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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Civeo Corporation New | NYSE:CVEO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.275 | 1.14% | 24.355 | 24.66 | 24.25 | 24.37 | 12,782 | 16:03:39 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from _________________________ to _________________________ |
British Columbia, Canada | 98-1253716 | ||||
(State or other jurisdiction of | (I.R.S. Employer | ||||
incorporation or organization) | Identification No.) | ||||
Three Allen Center, 333 Clay Street, Suite 4980,
|
77002 | ||||
Houston, Texas
|
(Zip Code) | ||||
(Address of principal executive offices) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
Common Shares, no par value | CVEO | New York Stock Exchange |
Yes | ☒ | No | ☐ |
Yes | ☒ | No | ☐ |
Large Accelerated Filer | ☐ | Accelerated Filer |
☒
|
Emerging Growth Company |
☐
|
||||||||||||
Non-Accelerated Filer | ☐ | Smaller Reporting Company |
☒
|
Yes | ☐ | No | ☒ |
Page No. | |||||
Part I -- FINANCIAL INFORMATION | |||||
Item 1. Financial Statements: | |||||
Consolidated Financial Statements | |||||
Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and 2019
|
|||||
Unaudited Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2020 and 2019
|
|||||
Consolidated Balance Sheets – as of September 30, 2020 (unaudited) and December 31, 2019
|
|||||
Unaudited Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2020 and 2019
|
|||||
Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019
|
|||||
Notes to Unaudited Consolidated Financial Statements | |||||
Cautionary Statement Regarding Forward-Looking Statements | |||||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | |||||
Item 4. Controls and Procedures | |||||
Part II -- OTHER INFORMATION | |||||
Item 1. Legal Proceedings | |||||
Item 1A. Risk Factors | |||||
Item 6. Exhibits | |||||
(a) Index of Exhibits | |||||
Signature Page |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Service and other | $ | 136,523 | $ | 140,349 | $ | 375,928 | $ | 353,147 | |||||||||||||||
Rental | 3,217 | 6,942 | 13,261 | 21,057 | |||||||||||||||||||
Product | 3,117 | 872 | 7,162 | 4,662 | |||||||||||||||||||
142,857 | 148,163 | 396,351 | 378,866 | ||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Service and other costs | 92,147 | 93,642 | 267,051 | 243,945 | |||||||||||||||||||
Rental costs | 3,131 | 5,072 | 11,559 | 16,579 | |||||||||||||||||||
Product costs | 2,156 | 766 | 5,270 | 3,826 | |||||||||||||||||||
Selling, general and administrative expenses | 13,462 | 14,334 | 38,889 | 42,960 | |||||||||||||||||||
Depreciation and amortization expense | 24,820 | 31,196 | 72,527 | 92,974 | |||||||||||||||||||
Impairment expense | — | — | 144,120 | 5,546 | |||||||||||||||||||
Other operating expense | 51 | 277 | 755 | 109 | |||||||||||||||||||
135,767 | 145,287 | 540,171 | 405,939 | ||||||||||||||||||||
Operating income (loss) | 7,090 | 2,876 | (143,820) | (27,073) | |||||||||||||||||||
Interest expense | (3,646) | (7,315) | (13,095) | (20,670) | |||||||||||||||||||
Loss on extinguishment of debt | (383) | — | (383) | — | |||||||||||||||||||
Interest income | — | 17 | 20 | 66 | |||||||||||||||||||
Other income | 4,542 | 2,849 | 17,209 | 6,882 | |||||||||||||||||||
Income (loss) before income taxes | 7,603 | (1,573) | (140,069) | (40,795) | |||||||||||||||||||
Income tax (expense) benefit | (180) | 6,629 | 8,509 | 13,963 | |||||||||||||||||||
Net income (loss) | 7,423 | 5,056 | (131,560) | (26,832) | |||||||||||||||||||
Less: Net income attributable to noncontrolling interest | 434 | 60 | 914 | 60 | |||||||||||||||||||
