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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2020
OR
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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| For the transition period from _________________________ to _________________________ |
Commission file number: 001-36246
Civeo Corporation
(Exact name of registrant as specified in its charter)
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British Columbia, Canada | 98-1253716 |
(State or other jurisdiction of | (I.R.S. Employer |
incorporation or organization) | Identification No.) |
| |
Three Allen Center, 333 Clay Street, Suite 4980, | 77002 |
Houston, Texas | (Zip Code) |
(Address of principal executive offices) | |
(713) 510-2400
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered |
Common Shares, no par value | CVEO | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "accelerated filer," "large accelerated filer," "smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large Accelerated Filer | ☐ | Accelerated Filer | ☒ | Emerging Growth Company | ☐ |
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Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☒ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
The Registrant had 170,578,068 common shares outstanding as of July 24, 2020.
CIVEO CORPORATION
INDEX
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| Page No. |
Part I -- FINANCIAL INFORMATION | |
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Item 1. Financial Statements: | |
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Consolidated Financial Statements | |
Unaudited Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and 2019 | |
Unaudited Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2020 and 2019 | |
Consolidated Balance Sheets – as of June 30, 2020 (unaudited) and December 31, 2019 | |
Unaudited Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2020 and 2019 | |
Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019 | |
Notes to Unaudited Consolidated Financial Statements | |
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Cautionary Statement Regarding Forward-Looking Statements | |
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
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Item 3. Quantitative and Qualitative Disclosures About Market Risk | |
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Item 4. Controls and Procedures | |
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Part II -- OTHER INFORMATION | |
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Item 1. Legal Proceedings | |
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Item 1A. Risk Factors | |
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |
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Item 6. Exhibits | |
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(a) Index of Exhibits | |
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Signature Page | |
PART I -- FINANCIAL INFORMATION
ITEM 1. Financial Statements
CIVEO CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | Six Months Ended June 30, | | |
| 2020 | | 2019 | | 2020 | | 2019 |
Revenues: | | | | | | | |
Service and other | $ | 110,006 | | | $ | 112,719 | | | $ | 239,405 | | | $ | 212,798 | |
Rental | 3,865 | | | 7,625 | | | 10,044 | | | 14,115 | |
Product | 831 | | | 1,809 | | | 4,045 | | | 3,790 | |
| 114,702 | | | 122,153 | | | 253,494 | | | 230,703 | |
Costs and expenses: | | | | | | | |
Service and other costs | 78,860 | | | 77,659 | | | 174,904 | | | 150,303 | |
Rental costs | 3,615 | | | 6,357 | | | 8,428 | | | 11,507 | |
Product costs | 658 | | | 1,224 | | | 3,114 | | | 3,060 | |
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 Civeo Corporation | 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 Civeo common shareholders | $ | 6,136 | | | $ | (15,310) | | | $ | (140,402) | | | $ | (32,808) | |
| | | | | | | |
| | | | | | | |
Per Share Data (see Note 8) | | | | | | | |
Basic net income (loss) per share attributable to Civeo Corporation common shareholders | $ | 0.03 | | | $ | (0.09) | | | $ | (0.83) | | | $ | (0.20) | |
| | | | | | | |
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders | $ | 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 | |
The accompanying notes are an integral part of these financial statements.
CIVEO CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In Thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | Six Months Ended June 30, | | |
| 2020 | | 2019 | | 2020 | | 2019 |
| | | | | | | |
Net income (loss) | $ | 6,829 | | | $ | (14,849) | | | $ | (138,983) | | | $ | (31,888) | |
| | | | | | | |
Other comprehensive income (loss), net of taxes: | | | | | | | |
Foreign currency translation adjustment, net of zero taxes | 29,385 | | | 1,084 | | | (19,156) | | | 6,463 | |
Total other comprehensive income (loss), net of taxes | 29,385 | | | 1,084 | | | (19,156) | | | 6,463 | |
| | | | | | | |
Comprehensive income (loss) | 36,214 | | | (13,765) | | | (158,139) | | | (25,425) | |
Less: Comprehensive income attributable to noncontrolling interest | 303 | | | — | | | 466 | | | — | |
Comprehensive income (loss) attributable to Civeo Corporation | $ | 35,911 | | | $ | (13,765) | | | $ | (158,605) | | | $ | (25,425) | |
The accompanying notes are an integral part of these financial statements.
