Highlights include:
-
Reported second quarter revenues of
$114.7 million , net income of$6.1 million and operating cash flow of$24.5 million ;
-
Delivered second quarter Adjusted EBITDA of
$28.1 million and free cash flow of$25.1 million ; and
-
Reduced leverage ratio to 2.34x as of
June 30, 2020 from 2.54x as ofMarch 31, 2020 .
“I am pleased with the financial performance of the Company in the second quarter given this environment, but I am most proud of our team’s safety performance during this challenging time. Their efforts to keep each other and our guests safe and our locations open are a testament to
Second Quarter 2020 Results
In the second quarter of 2020,
By comparison, in the second 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, adjustments regarding an asset retirement obligation recorded in the second quarter of 2019 and proceeds from a representations 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 2020 to the results for the second quarter of 2019.)
During the second quarter of 2020, the Canadian segment generated revenues of
On a constant currency basis, the Canadian segment experienced a 30% period-over-period decrease in revenues driven by a 45% year-over-year reduction in billed rooms related to decreased customer activity due to the decline in oil prices and the COVID-19 pandemic. Adjusted EBITDA for the Canadian segment decreased 19% year-over-year primarily due to lower billed rooms in the oil sands lodges, partially offset by the CEWS proceeds and a higher gain on sale of assets.
During the second quarter of 2020, the Australian segment generated revenues of
On a constant currency basis, the Australian segment experienced a 96% period-over-period increase in revenues primarily driven by contributions from the acquisition of
The
Income Taxes
Financial Condition
As of
Civeo’s total debt outstanding on
During the second quarter of 2020,
Full Year 2020 Guidance
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 herein include the statements regarding Civeo’s future plans and outlook, including expectations in the
- Financial Schedules Follow -
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) |
|||||||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||||||
|
|
|
|
|
|
|
|
||||||||||||
Revenues |
$ |
114,702 |
|
|
|
$ |
122,153 |
|
|
|
$ |
253,494 |
|
|
|
$ |
230,703 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Costs and expenses: |
|
|
|
|
|
|
|
||||||||||||
Cost of sales and services |
83,133 |
|
|
|
85,240 |
|
|
|
186,446 |
|
|
|
164,870 |
|
|
||||
Selling, general and administrative expenses |
11,490 |
|
|
|
12,530 |
|
|
|
25,427 |
|
|
|
28,626 |
|
|
||||
Depreciation and amortization expense |
22,205 |
|
|
|
30,996 |
|
|
|
47,707 |
|
|
|
61,778 |
|
|
||||
Impairment expense |
— |
|
|
|
5,546 |
|
|
|
144,120 |
|
|
|
5,546 |
|
|
||||
Other operating expense (income) |
(285 |
) |
|
|
(103 |
) |
|
|
704 |
|
|
|
(168 |
) |
|
||||
|
116,543 |
|
|
|