Net income (loss) attributable to Civeo Corporation | 6,989 | 4,996 | (132,474) | (26,892) | |||||||||||||||||||
Less: Dividends attributable to Class A preferred shares | 472 | 464 | 1,411 | 1,384 | |||||||||||||||||||
Net income (loss) attributable to Civeo common shareholders | $ | 6,517 | $ | 4,532 | $ | (133,885) | $ | (28,276) | |||||||||||||||
Per Share Data (see Note 8)
|
|||||||||||||||||||||||
Basic net income (loss) per share attributable to Civeo Corporation common shareholders | $ | 0.03 | $ | 0.02 | $ | (0.79) | $ | (0.17) | |||||||||||||||
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders | $ | 0.03 | $ | 0.02 | $ | (0.79) | $ | (0.17) | |||||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||||||||
Basic | 169,924 | 167,640 | 169,420 | 166,842 | |||||||||||||||||||
Diluted | 170,544 | 168,282 | 169,420 | 166,842 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income (loss) | $ | 7,423 | $ | 5,056 | $ | (131,560) | $ | (26,832) | |||||||||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||||
Foreign currency translation adjustment, net of zero taxes
|
11,131 | (12,096) | (8,025) | (5,633) | |||||||||||||||||||
Total other comprehensive income (loss), net of taxes | 11,131 | (12,096) | (8,025) | (5,633) | |||||||||||||||||||
Comprehensive income (loss) | 18,554 | (7,040) | (139,585) | (32,465) | |||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | 462 | 60 | 928 | 60 | |||||||||||||||||||
Comprehensive income (loss) attributable to Civeo Corporation
|
$ | 18,092 | $ | (7,100) | $ | (140,513) | $ | (32,525) |
September 30, 2020 | December 31, 2019 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 6,938 | $ | 3,331 | |||||||
Accounts receivable, net | 92,754 | 99,493 | |||||||||
Inventories | 5,775 | 5,877 | |||||||||
Prepaid expenses | 9,369 | 7,247 | |||||||||
Other current assets | 7,737 | 7,904 | |||||||||
Assets held for sale | — | 7,589 | |||||||||
Total current assets | 122,573 | 131,441 | |||||||||
Property, plant and equipment, net | 481,394 | 590,309 | |||||||||
Goodwill | 8,086 | 110,173 | |||||||||
Other intangible assets, net | 98,907 | 111,837 | |||||||||
Operating lease right-of-use assets | 20,426 | 24,876 | |||||||||
Other noncurrent assets | 1,550 | 1,276 | |||||||||
Total assets | $ | 732,936 | $ | 969,912 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 37,116 | $ | 36,971 | |||||||
Accrued liabilities | 22,229 | 21,755 | |||||||||
Income taxes | 379 | 328 | |||||||||
Current portion of long-term debt | 32,978 | 35,080 | |||||||||
Deferred revenue | 7,801 | 7,165 | |||||||||
Other current liabilities | 6,353 | 8,741 | |||||||||
Total current liabilities | 106,856 | 110,040 | |||||||||
Long-term debt, less current maturities | 236,876 | 321,792 | |||||||||
Deferred income taxes | — | 9,452 | |||||||||
Operating lease liabilities | 18,035 | 21,231 | |||||||||
Other noncurrent liabilities | 17,557 | 16,592 | |||||||||
Total liabilities | 379,324 | 479,107 | |||||||||
Commitments and contingencies (Note 11) | |||||||||||
Shareholders’ Equity: | |||||||||||
Preferred shares (Class A Series 1, no par value; 50,000,000 shares authorized, 9,042, shares issued and outstanding, respectively; aggregate liquidation preference of $95,039 and $93,627 as of September 30, 2020 and December 31, 2019)
|
59,540 | 58,129 | |||||||||
Common shares (no par value; 550,000,000 shares authorized, 173,746,532 shares and 171,656,039 shares issued, respectively, and 170,582,021 shares and 169,556,403 shares outstanding, respectively)
|
— | — | |||||||||
Additional paid-in capital | 1,577,053 | 1,572,249 | |||||||||
Accumulated deficit | (905,475) | (771,590) | |||||||||
