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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

__________________

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): July 30, 2024
____________________

Civeo Corporation
(Exact name of registrant as specified in its charter)

British Columbia, Canada1-3624698-1253716
(State or other jurisdiction
of incorporation or organization)
(Commission File
Number)
(I.R.S. Employer
Identification No.)
Three Allen Center
333 Clay Street,Suite 4980
Houston,Texas 77002
(Address and zip code of principal executive offices)

Registrant’s telephone number, including area code: (713) 510-2400


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Shares, no par value
CVEO
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 


Emerging growth 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. ☐



Item 2.02. Results of Operations and Financial Condition.

    On July 30, 2024, Civeo Corporation (“Civeo”) issued a press release announcing its financial condition and results of operations as of and for the quarter ended June 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this report on Form 8-K, and is incorporated herein by reference. 

The information contained in this report and the exhibit hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filings made by Civeo under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

    (d)    Exhibits.
Exhibit
Number
Description of Document

99.1

104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 30, 2024
        
            CIVEO CORPORATION


                    By: /s/ Barclay Brewer ,
                    Name:    Barclay Brewer
Title:    Interim Chief Financial Officer



Civeo Reports Second Quarter 2024 Results
Second Quarter Highlights include:
•Reported revenues of $188.7 million, net income of $8.2 million and operating cash flow of $32.4 million;
•Delivered Adjusted EBITDA of $31.3 million and free cash flow of $30.9 million;
•Australian segment continues to deliver strong growth, with revenues up 32% on a year-over-year basis, driven by both increased occupancy at Civeo-owned villages and continued growth in our integrated services offering; and
•Returned $10.3 million of capital to shareholders in the quarter through the quarterly dividend and share repurchases.

HOUSTON and CALGARY, July 30, 2024 (BUSINESS WIRE) -- Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the second quarter ended June 30, 2024.
“In the second quarter of 2024, we delivered increased billed rooms year-over-year in our Canadian lodges and Australian owned-villages as well as increased Australian integrated services business with existing clients. These year-over-year improvements were offset by the expected decline in LNG-related Canadian mobile camp activity and the sale of McClelland Lake Lodge,” said Bradley J. Dodson, Civeo's President and Chief Executive Officer.

Mr. Dodson concluded, “We generated significant free cash flow in the quarter and returned $10.3 million of capital to shareholders. Australia continues to produce strong results in 2024, for both Civeo-owned villages and integrated services. At the same time, as expected, our Canadian segment is facing headwinds with the wind down of LNG-related construction activity. Our near-term focus has been and will continue to be managing through the wildfire activity in northern Alberta, Canada. Our employees are working around-the-clock to ensure the safety of our guests, first responders and assets, and while this is a fluid situation, we are not currently expecting a material financial impact to Civeo, negative or positive.”

Second Quarter 2024 Results
In the second quarter of 2024, Civeo generated revenues of $188.7 million and reported net income of $8.2 million, or $0.56 per diluted share. During the second quarter of 2024, Civeo produced operating cash flow of $32.4 million, Adjusted EBITDA of $31.3 million and free cash flow of $30.9 million.

By comparison, in the second quarter of 2023, Civeo generated revenues of $178.8 million and reported net income of $4.5 million, or $0.30 per diluted share. During the same quarter, Civeo produced operating cash flow of $19.4 million, Adjusted EBITDA of $31.6 million and free cash flow of $12.9 million.
The year-over-year modest decrease in Adjusted EBITDA in the second quarter of 2024 was primarily driven by the expected wind-down of LNG-related Canadian mobile camp activity, including $1.4 million in mobile camp demobilization costs. This decrease was largely offset by increased billed rooms at the Canadian lodges and Australian owned-villages coupled with increased Australian integrated services revenues related to new business with existing clients.
Business Segment Results
(Unless otherwise noted, the following discussion compares the quarterly results for the second quarter of 2024 to the results for the second quarter of 2023.)
Canada
During the second quarter of 2024, the Canadian segment generated revenues of $79.5 million, operating income of $4.9 million and Adjusted EBITDA of $17.2 million, compared to revenues of $95.5 million, operating income of $3.2 million and Adjusted EBITDA of $19.8 million in the second quarter of 2023.

