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Civeo Reports Second Quarter 2021 Results

Nachrichtenquelle: Business Wire (engl.)
30.07.2021, 12:30  |  101   |   |   

Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the second quarter ended June 30, 2021.

Highlights include:

  • Reported second quarter revenues of $154.2 million, a net loss of $0.5 million and operating cash flow of $16.5 million;
  • Delivered second quarter Adjusted EBITDA of $32.2 million and free cash flow of $13.7 million; and
  • Reduced total debt to $226.8 million as of June 30, 2021 from $238.1 million as of March 31, 2021.

“In the second quarter of 2021, we once again stuck to our objectives of operating safely, generating free cash flow and reducing our debt balance. The second quarter marks our eighth consecutive quarter of debt and leverage ratio reduction," stated Bradley J. Dodson, Civeo's President and Chief Executive Officer.

Mr. Dodson concluded, "In Canada, we are encouraged and thankful for the rapid decline of COVID-19 cases after the strong third wave occurred in April, and as a result, customer activity in the Canadian oil sands and pipeline work continued to strengthen. In Australia, Civeo and its customers continue to deal with labor supply issues and subdued activity due to COVID-19 travel restrictions and the lingering China/Australia trade dispute, but we continue to view these issues as transitory. Australia has been more successful in finding demand for its met coal exports, and Australian met coal is now trading above $200/tonne, an increase of almost 100% since the first quarter of 2021."

Second Quarter 2021 Results

In the second quarter of 2021, Civeo generated revenues of $154.2 million and reported a net loss of $0.5 million, or $0.03 per diluted share. The loss results in part from $7.9 million in costs associated with asset impairments on properties in Australia. During the second quarter of 2021, Civeo produced operating cash flow of $16.5 million, Adjusted EBITDA of $32.2 million and free cash flow of $13.7 million.

By comparison, in the second quarter of 2020, Civeo generated revenues of $114.7 million and reported net income of $6.1 million, or $0.37 per diluted share. Net income included $4.7 million of income associated with the settlement of a representations and warranties claim related to the Noralta acquisition. During the second quarter of 2020, Civeo produced operating cash flow of $24.5 million, Adjusted EBITDA of $28.1 million and free cash flow of $25.1 million.

Overall, the increase in revenues and Adjusted EBITDA in the second quarter of 2021 compared to 2020 was primarily due to a significant increase in billed rooms in the oil sands lodges and Canadian mobile camp activity, partially offset by $6.2 million of other income in 2020 related to proceeds from the Canadian Emergency Wage Subsidy ("CEWS") program and increased labor costs in our Australian business during the second quarter of 2021.

(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 proceeds from the settlement of a representation 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 2021 to the results for the second quarter of 2020.)

Canada

During the second quarter of 2021, the Canadian segment generated revenues of $83.3 million, operating income of $7.5 million and Adjusted EBITDA of $22.6 million, compared to revenues of $53.0 million, operating loss of $6.7 million and Adjusted EBITDA of $15.3 million in the second quarter of 2020. Operating income and Adjusted EBITDA for the second quarter of 2021 included $0.7 million of other income related to proceeds from CEWS. The second quarter of 2020 Adjusted EBITDA included $6.2 million of other income related to proceeds from CEWS and a $1.7 million gain on sale of assets from the partial sale of assets from our Henday lodge. Results from the second quarter of 2021 reflect the impact of a strengthened Canadian dollar relative to the U.S. dollar, which increased revenues and Adjusted EBITDA by $9.6 million and $2.7 million, respectively.

On a constant currency basis, the Canadian segment experienced a 39% period-over-period increase in revenues driven by a 76% year-over-year increase in billed rooms, primarily in the oil sands lodges, related to increased customer activity as a result of the recovery of oil prices from the impact of COVID-19. Adjusted EBITDA for the Canadian segment increased 48% year-over-year primarily due to the increase in billed rooms coupled with increased mobile camp activity, partially offset by decreased billed rooms at Sitka lodge due to British Columbia's health order protocol.

Australia

During the second quarter of 2021, the Australian segment generated revenues of $64.0 million, operating loss of $2.7 million and Adjusted EBITDA of $15.4 million, compared to revenues of $57.1 million, operating income of $8.2 million and Adjusted EBITDA of $18.8 million in the second quarter of 2020. Results from the second quarter of 2021 reflect the impact of a strengthened Australian dollar relative to the U.S. dollar, which increased revenues and Adjusted EBITDA by $9.4 million and $2.3 million, respectively. Operating loss for the second quarter of 2021 includes asset impairment charges of $7.9 million.