134,209 |
|
|
|
404,404 |
|
|
|
260,652 |
|
|
||||
Operating loss |
(1,841 |
) |
|
|
(12,056 |
) |
|
|
(150,910 |
) |
|
|
(29,949 |
) |
|
||||
|
|
|
|
|
|
|
|
||||||||||||
Interest expense |
(3,854 |
) |
|
|
(6,720 |
) |
|
|
(9,449 |
) |
|
|
(13,355 |
) |
|
||||
Interest income |
4 |
|
|
|
22 |
|
|
|
20 |
|
|
|
49 |
|
|
||||
Other income |
12,642 |
|
|
|
1,055 |
|
|
|
12,667 |
|
|
|
4,033 |
|
|
||||
Income (loss) before income taxes |
6,951 |
|
|
|
(17,699 |
) |
|
|
(147,672 |
) |
|
|
(39,222 |
) |
|
||||
Income tax (expense) benefit |
(122 |
) |
|
|
2,850 |
|
|
|
8,689 |
|
|
|
7,334 |
|
|
||||
Net income (loss) |
6,829 |
|
|
|
(14,849 |
) |
|
|
(138,983 |
) |
|
|
(31,888 |
) |
|
||||
Less: Net income attributable to noncontrolling interest |
222 |
|
|
|
— |
|
|
|
480 |
|
|
|
— |
|
|
||||
Net income (loss) attributable to |
6,607 |
|
|
|
(14,849 |
) |
|
|
(139,463 |
) |
|
|
(31,888 |
) |
|
||||
Less: Dividends attributable to Class A preferred shares |
471 |
|
|
|
461 |
|
|
|
939 |
|
|
|
920 |
|
|
||||
Net income (loss) attributable to |
$ |
6,136 |
|
|
|
$ |
(15,310 |
) |
|
|
$ |
(140,402 |
) |
|
|
$ |
(32,808 |
) |
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss) per share attributable to |
|
|
|
|
|
|
|||||||||||||
Basic |
$ |
0.03 |
|
|
|
$ |
(0.09 |
) |
|
|
$ |
(0.83 |
) |
|
|
$ |
(0.20 |
) |
|
Diluted |
$ |
0.03 |
|
|
|
$ |
(0.09 |
) |
|
|
$ |
(0.83 |
) |
|
|
$ |
(0.20 |
) |
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
||||||||||||
Basic |
169,812 |
|
|
|
167,532 |
|
|
|
169,165 |
|
|
|
166,437 |
|
|
||||
Diluted |
169,990 |
|
|
|
167,532 |
|
|
|
169,165 |
|
|
|
166,437 |
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
||||||||
|
|
|
|
|||||
|
(UNAUDITED) |
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
7,311 |
|
|
$ |
3,331 |
|
|
Accounts receivable, net |
85,553 |
|
|
99,493 |
|
|||
Inventories |
7,683 |
|
|
5,877 |
|
|||
Assets held for sale |
— |
|
|
7,589 |
|
|||
Prepaid expenses and other current assets |
17,392 |
|
|
15,151 |
|
|||
Total current assets |
117,939 |
|
|
131,441 |
|
|||
|
|
|
|
|||||
Property, plant and equipment, net |
486,815 |
|
|
590,309 |
|
|||
|
7,778 |
|
|
110,173 |
|
|||
Other intangible assets, net |
100,423 |
|
|
111,837 |
|
|||
Operating lease right-of-use assets |
21,065 |
|
|
24,876 |
|
|||
Other noncurrent assets |
563 |
|
|
1,276 |
|
|||
Total assets |
$ |
734,583 |
|
|
$ |
969,912 |
|
|
|
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Accounts payable |
$ |
35,168 |
|
|
$ |
36,971 |
|
|
Accrued liabilities |
16,910 |
|
|
21,755 |
|
|||
Income taxes |
571 |
|
|
328 |
|
|||
Current portion of long-term debt |
33,510 |
|
|
35,080 |
|
|||
Deferred revenue |
7,853 |
|
|
7,165 |
|
|||
Other current liabilities |
5,484 |
|
|
8,741 |
|
|||
Total current liabilities |
99,496 |
|
|
110,040 |
|
|||
|
|
|
|
|||||
Long-term debt |
264,522 |
|
|
321,792 |
|
|||
Deferred income taxes |
— |
|
|
9,452 |
|
|||
Operating lease liabilities |
