(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address and zip code of principal executive offices) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Exhibit Number | Description of Document | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
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 | |||||||||||||||||||
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 |
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 |
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. |
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 |
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 | |||||||||||||||
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 |
Year Ending December 31, 2021 | |||||||||||
EBITDA Range (1) | $ | 82.1 | $ | 92.1 | |||||||
Adjusted EBITDA Range (1) | $ | 90.0 | $ | 100.0 |
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 |
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 | |||||||||||||||
Cover |
Jul. 30, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 30, 2021 |
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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