On a constant currency basis, the Australian segment experienced modestly lower period-over-period revenues, driven by a 7% year-over-year decrease in billed rooms due to subdued customer spending in the Bowen Basin. Adjusted EBITDA from the Australian segment decreased 18% year-over-year due to lower village occupancy in the Bowen Basin, as well as higher labor costs in the Integrated Services business.

U.S.

The U.S. segment generated revenues of $6.9 million, operating loss of $1.1 million and Adjusted EBITDA of $0.3 million in the second quarter of 2021, compared to revenues of $4.6 million, operating loss of $2.6 million and negative Adjusted EBITDA of $1.4 million in the second quarter of 2020. Revenues and Adjusted EBITDA increased year-over-year primarily due to increased offshore fabrication activity coupled with higher occupancy in the U.S. lodges.

Financial Condition

As of June 30, 2021, Civeo had total liquidity of approximately $116.5 million, consisting of $112.1 million available under its revolving credit facilities and $4.4 million of cash on hand.

Civeo’s total debt outstanding on June 30, 2021 was $226.8 million, an $11.2 million decrease since March 31, 2021. The decrease consisted of $14.4 million in debt payments from cash flow generated by the business, partially offset by an unfavorable foreign currency translation of $3.2 million.

Civeo reduced its leverage ratio to 2.0x as of June 30, 2021 from 2.1x as of March 31, 2021.

During the second quarter of 2021, Civeo invested $3.2 million in capital expenditures, up from $1.2 million during the second quarter of 2020.

Full Year 2021 Guidance

For the full year of 2021, Civeo is maintaining its revenue and Adjusted EBITDA guidance range of $555 million to $580 million and $90 million to $100 million, respectively. This guidance is based on our expectations as of today and assumes no material changes to the current macro environment, or conditions related to the COVID-19 pandemic. The Company is lowering its full year 2021 capital expenditure guidance to $15 million to $20 million.

Conference Call

Civeo will host a conference call to discuss its second quarter 2021 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 (800) 289-0438 in the United States or (323) 794-2423 internationally and using the conference ID 8892853#. 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 8892853#.

About Civeo

Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently operates a total of 28 lodges and villages in Canada, Australia and the U.S., with an aggregate of approximately 30,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein include the statements regarding Civeo’s future plans and outlook, including guidance, current trends and liquidity needs, 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 global health concerns and pandemics, including the COVID-19 pandemic, any increases in or severity of COVID-19 cases (including due to existing or new variants) and the risk that room occupancy may decline if our customers are limited or restricted in the availability of personnel who may become ill or be subjected to quarantine, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with the company’s ability to integrate acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company’s common shares, availability and cost of capital, risks associated with general global economic conditions, global weather conditions, natural disasters 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 annual report on Form 10-K for the year ended December 31, 2020 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.

CIVEO CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

Revenues

$

154,176

 

 

$

114,702

 

 

$

279,606

 

 

$

253,494

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

Cost of sales and services

108,002

 

 

83,133

 

 

207,812

 

 

186,446

 

Selling, general and administrative expenses

14,703

 

 

11,490

 

 

28,884

 

 

25,427

 

Depreciation and amortization expense

21,377

 

 

22,205

 

 

42,646

 

 

47,707

 

Impairment expense

7,935

 

 

 

 

7,935

 

 

144,120

 

Other operating expense (income)

30

 

 

(285)

 

 

101

 

 

704

 

 

152,047

 

 

116,543

 

 

287,378

 

 

404,404

 

Operating income (loss)

2,129

 

 

(1,841)

 

 

(7,772)

 

 

(150,910)

 

 

 

 

 

 

 

 

 

Interest expense

(3,401)

 

 

(3,854)

 

 

(6,763)

 

 

(9,449)

 

Interest income

2

 

 

4

 

 

2

 

 

20

 

Other income

788

 

 

12,642

 

 

5,702

 

 

12,667

 

(Loss) income before income taxes

(482)

 

 

6,951

 

 

(8,831)

 

 