18,541 |
|
|
21,231 |
|
|||
Other noncurrent liabilities |
17,781 |
|
|
16,592 |
|
|||
Total liabilities |
400,340 |
|
|
479,107 |
|
|||
|
|
|
|
|||||
Shareholders' equity: |
|
|
|
|||||
Preferred shares |
59,068 |
|
|
58,129 |
|
|||
Common shares |
— |
|
|
— |
|
|||
Additional paid-in capital |
1,575,788 |
|
|
1,572,249 |
|
|||
Accumulated deficit |
(911,992) |
|
|
(771,590) |
|
|||
|
(6,930) |
|
|
(5,472) |
|
|||
Accumulated other comprehensive loss |
(382,315) |
|
|
(363,173) |
|
|||
|
333,619 |
|
|
490,143 |
|
|||
Noncontrolling interest |
624 |
|
|
662 |
|
|||
Total shareholders' equity |
334,243 |
|
|
490,805 |
|
|||
Total liabilities and shareholders' equity |
$ |
734,583 |
|
|
$ |
969,912 |
|
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
||||||||||
|
Six Months Ended
|
|||||||||
|
2020 |
|
2019 |
|
||||||
|
|
|
|
|||||||
Cash flows from operating activities: |
|
|
|
|||||||
Net loss |
$ |
(138,983 |
) |
|
|
$ |
(31,888 |
) |
|
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|||||||
Depreciation and amortization |
47,707 |
|
|
|
61,778 |
|
|
|||
Impairment charges |
144,120 |
|
|
|
5,546 |
|
|
|||
Deferred income tax benefit |
(8,941 |
) |
|
|
(7,855 |
) |
|
|||
Non-cash compensation charge |
3,539 |
|
|
|
5,029 |
|
|
|||
Gains on disposals of assets |
(1,819 |
) |
|
|
(1,371 |
) |
|
|||
Provision (benefit) for loss on receivables, net of recoveries |
25 |
|
|
|
(56 |
) |
|
|||
Other, net |
(3,240 |
) |
|
|
1,444 |
|
|
|||
Changes in operating assets and liabilities: |
|
|
|
|||||||
Accounts receivable |
10,231 |
|
|
|
(18,616 |
) |
|
|||
Inventories |
(1,895 |
) |
|
|
(3 |
) |
|
|||
Accounts payable and accrued liabilities |
(4,583 |
) |
|
|
135 |
|
|
|||
Taxes payable |
251 |
|
|
|
244 |
|
|
|||
Other current and noncurrent assets and liabilities, net |
(1,094 |
) |
|
|
(4,427 |
) |
|
|||
Net cash flows provided by operating activities |
45,318 |
|
|
|
9,960 |
|
|
|||
|
|
|
|
|||||||
Cash flows from investing activities: |
|
|
|
|||||||
Capital expenditures |
(3,847 |
) |
|
|
(21,208 |
) |
|
|||
Proceeds from disposition of property, plant and equipment |
1,897 |
|
|
|
4,448 |
|
|
|||
Other, net |
4,619 |
|
|
|
1,762 |
|
|
|||
Net cash flows provided by (used in) investing activities |
2,669 |
|
|
|
(14,998 |
) |
|
|||
|
|
|
|
|||||||
Cash flows from financing activities: |
|
|
|
|||||||
Term loan repayments |
(16,551 |
) |
|
|
(17,398 |
) |
|
|||
Revolving credit borrowings (repayments), net |
(25,630 |
) |
|
|
27,754 |
|
|
|||
Taxes paid on vested shares |
(1,458 |
) |
|
|
(4,283 |
) |
|
|||
Net cash flows provided by (used in) financing activities |
(43,639 |
) |
|
|
6,073 |
|
|
|||
|
|
|
|
|||||||
Effect of exchange rate changes on cash |
(368 |
) |
|
|
52 |
|
|
|||
Net change in cash and cash equivalents |
3,980 |
|
|
|
1,087 |
|
|
|||
|
|
|
|
|||||||
Cash and cash equivalents, beginning of period |
3,331 |
|
|
|
12,372 |
|
|
|||
Cash and cash equivalents, end of period |