The Canadian segment experienced a 17% period-over-period decrease in revenues and a 13% decrease in Adjusted EBITDA driven by the anticipated wind-down of LNG-related mobile camp activity, including $1.4 million of mobile camp demobilization costs.
Australia


During the second quarter of 2024, the Australian segment generated revenues of $108.6 million, operating income of $11.7 million and Adjusted EBITDA of $21.6 million, compared to revenues of $82.5 million, operating income of $9.2 million and Adjusted EBITDA of $19.6 million in the second quarter of 2023.

Revenue from the Australian segment increased 32% period-over-period and Adjusted EBITDA was up 10% driven by a 6% year-over-year increase in billed rooms and increased integrated services activity from existing clients, building on a history of substantial multi-year growth.

Financial Condition and Capital Allocation
As of June 30, 2024, Civeo had total liquidity of approximately $159.0 million, consisting of $151.5 million available under its revolving credit facilities and $7.4 million of cash on hand.
Civeo’s total debt outstanding on June 30, 2024 was $47.5 million, a $31.1 million decrease since March 31, 2024. Civeo's net debt on June 30, 2024 was $40.1 million, a $21.8 million decrease since March 31, 2024.
Civeo reported a net leverage ratio of 0.3x as of June 30, 2024.
During the second quarter of 2024, Civeo invested $5.3 million in capital expenditures compared to $6.9 million invested during the second quarter of 2023. Capital expenditures in both periods were primarily related to maintenance spending on the Company’s lodges and villages. Capital expenditures in the second quarter of 2024 also included $0.5 million related to customer-funded infrastructure upgrades at three Australian villages compared to $0.8 million in the second quarter of 2023.

The Company announced today that its board of directors has declared a quarterly cash dividend of $0.25 per common share, payable on September 16, 2024 to shareholders of record as of close of business on August 26, 2024. For purposes of the Income Tax Act (Canada), the Company has designated this dividend to be an "eligible dividend".

In the second quarter of 2024, Civeo repurchased approximately 274,000 shares through its share repurchase program for approximately $6.6 million.

Full Year 2024 Guidance
For the full year of 2024, Civeo is maintaining its previously provided revenue and Adjusted EBITDA guidance ranges of $625 million to $700 million and $80 million to $90 million, respectively. The Company is also maintaining its full year 2024 capital expenditure guidance of $30 million to $35 million.

Conference Call
Civeo will host a conference call to discuss its second quarter 2024 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 (877) 423-9813 in the United States or (201) 689-8573 internationally and asking for the Civeo call or using the conference ID 13747979#. 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 13747979#.
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 24 lodges and villages in Canada, Australia and
the U.S., with an aggregate of approximately 26,000 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, including
the statements regarding Civeo’s future plans and outlook, strategic priorities, guidance, current trends,
expectations with respect to share repurchases and dividends, 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 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 inflation and volatility in the banking sector, risks associated with the
company’s ability to integrate any future 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, geopolitical events, inflation, global weather conditions, natural disasters, including wildfires, global health concerns, 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 most recent annual report on Form 10-K 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.

Non-GAAP Financial Information
EBITDA, Adjusted EBITDA, free cash flow, net debt, bank-adjusted EBITDA and net leverage ratio are non-GAAP
financial measures. See “Non-GAAP Reconciliation” below for definitions and additional information concerning
non-GAAP financial measures, including a reconciliation of the non-GAAP financial information presented in this
press release to the most directly comparable financial information presented in accordance with GAAP. Non-GAAP
financial information supplements and should be read together with, and is not an alternative or substitute for, the
Company’s financial results reported in accordance with GAAP. Because non-GAAP financial information is not
standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP
financial measures.


- Financial Schedules Follow -




CIVEO CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Revenues$188,713 $178,843 $354,833 $346,434 
Costs and expenses:
Cost of sales and services140,834 131,425 271,279 264,939 
Selling, general and administrative expenses17,433 16,459 36,073 32,649 
Depreciation and amortization expense17,059 20,701 33,829 42,363 
Impairment expense— — 7,823 — 
(Gain) loss on sale of McClelland Lake Lodge assets, net87 — (5,988)— 
Other operating expense188 86 486 215 
175,601 168,671 343,502 340,166 
Operating income13,112 10,172 11,331 6,268 
Interest expense(2,203)(3,604)(4,563)(7,260)
Interest income54 50 97 82 
Other income310 427 763 2,877 
Income before income taxes11,273 7,045 7,628 1,967 
Income tax expense(3,786)(2,878)(5,337)(4,111)
Net income (loss)7,487 4,167 2,291 (2,144)
Less: Net loss attributable to noncontrolling interest(740)(296)(803)(254)
Net income (loss) attributable to Civeo Corporation$8,227 $4,463 $3,094 $(1,890)
Net income (loss) per share attributable to Civeo Corporation common shareholders:
Basic$0.57 $0.30 $0.21 $(0.13)
Diluted$0.56 $0.30 $0.21 $(0.13)
Weighted average number of common shares outstanding:
Basic14,518 14,970 14,586 15,064 
Diluted14,600 15,000 14,678 15,064 




