|
|
(135 |
) |
|
|
(10,043 |
) |
|
|
4,115 |
|
|
|
1,332 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense |
|
|
(3,678 |
) |
|
|
(1,685 |
) |
|
|
(11,418 |
) |
|
|
(7,973 |
) |
|
Interest income |
|
|
35 |
|
|
|
40 |
|
|
|
164 |
|
|
|
187 |
|
|
Other income (expense) |
|
|
207 |
|
|
|
(450 |
) |
|
|
683 |
|
|
|
517 |
|
|
Loss before income taxes |
|
|
(3,571 |
) |
|
|
(12,138 |
) |
|
|
(6,456 |
) |
|
|
(5,937 |
) |
|
Income tax expense |
|
|
(2,888 |
) |
|
|
(3,293 |
) |
|
|
(13,620 |
) |
|
|
(12,492 |
) |
|
Net loss |
|
|
(6,459 |
) |
|
|
(15,431 |
) |
|
|
(20,076 |
) |
|
|
(18,429 |
) |
|
Less: Net loss attributable to noncontrolling interest |
|
|
1 |
|
|
|
(361 |
) |
|
|
(5 |
) |
|
|
(1,362 |
) |
|
Net loss attributable to Civeo Corporation |
|
$ |
(6,460 |
) |
|
$ |
(15,070 |
) |
|
$ |
(20,071 |
) |
|
$ |
(17,067 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net loss per share attributable to Civeo Corporation common shareholders: |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
$ |
(0.56 |
) |
|
$ |
(1.10 |
) |
|
$ |
(1.59 |
) |
|
$ |
(1.19 |
) |
|
Diluted |
|
$ |
(0.56 |
) |
|
$ |
(1.10 |
) |
|
$ |
(1.59 |
) |
|
$ |
(1.19 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
|
11,437 |
|
|
|
13,688 |
|
|
|
12,646 |
|
|
|
14,287 |
|
|
Diluted |
|
|
11,437 |
|
|
|
13,688 |
|
|
|
12,646 |
|
|
|
14,287 |
|
|
CIVEO CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
||||||||
|
|
|
December 31, |
|
December 31, |
||||
|
|
|
(UNAUDITED) |
|
|
||||
|
Current assets: |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
14,439 |
|
|
$ |
5,204 |
|
|
Accounts receivable, net |
|
|
90,470 |
|
|
|
89,038 |
|
|
Inventories |
|
|
6,218 |
|
|
|
7,537 |
|
|
Prepaid expenses and other current assets |
|
|
20,086 |
|
|
|
8,674 |
|
|
Total current assets |
|
|
131,213 |
|
|
|
110,453 |
|
|
|
|
|
|
|
||||
|
Property, plant and equipment, net |
|
|
244,517 |
|
|
|
204,897 |
|
|
Goodwill, net |
|
|
7,541 |
|
|
|
7,001 |
|
|
Other intangible assets, net |
|
|
70,410 |
|
|
|
66,502 |
|
|
Operating lease right-of-use assets |
|
|
14,485 |
|
|
|
9,401 |
|
|
Other noncurrent assets |
|
|
9,245 |
|
|
|
6,818 |
|
|
Total assets |
|
$ |
477,411 |
|
|
$ |
405,072 |
|
|
|
|
|
|
|
||||
|
Current liabilities: |
|
|
|
|
||||
|
Accounts payable |
|
$ |
44,282 |
|
|
$ |
39,971 |
|
|
Accrued liabilities |
|
|
30,837 |
|
|
|
34,933 |
|
|
Income taxes |
|
|
153 |
|
|
|
10,853 |
|
|
Deferred revenue |
|
|
2,903 |
|
|
|
2,501 |
|
|
Other current liabilities |
|
|
6,761 |
|
|
|
4,388 |
|
|
Total current liabilities |
|
|
84,936 |
|
|
|
92,646 |
|
|
|
|
|
|
|
||||
|
Long-term debt |
|
|
182,842 |
|
|
|
43,299 |
|
|
Deferred income taxes |
|
|
3,318 |
|
|
|
3,558 |
|
|
Operating lease liabilities |
|
|
11,142 |
|
|
|
6,655 |
|
|
Other noncurrent liabilities |
|
|
20,789 |
|
|
|
21,916 |
|
|
Total liabilities |
|
|
303,027 |
|
|
|
168,074 |
|
|
|
|
|
|
|
||||
|
