Civeo Corp (NYSE:CVEO)

Q4 2024 Civeo Corp Earnings Call Transcript

Feb 27, 2025 / 04:00 PM GMT

Release Date Price: $22 (-18.43%)

Transcript 10-K8-K

Key Points

Positve

Civeo Corp (CVEO) experienced a 23% increase in revenues in its Australian segment compared to the fourth quarter of 2023, driven by increased activity in its integrated services business.
The acquisition of four villages in the Australian Bowen Basin is expected to be immediately accretive to cash flow and expands Civeo Corp (CVEO)'s presence in a new area.
Civeo Corp (CVEO) returned approximately $44 million of capital to shareholders in 2024 through dividends and share repurchases, representing 65% of the year's free cash flow.
The company has successfully deleveraged over the past decade, reducing its debt and diversifying revenue sources, particularly through growth in the Australian integrated services market.
Civeo Corp (CVEO) is positioning itself for ongoing value creation by diversifying revenue streams and redirecting capital spend to favorable markets.

Negative

Civeo Corp (CVEO) reported a net loss of $15.1 million in the fourth quarter of 2024, with a decrease in adjusted EBITDA compared to the previous year.
The Canadian segment faced challenges with lower filled rooms due to reduced capital spending by customers and economic and political uncertainty.
Civeo Corp (CVEO) will incur one-time restructuring costs of approximately $3 million in the first quarter of 2025 as it closes existing lodges and reduces overhead headcount by 25% in Canada.
The company expects continued lower levels of customer spending in Canada, impacting its occupancy and revenue in the region.
Currency exchange rate fluctuations have created a headwind for Civeo Corp (CVEO)'s US-denominated results, impacting its financial outlook for 2025.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CVEO.N - Civeo Corp
Q4 2024 Civeo Corp Earnings Call
Feb 27, 2025 / 04:00PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings and welcome to the Civvio Corporation 4th quarter 2024 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow a formal presentation. If anyone should require operator assistance, please press 0 on your telephone keypad.

As a reminder, this conference is being recorded.

It is now my pleasure to introduce Reagan Nelson, Vice President, Corporate Development and Investor Relations. Please go ahead.

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Unidentified_2 [2]
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Thank you and welcome to CBO's 4th quarter and full year 2024 earnings

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