CIVEO CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Thousands, Excluding Share Amounts)
| | | | | | | | | | | |
| June 30, 2020 | | December 31, 2019 |
| (Unaudited) | | |
ASSETS | | | |
| | | |
Current assets: | | | |
Cash and cash equivalents | $ | 7,311 | | | $ | 3,331 | |
Accounts receivable, net | 85,553 | | | 99,493 | |
Inventories | 7,683 | | | 5,877 | |
Prepaid expenses | 7,482 | | | 7,247 | |
Other current assets | 9,910 | | | 7,904 | |
Assets held for sale | — | | | 7,589 | |
Total current assets | 117,939 | | | 131,441 | |
| | | |
Property, plant and equipment, net | 486,815 | | | 590,309 | |
Goodwill | 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 | |
| | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | |
| | | |
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, less current maturities | 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 | |
| | | |
Commitments and contingencies (Note 11) | | | |
| | | |
Shareholders’ Equity: | | | |
Preferred shares (Class A Series 1, no par value; 50,000,000 shares authorized, 9,042, shares issued and outstanding, respectively; aggregate liquidation preference of $94,566 and $93,627 as of June 30, 2020 and December 31, 2019) | 59,068 | | | 58,129 | |
Common shares (no par value; 550,000,000 shares authorized, 173,742,579 shares and 171,656,039 shares issued, respectively, and 170,578,068 shares and 169,556,403 shares outstanding, respectively) | — | | | — | |
Additional paid-in capital | 1,575,788 | | | 1,572,249 | |
Accumulated deficit | (911,992) | | | (771,590) | |
Common shares held in treasury at cost, 3,164,511 and 2,099,636 shares, respectively | (6,930) | | | (5,472) | |
Accumulated other comprehensive loss | (382,315) | | | (363,173) | |
Total Civeo Corporation shareholders’ equity | 333,619 | | | 490,143 | |
Noncontrolling interest | 624 | | | 662 | |
Total shareholders’ equity | 334,243 | | | 490,805 | |
Total liabilities and shareholders’ equity | $ | 734,583 | | | $ | 969,912 | |
The accompanying notes are an integral part of these financial statements.
CIVEO CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF
CHANGES IN SHAREHOLDERS’ EQUITY
(In Thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Attributable to Civeo | | | | | | | | | | | | | | |
| Preferred Shares | | Common Shares | | | | | | | | | | | | |
| Amount | | Par Value | | Additional Paid-in Capital | | Accumulated Deficit | | Treasury Shares | | Accumulated Other Comprehensive Income (Loss) | | Noncontrolling Interest | | Total Shareholders’ Equity |
Balance, March 31, 2019 | $ | 56,739 | | | $ | — | | | $ | 1,564,667 | | | $ | (728,748) | | | $ | (5,471) | | | $ | (365,870) | | | $ | — | | | $ | 521,317 | |
Net income (loss) | — | | | — | | | — | | | (14,849) | | | — | | | — | | | — | | | (14,849) | |
Currency translation adjustment | — | | | — | | | — | | | — | | | — | | | 1,084 | | | — | | | 1,084 | |
Dividends paid | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Issuance of shares for acquisitions | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Dividends attributable to Class A preferred shares | 461 | | | — | | | — | | | (461) | | | — | | | — | | | — | | | — | |