Common shares held in treasury at cost, 3,164,511 and 2,099,636 shares, respectively
|
(6,930) | (5,472) | |||||||||
Accumulated other comprehensive loss | (371,212) | (363,173) | |||||||||
Total Civeo Corporation shareholders’ equity | 352,976 | 490,143 | |||||||||
Noncontrolling interest | 636 | 662 | |||||||||
Total shareholders’ equity | 353,612 | 490,805 | |||||||||
Total liabilities and shareholders’ equity | $ | 732,936 | $ | 969,912 |
Attributable to Civeo | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred
Shares |
Common
Shares |
||||||||||||||||||||||||||||||||||||||||||||||
Amount | Par Value |
Additional
Paid-in Capital |
Accumulated
Deficit |
Treasury
Shares |
Accumulated
Other Comprehensive Income (Loss) |
Noncontrolling
Interest |
Total
Shareholders’ Equity |
||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | 57,200 | $ | — | $ | 1,567,162 | $ | (744,058) | $ | (5,472) | $ | (364,786) | $ | — | $ | 510,046 | |||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 4,996 | — | — | 60 | 5,056 | |||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | (12,096) | — | (12,096) | |||||||||||||||||||||||||||||||||||||||
Dividends paid | — | — | — | — | — | — | (60) | (60) | |||||||||||||||||||||||||||||||||||||||
Dividends attributable to Class A preferred shares | 464 | — | — | (464) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 2,572 | — | — | — | — | 2,572 | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | 57,664 | $ | — | $ | 1,569,734 | $ | (739,526) | $ | (5,472) | $ | (376,882) | $ | — | $ | 505,518 | |||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | 59,068 | $ | — | $ | 1,575,788 | $ | (911,992) | $ | (6,930) | $ | (382,315) | $ | 624 | $ | 334,243 | |||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 6,989 | — | — | 434 | 7,423 | |||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | 11,103 | 28 | 11,131 | |||||||||||||||||||||||||||||||||||||||
Dividends paid | — | — | — | — | — | — | (450) | (450) | |||||||||||||||||||||||||||||||||||||||
Dividends attributable to Class A preferred shares | 472 | — | — | (472) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 1,265 | — | — | — | — | 1,265 | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | 59,540 | $ | — | $ | 1,577,053 | $ | (905,475) | $ | (6,930) | $ | (371,212) | $ | 636 | $ | 353,612 | |||||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | 56,280 | $ | — | $ | 1,562,133 | $ | (710,551) | $ | (1,189) | $ | (371,249) | $ | — | $ | 535,424 | |||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | (26,892) | — | — | 60 | (26,832) | |||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | (5,633) | — | (5,633) | |||||||||||||||||||||||||||||||||||||||
Dividends paid | — | — | — | — | — | — | (60) | (60) | |||||||||||||||||||||||||||||||||||||||
Cumulative effect of implementation of ASU 2014-09
|
— | — | — | (699) | — | — | — | (699) | |||||||||||||||||||||||||||||||||||||||
Dividends attributable to Class A preferred shares | 1,384 | — | — | (1,384) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 7,601 | — | (4,283) | — | — | 3,318 | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | 57,664 | $ | — | $ | 1,569,734 | $ | (739,526) | $ | (5,472) | $ | (376,882) | $ | — | $ | 505,518 | |||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 58,129 | $ | — | $ | 1,572,249 | $ | (771,590) | $ | (5,472) | $ | (363,173) | $ | 662 | $ | 490,805 | |||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | (132,474) | — | — | 914 | (131,560) | |||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | (8,039) | 14 | (8,025) | |||||||||||||||||||||||||||||||||||||||
