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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (Unaudited)
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The following table summarizes quarterly financial information for 2019 and 2018 (in thousands, except per share amounts): 
 
First
Quarter (2)
 
Second
Quarter (3)
 
Third
Quarter (4)
 
Fourth
Quarter (5)
2019
 
 
 
 
 
 
 
Revenues 
$
108,550

 
$
122,153

 
$
148,163

 
$
148,689

Gross profit(1) 
28,920

 
36,913

 
48,683

 
46,225

Net (loss) income attributable to Civeo 
(17,498
)
 
(15,310
)
 
4,532

 
(32,064
)
Basic (loss) income per share
(0.11
)
 
(0.09
)
 
0.02

 
(0.19
)
Diluted (loss) income per share 
(0.11
)
 
(0.09
)
 
0.02

 
(0.19
)
 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
Revenues 
$
101,504

 
$
130,177

 
$
120,491

 
$
114,520

Gross profit(1) 
23,803

 
40,722

 
38,264

 
31,489

Net loss attributable to Civeo 
(55,457
)
 
(48,321
)
 
(14,250
)
 
(13,804
)
Basic loss per share
(0.42
)
 
(0.29
)
 
(0.09
)
 
(0.08
)
Diluted loss per share 
(0.42
)
 
(0.29
)
 
(0.09
)
 
(0.08
)

 
(1)
Represents "revenues" less "product costs" and "service and other costs" included in our consolidated statements of operations.

(2)
In the first quarter of 2019, there were no significant items recognized.

In the first quarter of 2018, we recognized the following items:
•
A charge of $28.7 million ($20.9 million after-tax, or $0.16 per diluted share), related to certain lodge assets in the Canadian oil sands which carrying values we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations.
•
Costs associated with the Noralta Acquisition of $1.0 million ($1.0 million after-tax, or $0.01 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations.

(3)
In the second quarter of 2019, we recognized the following items:
•
A charge of $4.5 million ($4.5 million after-tax, or $0.03 per diluted share), related to assets in our Australian segment. The charge is included in Impairment expense on the accompanying consolidated statements of operations.
•
We identified a liability related to an ARO at one of our villages in Australia that should have been recorded in 2011. We determined that the error was not material to our previously issued financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018, and therefore, corrected the error in the second quarter of 2019. Specifically, we recorded: (1) additional accretion expense related to the ARO of $0.9 million, (2) additional depreciation and amortization expense of $0.5 million related to amortization of the related asset retirement cost and (3) additional impairment expense related to the impairment of the asset retirement cost of $1.0 million offset by recognition of an ARO liability totaling $2.3 million as of June 30, 2019.

In the second quarter of 2018, we recognized the following items:
•
Costs associated with the Noralta Acquisition of $5.6 million ($5.1 million after-tax, or $0.03 per diluted share), included primarily in Selling, general and administrative expenses on the accompanying consolidated statements of operations.

(4)
In the third quarter of 2019, we recognized the following items:
•
A gain on sale of assets related to the sale of a village in Australia and related $2.2 million release of an ARO liability assumed by the buyer.
•
Costs associated with the Action acquisition of $0.2 million ($0.2 million after-tax, or $0.00 per diluted share), included primarily in Selling, general and administrative expenses on the accompanying consolidated statements of operations.

In the third quarter of 2018, we recognized the following items:
•
Costs associated with the Noralta Acquisition of $0.5 million ($0.4 million after-tax, or $0.00 per diluted share), included primarily in Selling, general and administrative expenses on the accompanying consolidated statements of operations.

(5)
In the fourth quarter of 2019, we recognized the following items:
•
Goodwill impairment loss of $19.9 million ($19.9 million after-tax, or $0.12 per diluted share) related to our Canada reporting unit. The charge is included in Impairment expense on the accompanying consolidated statements of operations.
•
A charge of $0.7 million ($0.5 million after-tax, or $0.00 per diluted share), related to assets in our Canada segment. The charge is included in Impairment expense on the accompanying consolidated statements of operations.
•
Costs associated with the Action acquisition of $0.2 million ($0.2 million after-tax, or $0.00 per diluted share), included primarily in Selling, general and administrative expenses on the accompanying consolidated statements of operations.

In the fourth quarter of 2018, we recognized the following items:
•
Costs associated with the Noralta Acquisition of $2.1 million ($1.7 million after-tax, or $0.01 per diluted share), included in Service and other costs ($0.6 million), Selling, general and administrative expenses ($0.6 million) and Other income ($0.9 million) on the accompanying consolidated statements of operations.
•
Reversal of depreciation expense of $2.8 million that should not have been recorded in the first, second and third quarters of 2018. We determined that the overstatement of depreciation expense was not material to our financial statements for the periods ended September 30, June 30 or March 31, 2018 and therefore corrected the error in the fourth quarter of 2018.
 
Amounts are calculated independently for each of the quarters presented. Therefore, the sum of the quarterly amounts may not equal the total calculated for the year.