CIVEO CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, 2024December 31, 2023
(UNAUDITED)
Current assets:
Cash and cash equivalents$7,435 $3,323 
Accounts receivable, net124,337 143,222 
Inventories8,353 6,982 
Assets held for sale— 5,873 
Prepaid expenses and other current assets11,468 15,846 
Total current assets151,593 175,246 
Property, plant and equipment, net236,842 270,563 
Goodwill, net7,538 7,690 
Other intangible assets, net72,707 77,999 
Operating lease right-of-use assets11,709 12,286 
Other noncurrent assets2,845 4,278 
Total assets$483,234 $548,062 
Current liabilities:
Accounts payable$47,151 $58,699 
Accrued liabilities32,207 40,523 
Income taxes payable9,685 3,831 
Deferred revenue4,187 4,849 
Other current liabilities4,855 6,334 
Total current liabilities98,085 114,236 
Long-term debt47,489 65,554 
Deferred income taxes7,176 11,803 
Operating lease liabilities8,571 9,264 
Other noncurrent liabilities22,525 24,167 
Total liabilities183,846 225,024 
Shareholders' equity:
Common shares— — 
Additional paid-in capital1,630,130 1,628,972 
Accumulated deficit(933,346)(919,023)
Treasury stock(10,130)(9,063)
Accumulated other comprehensive loss(389,229)(380,715)
Total Civeo Corporation shareholders' equity297,425 320,171 
Noncontrolling interest1,963 2,867 
Total shareholders' equity299,388 323,038 
Total liabilities and shareholders' equity$483,234 $548,062 



CIVEO CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Six Months Ended
June 30,
20242023
Cash flows from operating activities:
Net income (loss)$2,291 $(2,144)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization33,829 42,363 
Impairment charges7,823 — 
Deferred income tax expense (benefit)(4,344)3,985 
Non-cash compensation charge1,158 2,044 
Gain on disposals of assets(6,104)(2,445)
Provision (benefit) for credit losses, net of recoveries34 (65)
Other, net1,257 1,242 
Changes in operating assets and liabilities:
Accounts receivable15,229 (19,669)
Inventories(1,525)(297)
Accounts payable and accrued liabilities(17,166)(14,713)
Taxes payable5,836 (78)
Other current and noncurrent assets and liabilities, net25 9,538 
Net cash flows provided by operating activities38,343 19,761 
Cash flows from investing activities:
Capital expenditures(10,929)(11,717)
Proceeds from dispositions of property, plant and equipment10,617 2,719 
Other, net183 — 
Net cash flows used in investing activities(129)(8,998)
Cash flows from financing activities:
Term loan repayments— (14,942)
Revolving credit borrowings (repayments), net(15,825)15,993 
Dividends paid(7,368)— 
Repurchases of common shares(9,852)(7,970)
Taxes paid on vested shares(1,067)— 
Net cash flows used in financing activities(34,112)(6,919)
Effect of exchange rate changes on cash10 (377)
Net change in cash and cash equivalents4,112 3,467 
Cash and cash equivalents, beginning of period3,323 7,954 
Cash and cash equivalents, end of period$7,435 $11,421 



CIVEO CORPORATION
SEGMENT DATA
(in thousands)
(unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Revenues
Canada$79,527 $95,470 $146,687 $184,923 
Australia108,608 82,544 200,345 159,533 
Other578 829 7,801 1,978 
Total revenues$188,713 $178,843 $354,833 $346,434 
EBITDA (1)
Canada$17,154 $19,818 $28,773 $31,829 
Australia21,551 19,606 36,073 33,815 
Corporate, other and eliminations(7,484)(7,828)(18,120)(13,882)
Total EBITDA$31,221 $31,596 $46,726 $51,762 
Adjusted EBITDA (1)
Canada$17,241 $19,818 $22,785 $31,829 
Australia21,551 19,606 41,823 33,815 
Corporate, other and eliminations(7,484)(7,828)(16,047)(13,882)
Total adjusted EBITDA$31,308 $31,596 $48,561 $51,762 
Operating income (loss)
Canada$4,927 $3,177 $5,481 $(1,325)
Australia11,717 9,176 17,684 14,073 
Corporate, other and eliminations(3,532)(2,181)(11,834)(6,480)
Total operating income (loss)$13,112 $10,172 $11,331 $6,268 
(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,		Twelve Months Ended June 30,
20242023202420232024
EBITDA (1)$31,221 $31,596 $46,726 $51,762 $123,901 
Adjusted EBITDA (1)$31,308 $31,596 $48,561 $51,762 $98,833 
Free Cash Flow (2)$30,881 $12,912 $38,031 $10,763 
Net Leverage Ratio (3)0.3x

(1)The term EBITDA is a non-GAAP financial measure that is defined as net income (loss) attributable to Civeo Corporation
plus interest, taxes, depreciation and amortization. The term Adjusted EBITDA is a non-GAAP financial measure that is
defined as EBITDA adjusted to exclude certain other unusual or non-operating items. 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,		Twelve Months Ended June 30,
20242023202420232024
Net income (loss) attributable to Civeo Corporation$8,227 $4,463 $3,094 $(1,890)$35,141 
Income tax expense3,786 2,878 5,337 4,111 11,859 
Depreciation and amortization17,059 20,701 33,829 42,363 66,608 
Interest income(54)(50)(97)(82)(187)
Interest expense2,203 3,604 4,563 7,260 10,480 
EBITDA$31,221 $31,596 $46,726 $51,762 $123,901 
Adjustments to EBITDA
     Impairment of long-lived assets (a)— — 7,823 — 9,218 
Net (gain) loss on disposition of McClelland Lake Lodge assets (b)87 — (5,988)— (34,286)
Adjusted EBITDA$31,308 $31,596 $48,561 $51,762 $98,833 
(a)Relates to asset impairments in the first quarter of 2024 and the fourth quarter of 2023. In the first quarter of 2024, we recorded a pre-tax loss related to the impairment of long-lived assets in our Australian segment of $5.7 million and a pre-tax loss related to the impairment of long-lived assets in the U.S. of $2.1 million. In the fourth quarter of 2023, we recorded a pre-tax loss related to the impairment of long-lived assets in the U.S. of $1.4 million.



(b)Relates to proceeds received and expenses incurred associated with the dismantlement and sale of the McClelland Lake Lodge. In the second quarter of 2024, we recorded expenses associated with the sale of our McClelland Lake Lodge of $0.1 million, which are included in (Gain) loss on sale of McClelland Lake Lodge assets, net on the unaudited statements of operations. In the first quarter of 2024, we recorded gains associated with the sale of the McClelland Lake Lodge of $6.1 million, which are included in (Gain) loss on sale of McClelland Lake Lodge assets, net on the unaudited statements of operations. In the fourth quarter of 2023, we recorded gains associated with the sale of the McClelland Lake Lodge of $33.2 million, which are included in (Gain) loss on sale of McClelland Lake Lodge assets, net ($23.5 million) and Other income ($9.7 million) on the unaudited statements of operations. In the third quarter of 2023, we recorded expenses associated with the sale of our McClelland Lake Lodge of $4.9 million, which are included in (Gain) loss on sale of McClelland Lake Lodge assets, net on the unaudited statements of operations.

(2)The term 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. 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,
2024202320242023
Net Cash Flows Provided by Operating Activities$32,358 $19,403 $38,343 $19,761 
Capital expenditures(5,316)(6,945)(10,929)(11,717)
Proceeds from dispositions of property, plant and equipment3,839 454 10,617 2,719 
Free Cash Flow$30,881 $12,912 $38,031 $10,763 

(3)The term net leverage ratio is a non-GAAP financial measure that is defined as net debt divided by bank-adjusted EBITDA.
Net debt, bank-adjusted EBITDA and net leverage ratio are not financial measures under GAAP and should not be
considered in isolation from or as a substitute for total debt, net income (loss) or cash flow measures prepared in
accordance with GAAP or as a measure of profitability or liquidity. Additionally, net debt, bank-adjusted EBITDA and net
leverage ratio may not be comparable to other similarly titled measures of other companies. Civeo has included net debt,
bank-adjusted EBITDA and net leverage ratio as a supplemental disclosure because its management believes that this data
provides useful information regarding the level of the Company’s indebtedness and its ability to service debt. Additionally,
per Civeo’s credit agreement, the Company is required to maintain a net leverage ratio below 3.0x every quarter to remain in
compliance with the credit agreement.

The following table sets forth a reconciliation of net debt, bank-adjusted EBITDA and net leverage ratio to the most directly comparable measures of financial performance calculated under GAAP (in thousands) (unaudited):



As of June 30,
2024
Total debt$47,489 
Less: Cash and cash equivalents7,435 
Net debt$40,054 
Adjusted EBITDA for the twelve months ended June 30, 2024 (a)
$98,833 
Adjustments to Adjusted EBITDA
Stock-based compensation3,573 
Interest income187 
Incremental adjustments for McClelland Lake Lodge disposition (b)13,041 
Bank-adjusted EBITDA$115,634 
Net leverage ratio (c)
0.3x
(a) See footnote 1 above for reconciliation of Adjusted EBITDA to net income (loss) attributable to Civeo Corporation
(b) Related to incremental adjustments associated with the sale of the McClelland Lake Lodge assets as required by our credit facility
(c) Calculated as net debt divided by bank-adjusted EBITDA





CIVEO CORPORATION
NON-GAAP RECONCILIATIONS - GUIDANCE
(in millions)
(unaudited)

Year Ending December 31, 2024
EBITDA Range (1)$78.2 $88.2 
Adjusted EBITDA Range (1)$80.0 $90.0 

(1)The following table sets forth a reconciliation of estimated EBITDA and 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, 2024
(estimated)
Net loss$(11.8)$(3.8)
Income tax expense12.0 14.0 
Depreciation and amortization70.0 70.0 
Interest expense8.0 8.0 
EBITDA$78.2 $88.2 
Adjustments to EBITDA
Impairment expense7.8 7.8 
Net gain on disposition of McClelland Lake Lodge assets(6.0)(6.0)
Adjusted EBITDA$80.0 $90.0 







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,
2024202320242023
Supplemental Operating Data - Canadian Segment
     Revenues
          Accommodation revenue (1)$72,259 $72,355 $132,046 $136,583 
          Mobile facility rental revenue (2)356 17,407 1,350 37,438 
          Food and other services revenue (3)6,912 5,708 13,291 10,902 
               Total Canadian revenues$79,527 $95,470 $146,687 $184,923 
Costs
Accommodation cost$48,197 $52,431 $93,917 $104,529 
Mobile facility rental cost1,401 11,598 4,052 26,100 
Food and other services cost6,314 5,060 12,454 9,834 
Indirect other cost2,937 2,756 5,683 5,287 
Total Canadian cost of sales and services$58,849 $71,845 $116,106 $145,750 
     Average daily rates (4)$96 $100 $97 $98 
     Billed rooms (5)752,364 724,299 1,362,396 1,367,095 
     Canadian dollar to U.S. dollar$0.731 $0.745 $0.736 $0.742 
Supplemental Operating Data - Australian Segment
     Revenues
          Accommodation revenue (1)$48,914 $44,342 $96,021 $84,941 
          Food and other services revenue (3)59,694 38,202 104,324 74,592 
               Total Australian revenues$108,608 $82,544 $200,345 $159,533 
Costs
Accommodation cost$23,613 $20,948 $46,207 $41,266 
Food and other services cost54,527 35,372 95,431 71,234 
Indirect other cost2,897 2,225 5,512 4,353 
Total Australian cost of sales and services$81,037 $58,545 $147,150 $116,853 
     Average daily rates (4)$78 $75 $77 $76 
     Billed rooms (5)625,353 587,855 1,239,289 1,110,568 
     Australian dollar to U.S. dollar$0.659 $0.668 $0.658 $0.676 

(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 assets for the periods presented.
(3)Includes revenues related to food services, 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 owned assets for the periods presented.




CONTACTS:

Regan Nielsen
Civeo Corporation
Vice President, Corporate Development & Investor Relations
713-510-2400





v3.24.2
Cover
Jul. 30, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 30, 2024
Entity Registrant Name Civeo Corp
Entity Incorporation, State or Country Code A1
Entity File Number 1-36246
Entity Central Index Key 0001590584
Amendment Flag false
Entity Tax Identification Number 98-1253716
Entity Address, Address Line One Three Allen Center
Entity Address, Address Line Two 333 Clay Street,
Entity Address, Address Line Three Suite 4980
Entity Address, City or Town Houston,
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77002
City Area Code 713
Local Phone Number 510-2400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Shares, no par value
Trading Symbol CVEO
Security Exchange Name NYSE
Entity Emerging Growth Company false
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