Dividends paid | — | — | — | — | — | — | (954) | (954) | |||||||||||||||||||||||||||||||||||||||
Dividends attributable to Class A preferred shares | 1,411 | — | — | (1,411) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 4,804 | — | (1,458) | — | — | 3,346 | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | 59,540 | $ | — | $ | 1,577,053 | $ | (905,475) | $ | (6,930) | $ | (371,212) | $ | 636 | $ | 353,612 |
Preferred
Shares (in thousands) |
Common
Shares (in thousands) |
||||||||||
Balance, December 31, 2019 | 9,042 | 169,556 | |||||||||
Share-based compensation | — | 1,026 | |||||||||
Balance, September 30, 2020 | 9,042 | 170,582 |
Nine Months Ended
September 30, |
|||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (131,560) | $ | (26,832) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 72,527 | 92,974 | |||||||||
Impairment charges | 144,120 | 5,546 | |||||||||
Loss on extinguishment of debt | 383 | — | |||||||||
Deferred income tax benefit | (8,941) | (14,732) | |||||||||
Non-cash compensation charge | 4,804 | 7,601 | |||||||||
Gains on disposals of assets | (2,581) | (4,095) | |||||||||
Provision (benefit) for loss on receivables, net of recoveries | 45 | (39) | |||||||||
Other, net | (2,730) | 2,530 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 5,355 | (30,227) | |||||||||
Inventories | 194 | (1,175) | |||||||||
Accounts payable and accrued liabilities | 1,247 | 4,958 | |||||||||
Taxes payable | 51 | 345 | |||||||||
Other current and noncurrent assets and liabilities, net | (2,239) | (3,328) | |||||||||
Net cash flows provided by operating activities | 80,675 | 33,526 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (6,244) | (25,517) | |||||||||
Payments related to acquisitions, net of cash acquired | — | (16,439) | |||||||||
Proceeds from disposition of property, plant and equipment | 3,336 | 5,482 | |||||||||
Other, net | 4,619 | 1,762 | |||||||||
Net cash flows provided by (used in) investing activities | 1,711 | (34,712) | |||||||||
Cash flows from financing activities: | |||||||||||
Revolving credit borrowings | 324,611 | 340,494 | |||||||||
Revolving credit repayments | (369,122) | (310,946) | |||||||||
Term loan repayments | (31,092) | (26,085) | |||||||||
Debt issuance costs | (2,583) | (1,950) | |||||||||
Taxes paid on vested shares | (1,458) | (4,283) | |||||||||
Net cash flows used in financing activities | (79,644) | (2,770) | |||||||||
Effect of exchange rate changes on cash | 865 | (344) | |||||||||
Net change in cash and cash equivalents | 3,607 | (4,300) | |||||||||
Cash and cash equivalents, beginning of period | 3,331 | 12,372 | |||||||||
Cash and cash equivalents, end of period | $ | 6,938 | $ | 8,072 | |||||||
Non-cash financing activities: | |||||||||||
Preferred dividends paid-in-kind | $ | 1,411 | $ | 1,384 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Canada | |||||||||||||||||||||||
Accommodation revenues | $ | 49,798 | $ | 79,939 | $ | 156,068 | $ | 203,774 | |||||||||||||||
Mobile facility rental revenues | 13,135 | 3,048 | 21,715 | 5,648 | |||||||||||||||||||
Food service and other services revenues | 8,852 | 8,084 | 26,336 | 25,507 | |||||||||||||||||||
Manufacturing revenues | — | — | — | 1,014 | |||||||||||||||||||
Total Canada revenues | 71,785 | 91,071 | 204,119 | 235,943 | |||||||||||||||||||
Australia | |||||||||||||||||||||||
Accommodation revenues | $ | 39,470 | $ | 33,056 | $ | 106,988 | $ | 92,473 | |||||||||||||||
Food service and other services revenues | 25,215 | 14,687 | 63,881 | 14,687 | |||||||||||||||||||
Total Australia revenues | 64,685 | 47,743 | 170,869 | 107,160 | |||||||||||||||||||