$ |
7,311 |
|
|
|
$ |
13,459 |
|
|
SEGMENT DATA (in thousands) (unaudited) |
|||||||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||||||
Revenues |
|
|
|
|
|
|
|
||||||||||||
|
$ |
52,986 |
|
|
|
$ |
78,102 |
|
|
|
$ |
132,334 |
|
|
|
$ |
144,872 |
|
|
|
57,071 |
|
|
|
30,996 |
|
|
|
106,184 |
|
|
|
59,417 |
|
|
||||
|
4,645 |
|
|
|
13,055 |
|
|
|
14,976 |
|
|
|
26,414 |
|
|
||||
Total revenues |
$ |
114,702 |
|
|
|
$ |
122,153 |
|
|
|
$ |
253,494 |
|
|
|
$ |
230,703 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
EBITDA (1) |
|
|
|
|
|
|
|
||||||||||||
|
$ |
19,991 |
|
|
|
$ |
16,306 |
|
|
|
$ |
(100,265 |
) |
|
|
$ |
26,479 |
|
|
|
18,798 |
|
|
|
6,540 |
|
|
|
34,959 |
|
|
|
16,393 |
|
|
||||
|
(1,389 |
) |
|
|
2,586 |
|
|
|
(13,442 |
) |
|
|
5,382 |
|
|
||||
Corporate and eliminations |
(4,616 |
) |
|
|
(5,437 |
) |
|
|
(12,268 |
) |
|
|
(12,392 |
) |
|
||||
Total EBITDA |
$ |
32,784 |
|
|
|
$ |
19,995 |
|
|
|
$ |
(91,016 |
) |
|
|
$ |
35,862 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA (1) |
|
|
|
|
|
|
|
||||||||||||
|
$ |
15,301 |
|
|
|
$ |
16,306 |
|
|
|
$ |
26,726 |
|
|
|
$ |
26,479 |
|
|
|
18,798 |
|
|
|
13,010 |
|
|
|
34,959 |
|
|
|
22,863 |
|
|
||||
|
(1,389 |
) |
|
|
2,586 |
|
|
|
(1,003 |
) |
|
|
5,382 |
|
|
||||
Corporate and eliminations |
(4,616 |
) |
|
|
(5,437 |
) |
|
|
(12,268 |
) |
|
|
(12,392 |
) |
|
||||
Total adjusted EBITDA |
$ |
28,094 |
|
|
|
$ |
26,465 |
|
|
|
$ |
48,414 |
|
|
|
$ |
42,332 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income (loss) |
|
|
|
|
|
|
|
||||||||||||
|
$ |
(6,719 |
) |
|
|
$ |
(5,761 |
) |
|
|
$ |
(143,350 |
) |
|
|
$ |
(17,356 |
) |
|
|
8,191 |
|
|
|
(5,579 |
) |
|
|
14,355 |
|
|
|
(5,964 |
) |
|
||||
|
(2,623 |
) |
|
|
(1,356 |
) |
|
|
(16,757 |
) |
|
|
(2,317 |
) |
|
||||
Corporate and eliminations |
(690 |
) |
|
|
640 |
|
|
|
(5,158 |
) |
|
|
(4,312 |
) |
|
||||
Total operating income (loss) |
$ |
(1,841 |
) |
|
|
$ |
(12,056 |
) |
|
|
$ |
(150,910 |
) |
|
|
$ |
(29,949 |
) |
|
|
|
|
|
|
|
|
|
||||||||||||
(1) Please see Non-GAAP Reconciliation Schedule. |
|
|
NON-GAAP RECONCILIATIONS (in thousands) (unaudited) |
|||||||||||||||||||
|
|
|
|
|
|||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||||
|
|
2020 |
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
EBITDA (1) |
|
$ |
32,784 |
|
|
$ |
19,995 |
|
|
|
$ |
(91,016 |
) |
|
|
$ |
35,862 |
|
|
Adjusted EBITDA (1) |
|
$ |
28,094 |
|
|
$ |
26,465 |
|
|
|
$ |
48,414 |
|
|
|
$ |
42,332 |
|
|
Free Cash Flow (2) |
|
$ |
25,110 |
|
|
$ |
(7,919 |
) |
|
|
$ |
43,368 |
|
|
|
$ |
(6,800 |
) |
|
(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
|
|
Six Months Ended
|
|||||||||||||||||
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net loss attributable to |
$ |
6,607 |
|
|
|
$ |
(14,849 |
) |
|
|
$ |
(139,463 |
) |
|
|
$ |
(31,888 |
) |
|
|
Income tax benefit |
122 |
|
|
|
(2,850 |
) |
|
|
(8,689 |
) |
|
|
(7,334 |
) |
|
|||||
Depreciation and amortization |
