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 ofSeptember 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 theAction Industrial Catering ("Action") acquisition inAustralia 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
Fourth Quarter 2019 Results
In the fourth quarter of 2019,
(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
By comparison, in the fourth quarter of 2018,
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
Full Year 2019 Results
For the full year 2019, the Company reported revenues of
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
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.)
During the fourth quarter of 2019, the
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
During the fourth quarter of 2019, the
Results for the fourth quarter of 2019 reflect the impact of a weakened Australian dollar relative to the
The
Income Taxes
Financial Condition
As of
Civeo’s total debt outstanding on
During 2019,
First Quarter and Full Year 2020 Guidance
For the first quarter of 2020,
Conference Call
About
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,
- Financial Schedules Follow -
|
||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(in thousands, except per share amounts) |
||||||||||||||||
|
|
THREE MONTHS ENDED
|
|
TWELVE MONTHS ENDED
|
||||||||||||
|
|
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 |
|
(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 |
|
$ |
(32,064 |
) |
|
$ |
(13,804 |
) |
|
$ |
(60,340 |
) |
|
$ |
(131,832 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share attributable to |
|
|
|
|
|
|
||||||||||
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 |
|
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(in thousands) |
||||||||
|
|
|
|
|
||||
|
|
(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 |
|
||
|
|
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 |
) |
||
|
|
(5,472 |
) |
|
(1,189 |
) |
||
Accumulated other comprehensive loss |
|
(363,173 |
) |
|
(371,249 |
) |
||
|
|
490,143 |
|
|
535,424 |
|
||
Noncontrolling interest |
|
662 |
|
|
— |
|
||
Total shareholders' equity |
|
490,805 |
|
|
535,424 |
|
||
Total liabilities and shareholders' equity |
|
$ |
969,912 |
|
|
$ |
1,001,677 |
|
|
||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(in thousands) |
||||||||
|
|
TWELVE MONTHS ENDED
|
||||||
|
|
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 |
|
|
||||||||||||||||
SEGMENT DATA |
||||||||||||||||
(in thousands) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
THREE MONTHS ENDED
|
|
TWELVE MONTHS ENDED
|
||||||||||||
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
Revenues |
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
89,708 |
|
|
$ |
69,351 |
|
|
$ |
325,651 |
|
|
$ |
296,012 |
|
|
|
48,933 |
|
|
29,696 |
|
|
156,093 |
|
|
119,238 |
|
||||
|
|
10,048 |
|
|
15,473 |
|
|
45,811 |
|
|
51,442 |
|
||||
Total revenues |
|
$ |
148,689 |
|
|
$ |
114,520 |
|
|
$ |
527,555 |
|
|
$ |
466,692 |
|
|
|
|
|
|
|
|
|
|
||||||||
EBITDA (1) |
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
311 |
|
|
$ |
10,112 |
|
|
$ |
51,745 |
|
|
$ |
21,639 |
|
|
|
15,563 |
|
|
11,759 |
|
|
49,871 |
|
|
44,821 |
|
||||
|
|
(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) |
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
20,913 |
|
|
$ |
11,313 |
|
|
$ |
72,347 |
|
|
$ |
53,816 |
|
|
|
15,716 |
|
|
11,759 |
|
|
55,786 |
|
|
44,821 |
|
||||
|
|
(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) |
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
(17,876 |
) |
|
$ |
(8,177 |
) |
|
$ |
(32,313 |
) |
|
$ |
(63,519 |
) |
|
|
1,819 |
|
|
1,843 |
|
|
517 |
|
|
(1,950 |
) |
||||
|
|
(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. |
|
|
|
||||||||||||||||
NON-GAAP RECONCILIATIONS |
||||||||||||||||
(in thousands) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
THREE MONTHS ENDED
|
|
TWELVE MONTHS ENDED
|
||||||||||||
|
|
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 |
|
|
||
The following table sets forth a reconciliation of EBITDA and Adjusted EBITDA to net loss attributable to |
|
|
THREE MONTHS ENDED
|
|
TWELVE MONTHS ENDED
|
||||||||||||
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to |
|
$ |
(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 |
||
|
|
|||
|
In the first quarter 2018, we recorded a pre-tax loss related to the impairment of assets in |
|||
|
|
|||
(b) |
Relates to the impairment of goodwill. The |
|||
|
|
|||
(c) |
Relates to costs incurred associated with |
|||
|
|
|||
(d) |
Relates to costs incurred associated with |
|||
|
||||
(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. |
|||
|
||||
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
|
||||||||||||
|
|
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 |
|
|
||||||||||||||||
NON-GAAP RECONCILIATIONS - GUIDANCE |
||||||||||||||||
(in millions) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
THREE MONTHS ENDING
|
|
YEAR ENDING
|
||||||||||||
|
|
$ |
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
|
|
YEAR ENDING
|
||||||||||||
|
|
(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 |
|
SUPPLEMENTAL QUARTERLY SEGMENT AND OPERATING DATA |
||||||||||||||||
( |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
THREE MONTHS ENDED
|
|
TWELVE MONTHS ENDED
|
||||||||||||
|
|
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 |
|
$ |
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 |
|
$ |
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/
Senior Vice President & Chief Financial Officer
713-510-2400
FTI Consulting
713-353-5407
Source:
Carolyn J. Stone
Civeo Corporation
Senior Vice President & Chief Financial Officer
713-510-2400
Jeffrey Spittel
FTI Consulting
713-353-5407