(147,672)

 

Income tax benefit (expense)

492

 

 

(122)

 

 

(584)

 

 

8,689

 

Net income (loss)

10

 

 

6,829

 

 

(9,415)

 

 

(138,983)

 

Less: Net income attributable to noncontrolling interest

(3)

 

 

222

 

 

56

 

 

480

 

Net income (loss) attributable to Civeo Corporation

13

 

 

6,607

 

 

(9,471)

 

 

(139,463)

 

Less: Dividends attributable to Class A preferred shares

480

 

 

471

 

 

958

 

 

939

 

Net (loss) income attributable to Civeo common shareholders

$

(467)

 

 

$

6,136

 

 

$

(10,429)

 

 

$

(140,402)

 

 

 

 

 

 

 

 

 

Net (loss) income per share attributable to Civeo Corporation common shareholders:

 

 

 

 

 

 

Basic

$

(0.03)

 

 

$

0.37

 

 

$

(0.73)

 

 

$

(9.96)

 

Diluted

$

(0.03)

 

 

$

0.37

 

 

$

(0.73)

 

 

$

(9.96)

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

Basic

14,278

 

 

14,151

 

 

14,244

 

 

14,097

 

Diluted

14,278

 

 

14,166

 

 

14,244

 

 

14,097

 

 

 

 

 

 

 

 

 

CIVEO CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

June 30, 2021

 

December 31, 2020

 

(UNAUDITED)

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

4,414

 

 

$

6,155

 

Accounts receivable, net

114,187

 

 

89,782

 

Inventories

6,958

 

 

6,181

 

Assets held for sale

2,205

 

 

3,910

 

Prepaid expenses and other current assets

15,513

 

 

13,185

 

Total current assets

143,277

 

 

119,213

 

 

 

 

 

Property, plant and equipment, net

442,819

 

 

486,930

 

Goodwill, net

8,474

 

 

8,729

 

Other intangible assets, net

98,967

 

 

99,749

 

Operating lease right-of-use assets

21,445

 

 

22,606

 

Other noncurrent assets

2,705

 

 

3,626

 

Total assets

$

717,687

 

 

$

740,853

 

 

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

43,956

 

 

$

42,056

 

Accrued liabilities

23,983

 

 

27,349

 

Income taxes

225

 

 

203

 

Current portion of long-term debt

35,593

 

 

34,585

 

Deferred revenue

21,486

 

 

6,812

 

Other current liabilities

5,997

 

 

5,760

 

Total current liabilities

131,240

 

 

116,765

 

 

 

 

 

Long-term debt

189,228

 

 

214,000

 

Operating lease liabilities

17,997

 

 

19,834

 

Other noncurrent liabilities

15,817

 

 

14,897

 

Total liabilities

354,282

 

 

365,496

 

 

 

 

 

Shareholders' equity:

 

 

 

Preferred shares

60,974

 

 

60,016

 

Common shares

 

 

 

Additional paid-in capital

1,580,213

 

 

1,578,315

 

Accumulated deficit

(918,156)

 

 

(907,727)

 

Treasury stock

(8,050)

 

 

(6,930)

 

Accumulated other comprehensive loss

(352,171)

 

 

(348,989)

 

Total Civeo Corporation shareholders' equity

362,810

 

 

374,685

 

Noncontrolling interest

595

 

 

672

 

Total shareholders' equity

363,405

 

 

375,357

 

Total liabilities and shareholders' equity

$

717,687

 

 

$

740,853

 

CIVEO CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

Six Months Ended

June 30,

 

2021

 

2020

 

 

 

 

Cash flows from operating activities:

 

 

 

Net loss

$

(9,415)

 

 

$

(138,983)

 

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Depreciation and amortization

42,646

 

 

47,707

 

Impairment charges

7,935

 

 

144,120

 

Deferred income tax expense (benefit)

416

 

 

(8,941)

 

Non-cash compensation charge

1,898

 

 

3,539

 

Gains on disposals of assets

(1,941)

 

 

(1,819)

 

Provision for credit losses, net of recoveries

147

 

 

25

 

Other, net

1,483

 

 

(3,240)

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

(24,617)

 

 

10,231

 

Inventories

(830)

 

 

(1,895)

 

Accounts payable and accrued liabilities

(563)

 

 

(4,583)

 

Taxes payable

21

 

 

251

 

Other current assets and liabilities, net

12,170

 

 

(1,094)

 

Net cash flows provided by operating activities

29,350

 

 

45,318

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Capital expenditures

(6,530)

 

 

(3,847)

 

Proceeds from disposition of property, plant and equipment

7,012

 

 

1,897

 

Other, net

 

 

4,619

 

Net cash flows provided by investing activities

482

 

 

2,669

 

 

 

 

 

Cash flows from financing activities:

 

 

 

Term loan repayments

(17,874)

 

 

(16,551)

 

Revolving credit borrowings (repayments), net

(12,104)

 

 

(25,630)

 

Taxes paid on vested shares

(1,120)

 

 

(1,458)

 

Net cash flows used in financing activities

(31,098)

 

 

(43,639)

 

 

 

 

 

Effect of exchange rate changes on cash

(475)

 

 

(368)

 

Net change in cash and cash equivalents

(1,741)

 

 

3,980

 

 

 

 

 

Cash and cash equivalents, beginning of period

6,155

 

 

3,331

 

Cash and cash equivalents, end of period

$

4,414

 

 

$

7,311

 

CIVEO CORPORATION

SEGMENT DATA

(in thousands)

(unaudited)

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2021

 

2020

 

2021

 

2020

Revenues

 

 

 

 

 

 

 

Canada

$

83,281

 

 

$

52,986

 

 

$

145,166

 

 

$

132,334

 

Australia

64,019

 

 

57,071

 

 

123,656

 

 

106,184

 

United States

6,876

 

 

4,645

 

 

10,784

 

 

14,976

 

Total revenues

$

154,176

 

 

$

114,702

 

 

$

279,606

 

 

$

253,494

 

 

 

 

 

 

 

 

 

EBITDA (1)

 

 

 

 

 

 

 

Canada

$

22,604

 

 

$

19,991

 

 

$

33,400

 

 

$

(100,265)

 

Australia

7,513

 

 

18,798

 

 

20,322

 

 

34,959

 

United States

297

 

 

(1,389)

 

 

(924)

 

 

(13,442)

 

Corporate and eliminations

(6,117)

 

 

(4,616)

 

 

(12,278)

 

 

(12,268)

 

Total EBITDA

$

24,297

 

 

$

32,784

 

 

$

40,520

 

 

$

(91,016)

 

 

 

 

 

 

 

 

 

Adjusted EBITDA (1)

 

 

 

 

 

 

 

Canada

$

22,604

 

 

$

15,301

 

 

$

33,400

 

 

$

26,726

 

Australia

15,448

 

 

18,798

 

 

28,257

 

 

34,959

 

United States

297

 

 

(1,389)

 

 

(924)

 

 

(1,003)

 

Corporate and eliminations

(6,117)

 

 

(4,616)

 

 

(12,278)

 

 

(12,268)

 

Total adjusted EBITDA

$

32,232

 

 

$

28,094

 

 

$

48,455

 

 

$

48,414

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

 

 

 

 

 

Canada

$

7,452

 

 

$

(6,719)

 

 

$

(207)

 

 

$

(143,350)

 

Australia

(2,656)

 

 

8,191

 

 

651

 

 

14,355

 

United States

(1,109)

 

 

(2,623)

 

 

(3,707)

 

 

(16,757)

 

Corporate and eliminations

(1,558)

 

 

(690)

 

 

(4,509)

 

 

(5,158)

 

Total operating income (loss)

$

2,129

 

 

$

(1,841)

 

 

$

(7,772)

 

 

$

(150,910)

 

 

 

 

 

 

 

 

 

(1) Please see Non-GAAP Reconciliation Schedule.

 

 

CIVEO CORPORATION

NON-GAAP RECONCILIATIONS

(in thousands)

(unaudited)

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

EBITDA (1)

$

24,297

 

 

$

32,784

 

 

$

40,520

 

 

$

(91,016)

 

Adjusted EBITDA (1)

$

32,232

 

 

$

28,094

 

 

$

48,455

 

 

$

48,414

 

Free Cash Flow (2)

$

13,736

 

 

$

25,110

 

 

$

29,832

 

 

$

43,368

 

(1)

The term EBITDA is defined as net income (loss) attributable to Civeo Corporation plus interest, taxes, depreciation and amortization. The term Adjusted EBITDA is defined as EBITDA adjusted to exclude impairment charges and proceeds from the settlement of a representation and warranties claim related to a prior acquisition. EBITDA and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for net income or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. Additionally, EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Civeo has included EBITDA and Adjusted EBITDA as supplemental disclosures because its management believes that EBITDA and Adjusted EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provide investors a helpful measure for comparing Civeo's operating performance with the performance of other companies that have different financing and capital structures or tax rates. Civeo uses EBITDA and Adjusted EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan.

 

The following table sets forth a reconciliation of EBITDA and Adjusted EBITDA to net income (loss) attributable to Civeo Corporation, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles (in thousands) (unaudited):

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

Net income (loss) attributable to Civeo Corporation

$

13

 

 

$

6,607

 

 

$

(9,471)

 

 

$

(139,463)

 

Income tax expense (benefit)

(492)

 

 

122

 

 

584

 

 

(8,689)

 

Depreciation and amortization

21,377

 

 

22,205

 

 

42,646

 

 

47,707

 

Interest income

(2)

 

 

(4)

 

 

(2)

 

 

(20)

 

Interest expense

3,401

 

 

3,854

 

 

6,763

 

 

9,449

 

EBITDA

$

24,297

 

 

$

32,784

 

 

$

40,520

 

 

$

(91,016)

 

Adjustments to EBITDA

 

 

 

 

 

 

 

Impairment of long-lived assets (a)

7,935

 

 

 

 

7,935

 

 

50,514

 

Impairment of goodwill (b)

 

 

 

 

 

 

93,606

 

Representations and warranties settlement (c)

 

 

(4,690)

 

 

 

 

(4,690)

 

Adjusted EBITDA

$

32,232

 

 

$

28,094

 

 

$

48,455

 

 

$

48,414

 

(a)

Relates to asset impairments in the second quarter of 2021 and the first quarter of 2020. In the second quarter of 2021, we recorded a pre-tax loss related to the impairment of long-lived assets in our Australian segment of $7.9 million, which is included in Impairment expense on the unaudited statements of operations.

 

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 $38.1 million and a pre-tax loss related to the impairment of long-lived assets in our U.S. segment of $12.4 million, which is included in Impairment expense on the unaudited statements of operations.

 

(b)

Relates to the impairment of goodwill in the first quarter of 2020. The $93.6 million impairment is related to our Canada reporting unit and is included in Impairment expense on the statements of operations.

 
(c)

In the second quarter of 2020, we recorded $4.7 million of income associated with the settlement of a representations and warranties claim related to the Noralta acquisition, which is included in Other income on the unaudited statements of operations.

(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. Civeo has included Free Cash Flow as a supplemental disclosure because its management believes that Free Cash Flow provides useful information regarding the cash flow generating ability of its business relative to its capital expenditure and debt service obligations. Civeo uses Free Cash Flow to compare and to understand, manage, make operating decisions and evaluate Civeo's business. It is also used as a benchmark for the award of incentive compensation under its annual incentive compensation plan.

 

The following table sets forth a reconciliation of Free Cash Flow to Net Cash Flows Provided by Operating Activities, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles (in thousands) (unaudited):

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

Net Cash Flows Provided by Operating Activities

$

16,533

 

 

$

24,481

 

 

$

29,350

 

 

$

45,318

 

Capital expenditures

(3,158)

 

 

(1,196)

 

 

(6,530)

 

 

(3,847)

 

Proceeds from disposition of property, plant and equipment

361

 

 

1,825

 

 

7,012

 

 

1,897

 

Free Cash Flow

$

13,736

 

 

$

25,110

 

 

$

29,832

 

 

$

43,368

 

CIVEO CORPORATION

NON-GAAP RECONCILIATIONS - GUIDANCE

(in millions)

(unaudited)

 

Year Ending December 31, 2021

 

 

 

 

EBITDA Range (1)

$

82.1

 

 

$

92.1

 

Adjusted EBITDA Range (1)

$

90.0

 

 

$

100.0

 

(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 millions) (unaudited):

 

Year Ending December 31, 2021

 

(estimated)

 

 

 

 

Net loss

$

(18.4)

 

 

$

(8.4)

 

Income tax expense

0.5

 

 

0.5

 

Depreciation and amortization

85.0

 

 

85.0

 

Interest expense

15.0

 

 

15.0

 

EBITDA

$

82.1

 

 

$

92.1

 

 

 

 

 

Adjustments to EBITDA

 

 

 

Impairment expense

7.9

 

 

7.9

 

Adjusted EBITDA

$

90.0

 

 

$

100.0

 

CIVEO CORPORATION

SUPPLEMENTAL QUARTERLY SEGMENT AND OPERATING DATA

(U.S. dollars in thousands, except for room counts and average daily rates)

(unaudited)

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

Supplemental Operating Data - Canadian Segment

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

Accommodation revenue (1)

$

69,759

 

 

$

40,204

 

 

$

116,289

 

 

$

106,270

 

Mobile facility rental revenue (2)

8,666

 

 

6,072

 

 

19,165

 

 

8,580

 

Food and other services revenue (3)

4,856

 

 

6,710

 

 

9,712

 

 

17,484

 

Total Canadian revenues

$

83,281

 

 

$

52,986

 

 

$

145,166

 

 

$

132,334

 

 

 

 

 

 

 

 

 

Costs

 

 

 

 

 

 

 

Accommodation cost

$

44,992

 

 

$

28,598

 

 

$

83,328

 

 

$

76,653

 

Mobile facility rental cost

5,644

 

 

5,285

 

 

12,418

 

 

8,542

 

Food and other services cost

4,455

 

 

6,163

 

 

8,576

 

 

16,178

 

Indirect other cost

2,251

 

 

2,419

 

 

4,905

 

 

5,364

 

Total Canadian cost of sales and services

$

57,342

 

 

$

42,465

 

 

$

109,227

 

 

$

106,737

 

 

 

 

 

 

 

 

 

Average daily rates (4)

$

96

 

 

$

96

 

 

$

97

 

 

$

94

 

 

 

 

 

 

 

 

 

Billed rooms (5)

723,324

 

 

409,897

 

 

1,203,390

 

 

1,118,220

 

 

 

 

 

 

 

 

 

Canadian dollar to U.S. dollar

$

0.815

 

 

$

0.722

 

 

$

0.802

 

 

$

0.733

 

 

 

 

 

 

 

 

 

Supplemental Operating Data - Australian Segment

 

 

 

 

 

 

 

Accommodation revenue (1)

$

37,780

 

 

$

34,933

 

 

$

71,455

 

 

$

67,518

 

Food and other services revenue (3)

26,239

 

 

22,138

 

 

52,201

 

 

38,666

 

Total Australian revenues

$

64,019

 

 

$

57,071

 

 

$

123,656

 

 

$

106,184

 

 

 

 

 

 

 

 

 

Costs

 

 

 

 

 

 

 

Accommodation cost

$

18,082

 

 

$

15,269

 

 

$

35,187

 

 

$

30,264

 

Food and other services cost

25,154

 

 

18,759

 

 

49,451

 

 

32,466

 

Indirect other cost

1,659

 

 

885

 

 

3,160

 

 

1,736

 

Total Australian cost of sales and services

$

44,895

 

 

$

34,913

 

 

$

87,798

 

 

$

64,466

 

 

 

 

 

 

 

 

 

Average daily rates (4)

$

81

 

 

$

70

 

 

$

80

 

 

$

69

 

 

 

 

 

 

 

 

 

Billed rooms (5)

466,298

 

 

502,392

 

 

890,964

 

 

974,232

 

 

 

 

 

 

 

 

 

Australian dollar to U.S. dollar

$

0.770

 

 

$

0.658

 

 

$

0.772

 

 

$

0.658

 

 

 

 

 

 

 

 

 

(1)

Includes revenues related to lodge and village rooms and hospitality services for owned rooms for the periods presented.

(2)

Includes revenues related to mobile camps for the periods presented.

(3)

Includes revenues related to food service, laundry and water and wastewater treatment services, and facilities management for the periods presented.

(4)

Average daily rate is based on billed rooms and accommodation revenue.

(5)

Billed rooms represents total billed days for the periods presented.

 

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Disclaimer

Civeo Reports Second Quarter 2021 Results Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the second quarter ended June 30, 2021. Highlights include: Reported second quarter revenues of $154.2 million, a net loss of $0.5 million and operating cash flow of …

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