22,205 |
|
|
|
30,996 |
|
|
|
47,707 |
|
|
|
61,778 |
|
|
|||||
Interest income |
(4 |
) |
|
|
(22 |
) |
|
|
(20 |
) |
|
|
(49 |
) |
|
|||||
Interest expense |
3,854 |
|
|
|
6,720 |
|
|
|
9,449 |
|
|
|
13,355 |
|
|
|||||
EBITDA |
$ |
32,784 |
|
|
|
$ |
19,995 |
|
|
|
$ |
(91,016 |
) |
|
|
$ |
35,862 |
|
|
|
Adjustments to EBITDA |
|
|
|
|
|
|
|
|||||||||||||
Impairment of long-lived assets (a) |
— |
|
|
|
5,546 |
|
|
|
50,514 |
|
|
|
5,546 |
|
|
|||||
Impairment of goodwill (b) |
— |
|
|
|
— |
|
|
|
93,606 |
|
|
|
— |
|
|
|||||
Australia ARO adjustment (c) |
— |
|
|
|
924 |
|
|
|
— |
|
|
|
924 |
|
|
|||||
Representations and warranties settlement (d) |
(4,690 |
) |
|
|
— |
|
|
|
(4,690 |
) |
|
|
— |
|
|
|||||
Adjusted EBITDA |
$ |
28,094 |
|
|
|
$ |
26,465 |
|
|
|
$ |
48,414 |
|
|
|
$ |
42,332 |
|
|
(a) |
Relates to asset impairments in the first quarter of 2020 and the second quarter of 2019. 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 |
|||
|
||||
In the second quarter 2019, we recorded a pre-tax loss related to the impairment of assets in |
||||
|
||||
(b) |
Relates to the impairment of goodwill in the first quarter of 2020. The |
|||
|
||||
(c) |
As noted above, during the second quarter of 2019, we identified a future liability related to an ARO at one of our villages in |
|||
|
||||
(d) |
In the second quarter of 2020, we recorded |
(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
|
|
Six Months Ended
|
||||||||||||||||
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||||||
|
|
|
|
|
|
|
|
||||||||||||
Net Cash Flows Provided by Operating Activities |
$ |
24,481 |
|
|
|
$ |
3,619 |
|
|
|
$ |
45,318 |
|
|
|
$ |
9,960 |
|
|
Capital expenditures |
(1,196 |
) |
|
|
(11,529 |
) |
|
|
(3,847 |
) |
|
|
(21,208 |
) |
|
||||
Proceeds from disposition of property, plant and equipment |
1,825 |
|
|
|
(9 |
) |
|
|
1,897 |
|
|
|
4,448 |
|
|
||||
Free Cash Flow |
$ |
25,110 |
|
|
|
$ |
(7,919 |
) |
|
|
$ |
43,368 |
|
|
|
$ |
(6,800 |
) |
|
NON-GAAP RECONCILIATIONS - GUIDANCE (in millions) (unaudited) |
||||||||||
|
Year Ending |
|||||||||
|
|
|
|
|||||||
|
$ |
(59.4 |
) |
|
|
$ |
(54.4 |
) |
|
|
|
$ |
80.0 |
|
|
|
$ |
85.0 |
|
|
(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 million) (unaudited): |
|
Year Ending |
|||||||||
|
(estimated) |
|||||||||
|
|
|
|
|||||||
Net loss |
$ |
(161.7 |
) |
|
|
$ |
(156.7 |
) |
|
|
Income tax benefit |
(8.7 |
) |
|
|
(8.7 |
) |
|
|||
Depreciation and amortization |
94.0 |
|
|
|
94.0 |
|
|
|||
Interest expense |
17.0 |
|
|
|
17.0 |
|
|
|||
EBITDA |
$ |
(59.4 |
) |
|
|
$ |
(54.4 |
) |
|
|
|
|
|
|
|||||||
Adjustments to EBITDA |
|
|
|
|||||||
Impairment expense |
144.1 |
|
|
|
144.1 |
|
|
|||
Representations and warranties settlement |
(4.7 |
) |
|
|
(4.7 |
) |
|
|||
Adjusted EBITDA |
$ |
80.0 |
|
|
|
$ |
85.0 |
|
|
SUPPLEMENTAL QUARTERLY SEGMENT AND OPERATING DATA
( (unaudited) |
||||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Supplemental Operating Data - Canadian Segment |