Share-based compensation | — | | | — | | | 2,495 | | | — | | | (1) | | | — | | | — | | | 2,494 | |
Balance, June 30, 2019 | $ | 57,200 | | | $ | — | | | $ | 1,567,162 | | | $ | (744,058) | | | $ | (5,472) | | | $ | (364,786) | | | $ | — | | | $ | 510,046 | |
| | | | | | | | | | | | | | | |
Balance, March 31, 2020 | $ | 58,597 | | | $ | — | | | $ | 1,574,457 | | | $ | (918,128) | | | $ | (6,914) | | | $ | (411,619) | | | $ | 552 | | | $ | 296,945 | |
Net income (loss) | — | | | — | | | — | | | 6,607 | | | — | | | — | | | 222 | | | 6,829 | |
Currency translation adjustment | — | | | — | | | — | | | — | | | — | | | 29,304 | | | 81 | | | 29,385 | |
Dividends paid | — | | | — | | | — | | | — | | | — | | | — | | | (231) | | | (231) | |
Dividends attributable to Class A preferred shares | 471 | | | — | | | — | | | (471) | | | — | | | — | | | — | | | — | |
Share-based compensation | — | | | — | | | 1,331 | | | — | | | (16) | | | — | | | — | | | 1,315 | |
Balance, June 30, 2020 | $ | 59,068 | | | $ | — | | | $ | 1,575,788 | | | $ | (911,992) | | | $ | (6,930) | | | $ | (382,315) | | | $ | 624 | | | $ | 334,243 | |
| | | | | | | | | | | | | | | |
Balance, December 31, 2018 | $ | 56,280 | | | $ | — | | | $ | 1,562,133 | | | $ | (710,551) | | | $ | (1,189) | | | $ | (371,249) | | | $ | — | | | $ | 535,424 | |
Net income (loss) | — | | | — | | | — | | | (31,888) | | | — | | | — | | | — | | | (31,888) | |
Currency translation adjustment | — | | | — | | | — | | | — | | | — | | | 6,463 | | | — | | | 6,463 | |
Dividends paid | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Cumulative effect of implementation of ASU 2014-09 | — | | | — | | | — | | | (699) | | | — | | | — | | | — | | | (699) | |
Dividends attributable to Class A preferred shares | 920 | | | — | | | — | | | (920) | | | — | | | — | | | — | | | — | |
Share-based compensation | — | | | — | | | 5,029 | | | — | | | (4,283) | | | — | | | — | | | 746 | |
Balance, June 30, 2019 | $ | 57,200 | | | $ | — | | | $ | 1,567,162 | | | $ | (744,058) | | | $ | (5,472) | | | $ | (364,786) | | | $ | — | | | $ | 510,046 | |
| | | | | | | | | | | | | | | |
Balance, December 31, 2019 | $ | 58,129 | | | $ | — | | | $ | 1,572,249 | | | $ | (771,590) | | | $ | (5,472) | | | $ | (363,173) | | | $ | 662 | | | $ | 490,805 | |
Net income (loss) | — | | | — | | | — | | | (139,463) | | | — | | | — | | | 480 | | | (138,983) | |
Currency translation adjustment | — | | | — | | | — | | | — | | | — | | | (19,142) | | | (14) | | | (19,156) | |
Dividends paid | — | | | — | | | — | | | — | | | — | | | — | | | (504) | | | (504) | |
Dividends attributable to Class A preferred shares | 939 | | | — | | | — | | | (939) | | | — | | | — | | | — | | | — | |
Share-based compensation | — | | | — | | | 3,539 | | | — | | | (1,458) | | | — | | | — | | | 2,081 | |
Balance, June 30, 2020 | $ | 59,068 | | | $ | — | | | $ | 1,575,788 | | | $ | (911,992) | | | $ | (6,930) | | | $ | (382,315) | | | $ | 624 | | | $ | 334,243 | |
| | | | | | | | | | | |
| Preferred Shares (in thousands) | | Common Shares (in thousands) |
Balance, December 31, 2019 | 9,042 | | | 169,556 | |
Stock-based compensation | — | | | 1,022 | |
Balance, June 30, 2020 | 9,042 | | | 170,578 | |
The accompanying notes are an integral part of these financial statements.
CIVEO CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
| | | | | | | | | | | |
| Six Months Ended June 30, | | |
| 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: | | | |
Revolving credit borrowings | 122,320 | | | 135,862 | |
Revolving credit repayments | (147,950) | | | (108,108) | |
Term loan repayments | (16,551) | | | (17,398) | |
| | | |
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 | |
| | | |
Non-cash financing activities: | | | |
Preferred dividends paid-in-kind | $ | 939 | | | $ | 920 | |
The accompanying notes are an integral part of these financial statements.
CIVEO CORPORATION
NOTES TO UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS
1.DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of the Business
We are a hospitality company servicing the natural resources industry in Canada, Australia and the U.S. We provide a full suite of hospitality services for our guests, including lodging, food service, housekeeping and maintenance at accommodation facilities that we or our customers own. In many cases, we provide services that support the day-to-day operations of accommodation facilities, such as laundry, facility management and maintenance, water and wastewater treatment, power generation, communication systems, security and logistics. We also offer development activities for workforce accommodation facilities, including site selection, permitting, engineering and design, manufacturing management and site construction, along with providing hospitality services once the facility is constructed. We primarily operate in some of the world’s most active oil, metallurgical (met) coal and iron ore producing regions, and our customers include major and independent oil and gas companies, mining companies, engineering companies and oilfield and mining service companies. We operate in three principal reportable business segments – Canada, Australia and the U.S.
Basis of Presentation
Unless otherwise stated or the context otherwise indicates: (i) all references in these consolidated financial statements to “Civeo,” “us,” “our” or “we” refer to Civeo Corporation and its consolidated subsidiaries; and (ii) all references in this report to “dollars” or “$” are to U.S. dollars.
The accompanying unaudited consolidated financial statements of Civeo have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP) has been condensed or omitted pursuant to those rules and regulations. The unaudited financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which Civeo considers necessary for a fair presentation of the results of operations for the interim periods covered and for the financial condition of Civeo at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year.
The preparation of consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. If the underlying estimates and assumptions upon which the financial statements are based change in future periods, actual amounts may differ from those included in the accompanying consolidated financial statements.
The financial statements included in this report should be read in conjunction with our audited financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2019.
2.RECENT ACCOUNTING PRONOUNCEMENTS
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the FASB), which are adopted by us as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards or other guidance updates, which are not yet effective, will not have a material impact on our consolidated financial statements upon adoption.
In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses” (ASU 2016-13). This new standard changes how companies measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 is effective for financial statements issued for reporting periods beginning after December 15, 2019 and interim periods within the reporting periods. We adopted ASU 2016-13 as of January 1, 2020. The adoption of this new standard did not have a material impact on our consolidated financial statements.
CIVEO CORPORATION
NOTES TO UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)
3.REVENUE
The following table disaggregates our revenue by our three reportable segments: Canada, Australia and the U.S., and major categories for the periods indicated (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | Six Months Ended June 30, | | |
| 2020 | | 2019 | | 2020 | | 2019 |
Canada | | | | | | | |
Accommodation revenues | $ | 40,204 | | | $ | 66,183 | | | $ | 106,270 | | | $ | 123,835 | |
Mobile facility rental revenues | 6,072 | | | 1,819 | | | 8,580 | | | 2,600 | |
Food service and other services revenues | 6,710 | | | 9,086 | | | 17,484 | | | 17,423 | |
Manufacturing revenues | — | | | 1,014 | | | — | | | 1,014 | |
Total Canada revenues | 52,986 | | | 78,102 | | | 132,334 | | | 144,872 | |
| | | | | | | |
Australia | | | | | | | |
Accommodation revenues | $ | 34,933 | | | $ | 30,996 | | | $ | 67,518 | | | $ | 59,417 | |
Food service and other services revenues | 22,138 | | | — | | | 38,666 | | | — | |
Total Australia revenues | 57,071 | | | 30,996 | | | 106,184 | | | 59,417 | |
| | | | | | | |
U.S. | | | | | | | |
Accommodation revenues | $ | 242 | | | $ | 4,775 | | | $ | 1,498 | | | $ | 9,699 | |
Mobile facility rental revenues | 3,870 | | | 7,626 | | | 10,057 | | | 14,223 | |
Manufacturing revenues | 524 | | | |