Shareholders’ equity: |
|
|
|
|
||||
|
Common shares |
|
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
|
1,634,883 |
|
|
|
1,631,823 |
|
|
Accumulated deficit |
|
|
(1,058,911 |
) |
|
|
(980,720 |
) |
|
Treasury stock |
|
|
(10,775 |
) |
|
|
(10,130 |
) |
|
Accumulated other comprehensive loss |
|
|
(390,813 |
) |
|
|
(404,600 |
) |
|
Total Civeo Corporation shareholders’ equity |
|
|
174,384 |
|
|
|
236,373 |
|
|
Noncontrolling interest |
|
|
— |
|
|
|
625 |
|
|
Total shareholders’ equity |
|
|
174,384 |
|
|
|
236,998 |
|
|
Total liabilities and shareholders’ equity |
|
$ |
477,411 |
|
|
$ |
405,072 |
|
|
CIVEO CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
||||||||
|
|
|
Twelve Months Ended |
||||||
|
|
|
2025 |
|
2024 |
||||
|
|
|
|
|
|
||||
|
Cash flows from operating activities: |
|
|
|
|
||||
|
Net loss |
|
$ |
(20,076 |
) |
|
$ |
(18,429 |
) |
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
||||
|
Depreciation and amortization |
|
|
72,618 |
|
|
|
68,038 |
|
|
Impairment charges |
|
|
— |
|
|
|
11,581 |
|
|
Deferred income tax expense |
|
|
(4,409 |
) |
|
|
(7,659 |
) |
|
Non-cash compensation charge |
|
|
3,060 |
|
|
|
2,851 |
|
|
Gain on disposals of assets |
|
|
(1,970 |
) |
|
|
(6,418 |
) |
|
Provision for loss on receivables, net of recoveries |
|
|
12 |
|
|
|
26 |
|
|
Other, net |
|
|
2,038 |
|
|
|
1,742 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
|
Accounts receivable |
|
|
4,743 |
|
|
|
44,228 |
|
|
Inventories |
|
|
1,722 |
|
|
|
(1,224 |
) |
|
Accounts payable and accrued liabilities |
|
|
(5,194 |
) |
|
|
(17,581 |
) |
|
Taxes payable |
|
|
(15,596 |
) |
|
|
7,878 |
|
|
Other current assets and liabilities, net |
|
|
(14,611 |
) |
|
|
(1,523 |
) |
|
Net cash flows provided by operating activities |
|
|
22,337 |
|
|
|
83,510 |
|
|
|
|
|
|
|
||||
|
Cash flows from investing activities: |
|
|
|
|
||||
|
Payments related to acquisitions |
|
|
(72,168 |
) |
|
|
— |
|
|
Capital expenditures |
|
|
(20,190 |
) |
|
|
(26,138 |
) |
|
Proceeds from disposition of property, plant and equipment |
|
|
2,247 |
|
|
|
11,011 |
|
|
Other, net |
|
|
— |
|
|
|
183 |
|
|
Net cash flows provided by (used in) investing activities |
|
|
(90,111 |
) |
|
|
(14,944 |
) |
|
|
|
|
|
|
||||
|
Cash flows from financing activities: |
|
|
|
|
||||
|
Revolving credit borrowings (repayments), net |
|
|
132,836 |
|
|
|
(17,117 |
) |
|
Dividends paid |
|
|
(3,437 |
) |
|
|
(14,422 |
) |
|
Debt issuance costs |
|
|
(423 |
) |
|
|
(2,976 |
) |
|
Repurchases of common shares |
|
|
(53,612 |
) |
|
|
(29,616 |
) |
|
Other, net |
|
|
(645 |
) |
|
|
(1,067 |
) |
|
Net cash flows provided by (used in) financing activities |
|
|
74,719 |
|
|
|
(65,198 |
) |
|
|
|
|
|
|
||||
|
Effect of exchange rate changes on cash |
|
|
2,290 |
|
|
|
(1,487 |
) |
|
Net change in cash and cash equivalents |
|
|
9,235 |
|
|
|
1,881 |
|
|
|
|
|
|
|
||||
|
Cash and cash equivalents, beginning of period |
|
|
5,204 |
|
|
|
3,323 |
|
|
Cash and cash equivalents, end of period |
|
$ |
14,439 |
|
|
$ |
5,204 |
|
|
CIVEO CORPORATION SEGMENT DATA (in thousands) (unaudited) |
||||||||||||||||
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
|
Revenues |
|
|
|
|
|
|
|
|
||||||||
|
Australia |
|
$ |
119,517 |
|
|
$ |
109,989 |
|
|
$ |
460,295 |
|
|
$ |
426,956 |
|
|
Canada |
|
|
42,103 |
|
|
|
40,664 |
|
|
|
178,554 |
|
|
|
245,087 |
|
|
Other |
|
|
— |
|
|
|
298 |
|
|
|
— |
|
|
|
10,079 |
|
|
Total revenues |
|
$ |
161,620 |
|
|
$ |
150,951 |
|
|
$ |
638,849 |
|
|
$ |
682,122 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
EBITDA (1) |
|
|
|
|
|
|
|
|
||||||||
|
Australia |
|
$ |
22,335 |
|
|
$ |
20,562 |
|
|
$ |
88,820 |
|
|
$ |
75,079 |
|
|
Canada |
|
|
2,807 |
|
|
|
(8,852 |
) |
|
|
14,603 |
|
|
|
20,304 |
|
|
Corporate, other and eliminations |
|
|
(6,545 |
) |
|
|
(5,073 |
) |
|
|
(26,002 |
) |
|
|
(24,134 |
) |
|
Total EBITDA |
|
$ |
18,597 |
|
|
$ |
6,637 |
|
|
$ |
77,421 |
|
|
$ |
71,249 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted EBITDA (1) |
|
|
|
|
|
|
|
|
||||||||
|
Australia |
|
$ |
22,406 |
|
|
$ |
20,639 |
|
|
$ |
89,118 |
|
|
$ |
81,079 |
|
|
Canada |
|
|
3,412 |
|
|
|
(5,417 |
) |
|
|
17,075 |
|
|
|
18,249 |
|
|
Corporate, other and eliminations |
|
|
(4,140 |
) |
|
|
(3,782 |
) |
|
|
(18,016 |
) |
|
|
(19,391 |
) |
|
Total adjusted EBITDA |
|
$ |
21,678 |
|
|
$ |
11,440 |
|
|
$ |
88,177 |
|
|
$ |
79,937 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating income (loss) |
|
|
|
|
|
|
|
|
||||||||
|
Australia |
|
$ |
12,248 |
|
|
$ |
12,496 |
|
|
$ |
51,967 |
|
|
$ |
43,981 |
|
|
Canada |
|
|
(5,815 |
) |
|
|
(17,516 |
) |
|
|
(21,728 |
) |
|
|
(18,221 |
) |
|
Corporate, other and eliminations |
|
|
(6,568 |
) |
|
|
(5,023 |
) |
|
|
(26,124 |
) |
|
|
(24,428 |
) |
|
Total operating income (loss) |
|
$ |
(135 |
) |
|
$ |
(10,043 |
) |
|
$ |
4,115 |
|
|
$ |
1,332 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
(1) Please see Non-GAAP Reconciliation Schedule. |
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
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 |
||||||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||
|
|
|
|
|
|
|
|
|
|
||||
|
Supplemental Operating Data – Australian Segment |
|
|
|
|
|
|
|
|
||||
|
Accommodation and associated services revenue (1) |
|
$ |
53,851 |
|
$ |
49,293 |
|
$ |
211,761 |
|
$ |
196,684 |
|
Integrated services and other services revenue (3) |
|
|
65,666 |
|
|
60,696 |
|
|
248,534 |
|
|
230,272 |
|
Total Australian revenues |
|
$ |
119,517 |
|
$ |
109,989 |
|
$ |
460,295 |
|
$ |
426,956 |
|
|
|
|
|
|
|
|
|
|
||||
|
Costs |
|
|
|
|
|
|
|
|
||||
|
Accommodation and associated services cost |
|
$ |
26,535 |
|
$ |
23,354 |
|
$ |
103,275 |
|
$ |
94,344 |
|
Integrated services and other services cost |
|
|
58,976 |
|
|
54,409 |
|
|
222,259 |
|
|
208,627 |
|
Indirect other cost |
|
|
3,725 |
|
|
3,394 |
|
|
13,923 |
|
|
12,403 |
|
Total Australian cost of sales and services |
|
$ |
89,236 |
|
$ |
81,157 |
|
$ |
339,457 |
|
$ |
315,374 |
|
|
|
|
|
|
|
|
|
|
||||
|
Average daily rates (4) |
|
$ |
76 |
|
$ |
77 |
|
$ |
76 |
|
$ |
78 |
|
|
|
|
|
|
|
|
|
|
||||
|
Billed rooms (5) |
|
|
704,777 |
|
|
637,461 |
|
|
2,783,893 |
|
|
2,524,108 |
|
|
|
|
|
|
|
|
|
|
||||
|
Australian dollar to U.S. dollar |
|
$ |
0.656 |
|
$ |
0.652 |
|
$ |
0.645 |
|
$ |
0.660 |
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
|
Supplemental Operating Data – Canadian Segment |
|
|
|
|
|
|
|
|
||||
|
Revenues |
|
|
|
|
|
|
|
|
||||
|
Accommodation and associated services revenue (1) |
|
$ |
35,941 |
|
$ |
33,981 |
|
$ |
150,651 |
|
$ |
214,774 |
|
Mobile facility rental and associates services revenue (2) |
|
|
541 |
|
|
50 |
|
|
1,587 |
|
|
1,523 |
|
Integrated services and other services revenue (3) |
|
|
5,621 |
|
|
6,633 |
|
|
26,316 |
|
|
28,790 |
|
Total Canadian revenues |
|
$ |
42,103 |
|
$ |
40,664 |
|
$ |
178,554 |
|
$ |
245,087 |
|
|
|
|
|
|
|
|
|
|
||||
|
Costs |
|
|
|
|
|
|
|
|
||||
|
Accommodation and associated services cost |
|
$ |
28,374 |
|
$ |
31,410 |
|
$ |
114,964 |
|
$ |
164,089 |
|
Mobile facility rental and associates services cost |
|
|
174 |
|
|
527 |
|
|
345 |
|
|
4,940 |
|
Integrated services and other services cost |
|
|
5,232 |
|
|
6,362 |
|
|
24,489 |
|
|
27,201 |
|
Indirect other cost |
|
|
1,869 |
|
|
2,678 |
|
|
8,193 |
|
|
10,905 |
|
Total Canadian cost of sales and services |
|
$ |
35,649 |
|
$ |
40,977 |
|
$ |
147,991 |
|
$ |
207,135 |
|
|
|
|
|
|
|
|
|
|
||||
|
Average daily rates (4) |
|
$ |
100 |
|
$ |
94 |
|
$ |
97 |
|
$ |
97 |
|
|
|
|
|
|
|
|
|
|
||||
|
Billed rooms (5) |
|
|
359,108 |
|
|
359,537 |
|
|
1,550,435 |
|
|
2,205,700 |
|
|
|
|
|
|
|
|
|
|
||||
|
Canadian dollar to U.S. dollar |
|
$ |
0.717 |
|
$ |
0.715 |
|
$ |
0.716 |
|
$ |
0.730 |
|
(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 services, 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. |
CIVEO CORPORATION
SUPPLEMENTAL OPERATIONS BY SERVICE TYPE BY REGION DATA
(U.S. dollars in thousands)
(unaudited)
The following table sets forth certain supplemental data for our Australia and Canada segment revenues attributable to the asset-light (“Catering and Facility Management”) portion of the Company’s business and the asset-intensive (“Accommodations and Infrastructure”) portion of the Company’s business. We provide Catering and Facility Management services to both customer-owned assets and Company-owned villages and lodges. When we provide Catering and Facility Management services to customer-owned assets, it is reflected in “Food and other services” in our Supplemental Quarterly Segment and Operating Data.
Contacts
Regan Nielsen
Civeo Corporation
Vice President, Corporate Development & Investor Relations
713-510-2400