|
|
|
|
|
|
|
|||||||||
Revenues |
|
|
|
|
|
|
|
|||||||||
Accommodation revenue (1) |
$ |
40,204 |
|
|
$ |
66,183 |
|
|
$ |
106,270 |
|
|
$ |
123,835 |
|
|
Mobile facility rental revenue (2) |
6,072 |
|
|
1,819 |
|
|
8,580 |
|
|
2,600 |
|
|||||
Food and other services revenue (3) |
6,710 |
|
|
9,086 |
|
|
17,484 |
|
|
17,423 |
|
|||||
Manufacturing revenue (4) |
— |
|
|
1,014 |
|
|
— |
|
|
1,014 |
|
|||||
Total Canadian revenues |
$ |
52,986 |
|
|
$ |
78,102 |
|
|
$ |
132,334 |
|
|
$ |
144,872 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Costs |
|
|
|
|
|
|
|
|||||||||
Accommodation cost |
$ |
28,598 |
|
|
$ |
45,145 |
|
|
$ |
76,653 |
|
|
$ |
87,763 |
|
|
Mobile facility rental cost |
5,285 |
|
|
2,027 |
|
|
8,542 |
|
|
2,676 |
|
|||||
Food and other services cost |
6,163 |
|
|
8,466 |
|
|
16,178 |
|
|
16,301 |
|
|||||
Manufacturing cost |
141 |
|
|
668 |
|
|
297 |
|
|
857 |
|
|||||
Indirect other cost |
2,278 |
|
|
2,970 |
|
|
5,067 |
|
|
6,326 |
|
|||||
Total Canadian cost of sales and services |
$ |
42,465 |
|
|
$ |
59,276 |
|
|
$ |
106,737 |
|
|
$ |
113,923 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Average daily rates (5) |
$ |
96 |
|
|
$ |
89 |
|
|
$ |
94 |
|
|
$ |
91 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Billed rooms (6) |
409,897 |
|
|
739,627 |
|
|
1,118,220 |
|
|
1,365,619 |
|
|||||
|
|
|
|
|
|
|
|
|||||||||
Canadian dollar to |
$ |
0.722 |
|
|
$ |
0.748 |
|
|
$ |
0.733 |
|
|
$ |
0.750 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Supplemental Operating Data - Australian Segment |
|
|
|
|
|
|
|
|||||||||
Accommodation revenue (1) |
$ |
34,933 |
|
|
$ |
30,996 |
|
|
$ |
67,518 |
|
|
$ |
59,417 |
|
|
Food and other services revenue (3) |
22,138 |
|
|
— |
|
|
38,666 |
|
|
— |
|
|||||
Total Australian revenues |
$ |
57,071 |
|
|
$ |
30,996 |
|
|
$ |
106,184 |
|
|
$ |
59,417 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Costs |
|
|
|
|
|
|
|
|||||||||
Accommodation cost |
$ |
15,269 |
|
|
$ |
15,465 |
|
|
$ |
30,264 |
|
|
$ |
29,862 |
|
|
Food and other services cost |
18,759 |
|
|
— |
|
|
32,466 |
|
|
— |
|
|||||
Indirect other cost |
885 |
|
|
590 |
|
|
1,736 |
|
|
1,192 |
|
|||||
Total Australian cost of sales and services |
$ |
34,913 |
|
|
$ |
16,055 |
|
|
$ |
64,466 |
|
|
$ |
31,054 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Average daily rates (4) |
$ |
70 |
|
|
$ |
74 |
|
|
$ |
69 |
|
|
$ |
74 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Billed rooms (5) |
502,392 |
|
|
416,416 |
|
|
974,232 |
|
|
798,997 |
|
|||||
|
|
|
|
|
|
|
|
|||||||||
Australian dollar to |
$ |
0.658 |
|
|
$ |
0.700 |
|
|
$ |
0.658 |
|
|
$ |
0.706 |
|
(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 and offshore manufacturing 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/20200729005161/en/
Senior Vice President & Chief Financial Officer
713-510-2400
FTI Consulting
832-667-5140
Source: