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Jun 30, 2023
Civeo Q2 2023 Earnings Report
Reported financial results in line with expectations, operating safely and effectively.
Key Takeaways
Civeo reported Q2 2023 revenues of $178.8 million and net income of $4.5 million, with solid free cash flow used to repurchase shares and reduce debt. The Australian segment experienced significant year-over-year growth, driven by increased integrated services revenue and village revenue, offsetting lower Canadian lodge occupancy and mobile camp activity.
Reported revenues of $178.8 million, net income of $4.5 million, and operating cash flow of $19.4 million.
Delivered Adjusted EBITDA of $31.6 million and free cash flow of $12.9 million.
Recorded highest quarterly occupancy in Australian owned-villages since 2014.
Reduced debt and continued share repurchases.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Civeo is increasing the lower end of its previously provided revenue and Adjusted EBITDA guidance ranges for the full year 2023. The revised revenue and Adjusted EBITDA guidance ranges are $640 million to $650 million and $90 million to $95 million, respectively. The Company is decreasing full year 2023 capital expenditure guidance to a range of $35 million to $40 million.
Positive Outlook
- Revised revenue guidance range: $640 million to $650 million.
- Revised Adjusted EBITDA guidance range: $90 million to $95 million.
- Decreased capital expenditure guidance range: $35 million to $40 million.
- Customer-funded infrastructure upgrades will not impact 2023 free cash flow guidance.
- Company made progress mitigating inflationary pressures in its Western Australian integrated services business and evaluating commercial alternatives for its Canadian McClelland Lake lodge assets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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