U.S. | |||||||||||||||||||||||
Accommodation revenues | $ | 394 | $ | 1,655 | $ | 1,892 | $ | 11,354 | |||||||||||||||
Mobile facility rental revenues | 3,218 | 6,952 | 13,275 | 21,175 | |||||||||||||||||||
Manufacturing revenues | 2,772 | 714 | 6,159 | 3,116 | |||||||||||||||||||
Food service and other services revenues | 3 | 28 | 37 | 118 | |||||||||||||||||||
Total U.S. revenues | 6,387 | 9,349 | 21,363 | 35,763 | |||||||||||||||||||
Total revenues | $ | 142,857 | $ | 148,163 | $ | 396,351 | $ | 378,866 |
For the years ending December 31, | |||||||||||||||||||||||||||||
2020 | 2021 | 2022 | Thereafter | Total | |||||||||||||||||||||||||
Revenue expected to be recognized as of September 30, 2020 | $ | 33,002 | $ | 61,031 | $ | 29,120 | $ | 11,820 | $ | 134,973 |
September 30, 2020 | December 31, 2019 | ||||||||||
Accounts receivable, net: | |||||||||||
Trade | $ | 68,848 | $ | 76,370 | |||||||
Unbilled revenue | 21,819 | 23,041 | |||||||||
Other (1) | 2,357 | 335 | |||||||||
Total accounts receivable | 93,024 | 99,746 | |||||||||
Allowance for credit losses | (270) | (253) | |||||||||
Total accounts receivable, net | $ | 92,754 | $ | 99,493 |
September 30, 2020 | December 31, 2019 | ||||||||||
Inventories: | |||||||||||
Finished goods and purchased products | $ | 4,538 | $ | 3,982 | |||||||
Work in process | 18 | 813 | |||||||||
Raw materials | 1,219 | 1,082 | |||||||||
Total inventories | $ | 5,775 | $ | 5,877 |
Estimated
Useful Life (in years) |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||
Property, plant and equipment, net: | |||||||||||||||||||||||||||||
Land | $ | 47,049 | $ | 43,147 | |||||||||||||||||||||||||
Accommodations assets | 3 | — | 15 | 1,651,178 | 1,696,425 | ||||||||||||||||||||||||
Buildings and leasehold improvements | 7 | — | 20 | 33,714 | 26,108 | ||||||||||||||||||||||||
Machinery and equipment | 4 | — | 15 | 12,110 | 12,060 | ||||||||||||||||||||||||
Office furniture and equipment | 3 | — | 7 | 59,432 | 58,005 | ||||||||||||||||||||||||
Vehicles | 3 | — | 5 | 14,711 | 14,604 | ||||||||||||||||||||||||
Construction in progress | 5,551 | 4,286 | |||||||||||||||||||||||||||
Total property, plant and equipment | 1,823,745 | 1,854,635 | |||||||||||||||||||||||||||
Accumulated depreciation | (1,342,351) | (1,264,326) | |||||||||||||||||||||||||||
Total property, plant and equipment, net | $ | 481,394 | $ | 590,309 |
September 30, 2020 | December 31, 2019 | ||||||||||
Accrued liabilities: | |||||||||||
Accrued compensation | $ | 17,350 | $ | 17,169 | |||||||
Accrued taxes, other than income taxes | 3,113 | 3,152 | |||||||||
Other | 1,766 | 1,434 | |||||||||
Total accrued liabilities | $ | 22,229 | $ | 21,755 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) attributable to Civeo common shareholders | $ | 6,517 | $ | 4,532 | $ | (133,885) | $ | (28,276) | |||||||||||||||
Less: income allocated to participating securities | (944) | (653) | — | — | |||||||||||||||||||
Basic net income (loss) attributable to Civeo Corporation common shareholders | $ | 5,573 | $ | 3,879 | $ | (133,885) | $ | (28,276) | |||||||||||||||
Add: undistributed income attributable to participating securities | 944 | 653 | — | — | |||||||||||||||||||
Less: undistributed income reallocated to participating securities | (942) | (651) | — | — | |||||||||||||||||||
Diluted net income (loss) attributable to Civeo Corporation common shareholders | $ | 5,575 | $ | 3,881 | $ | (133,885) | $ | (28,276) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares outstanding - basic | 169,924 | 167,640 | 169,420 | 166,842 | |||||||||||||||||||
Dilutive shares - share-based awards | 620 | 642 | — | — | |||||||||||||||||||
Weighted average shares outstanding - diluted | 170,544 | 168,282 | 169,420 | 166,842 | |||||||||||||||||||
Basic net income (loss) per share attributable to Civeo Corporation common shareholders (1) | $ | 0.03 | $ | 0.02 | $ | (0.79) | $ | (0.17) | |||||||||||||||
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (1) | $ | 0.03 | $ | 0.02 | $ | (0.79) | $ | (0.17) |
September 30, 2020 | December 31, 2019 | ||||||||||
Canadian term loan, which matures on May 30, 2023; 3.125% of aggregate principal repayable per quarter; weighted average interest rate of 4.0% for the nine month period ended September 30, 2020
|
$ | 187,371 | $ | 224,963 | |||||||
U.S. revolving credit facility, which matures on May 30, 2023, weighted average interest rate of 5.6% for the nine month period ended September 30, 2020
|
— | — | |||||||||
Canadian revolving credit facility, which matures on May 30, 2023, weighted average interest rate of 4.2% for the nine month period ended September 30, 2020
|
55,478 | 134,117 | |||||||||
Australian revolving credit facility, which matures on May 30, 2023, weighted average interest rate of 3.6% for the nine month period ended September 30, 2020
|
29,697 | — | |||||||||
272,546 | 359,080 | ||||||||||
Less: Unamortized debt issuance costs | 2,692 | 2,208 | |||||||||
Total debt | 269,854 | 356,872 | |||||||||
Less: Current portion of long-term debt, including unamortized debt issuance costs, net | 32,978 | 35,080 | |||||||||
Long-term debt, less current maturities | $ | 236,876 | $ | 321,792 |
Period Ended | Maximum Leverage Ratio | |||||||
September 30, 2020 | 3.75 : | 1.00 | ||||||
December 31, 2020 and thereafter | 3.50 : | 1.00 |
Canada | Australia | U.S. | Total | ||||||||||||||||||||
Goodwill, net of $19.9 million accumulated impairment loss as of December 31, 2019
|
$ | 102,238 | $ | 7,935 | $ | — | $ | 110,173 | |||||||||||||||
Foreign currency translation | (8,632) | 151 | — | (8,481) | |||||||||||||||||||
Goodwill impairment (1) | (93,606) | — | — | (93,606) | |||||||||||||||||||
Goodwill, net of $113.5 million accumulated impairment loss as of September 30, 2020
|
$ | — | $ | 8,086 | $ | — | $ | 8,086 |
Total
revenues |
Depreciation
and amortization |
Operating
income (loss) |
Capital
expenditures |
Total assets
|
|||||||||||||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||||||||||||||
Canada | $ | 71,785 | $ | 13,266 | $ | 1,007 | $ | 362 | $ | 691,634 | |||||||||||||||||||
Australia | 64,685 | 10,739 | 9,890 | 1,825 | 266,591 | ||||||||||||||||||||||||
U.S. | 6,387 | 747 | (3,197) | 84 | 27,017 | ||||||||||||||||||||||||
Corporate and eliminations | — | 68 | (610) | 126 | (252,306) | ||||||||||||||||||||||||
Total | $ | 142,857 | $ | 24,820 | $ | 7,090 | $ | 2,397 | $ | 732,936 | |||||||||||||||||||
Three months ended September 30, 2019 | |||||||||||||||||||||||||||||
Canada | $ | 91,071 | $ | 18,219 | $ | 2,919 | $ | 2,851 | $ | 843,818 | |||||||||||||||||||
Australia | 47,743 | 9,576 | 4,662 | 675 | 279,386 | ||||||||||||||||||||||||
U.S. | 9,349 | 1,611 | (2,167) | 576 | 51,376 | ||||||||||||||||||||||||
Corporate and eliminations | — | 1,790 | (2,538) | 207 | (163,757) | ||||||||||||||||||||||||
Total | $ | 148,163 | $ | 31,196 | $ | 2,876 | $ | 4,309 | $ | 1,010,823 | |||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||
Canada | $ | 204,119 | $ | 39,812 | $ | (142,343) | $ | 1,203 | $ | 691,634 | |||||||||||||||||||
Australia | 170,869 | 29,767 | 24,245 | 3,036 | 266,591 | ||||||||||||||||||||||||
United States | 21,363 | 2,525 | (19,954) | 1,468 | 27,017 | ||||||||||||||||||||||||
Corporate and eliminations | — | 423 | (5,768) | 537 | (252,306) | ||||||||||||||||||||||||
Total | $ | 396,351 | $ | 72,527 | $ | (143,820) | $ | 6,244 | $ | 732,936 | |||||||||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||||||||
Canada | $ | 235,943 | $ | 50,574 | $ | (14,437) | $ | 19,294 | $ | 843,818 | |||||||||||||||||||
Australia | 107,160 | 29,401 | (1,302) | 2,508 | 279,386 | ||||||||||||||||||||||||
United States | 35,763 | 7,713 | (4,484) | 2,870 | 51,376 | ||||||||||||||||||||||||
Corporate and eliminations | — | 5,286 | (6,850) | 845 | (163,757) | ||||||||||||||||||||||||
Total | $ | 378,866 | $ | 92,974 | $ | (27,073) | $ | 25,517 | $ | 1,010,823 |
Average Price (1) | ||||||||||||||||||||
Quarter
ended |
WTI
Crude (per bbl) |
WCS
Crude (per bbl) |
Hard
Coking Coal (Met Coal) (per tonne) |
|||||||||||||||||
Fourth Quarter through 10/23/2020 | $ | 40.13 | $ | 30.33 | $ | 125.16 | ||||||||||||||
9/30/2020 | 40.90 | 31.15 | 113.30 | |||||||||||||||||
6/30/2020 | 27.95 | 19.73 | 120.27 | |||||||||||||||||
3/31/2020 | 45.38 | 27.92 | 156.17 | |||||||||||||||||
12/30/2019 | 56.85 | 37.94 | 141.39 | |||||||||||||||||
9/30/2019 | 56.40 | 43.88 | 160.25 | |||||||||||||||||
6/30/2019 | 59.89 | 47.39 | 204.78 | |||||||||||||||||
3/31/2019 | 54.87 | 44.49 | 203.30 | |||||||||||||||||
12/31/2018 | 59.32 | 25.66 | 223.02 | |||||||||||||||||
9/30/2018 | 69.61 | 41.58 | 188.46 | |||||||||||||||||
6/30/2018 | 67.97 | 49.93 | 189.41 | |||||||||||||||||
3/31/2018 | 62.89 | 37.09 | 228.82 | |||||||||||||||||
12/31/2017 | 55.28 | 38.65 | 202.33 | |||||||||||||||||
9/30/2017 | 48.16 | 37.72 | 187.89 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | Percentage | 2020 | 2019 | Change | Percentage | ||||||||||||||||||||||||||||||||||||||||
Average Canadian dollar to U.S. dollar | $0.751 | $0.757 | (0.01) | (0.8)% | $0.739 | $0.752 | ($0.01) | (1.7)% | |||||||||||||||||||||||||||||||||||||||
Average Australian dollar to U.S. dollar | $0.716 | $0.686 | 0.03 | 4.3% | $0.677 | $0.699 | ($0.02) | (3.1)% |
As of | |||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | Change | Percentage | ||||||||||||||||||||
Canadian dollar to U.S. dollar | $0.750 | $0.770 | (0.02) | (2.6)% | |||||||||||||||||||
Australian dollar to U.S. dollar | $0.716 | $0.702 | 0.01 | 1.9% |
Three Months Ended
September 30, |
|||||||||||||||||
2020 | 2019 | Change | |||||||||||||||
($ in thousands) | |||||||||||||||||
Revenues | |||||||||||||||||
Canada | $ | 71,785 | $ | 91,071 | $ | (19,286) | |||||||||||
Australia | 64,685 | 47,743 | 16,942 | ||||||||||||||
U.S. and other | 6,387 | 9,349 | (2,962) | ||||||||||||||
Total revenues | 142,857 | 148,163 | (5,306) | ||||||||||||||
Costs and expenses | |||||||||||||||||
Cost of sales and services | |||||||||||||||||
Canada | 51,393 | 62,277 | (10,884) | ||||||||||||||
Australia | 38,529 | 28,664 | 9,865 | ||||||||||||||
U.S. and other | 7,512 | 8,539 | (1,027) | ||||||||||||||
Total cost of sales and services | 97,434 | 99,480 | (2,046) | ||||||||||||||
Selling, general and administrative expenses | 13,462 | 14,334 | (872) | ||||||||||||||
Depreciation and amortization expense | 24,820 | 31,196 | (6,376) | ||||||||||||||
Impairment expense | — | — | — | ||||||||||||||
Other operating income | 51 | 277 | (226) | ||||||||||||||
Total costs and expenses | 135,767 | 145,287 | (9,520) | ||||||||||||||
Operating income | 7,090 | 2,876 | 4,214 | ||||||||||||||
Interest expense and income, net | (4,029) | (7,298) | 3,269 | ||||||||||||||
Other income | 4,542 | 2,849 | 1,693 | ||||||||||||||
Income (loss) before income taxes | 7,603 | (1,573) | 9,176 | ||||||||||||||
Income tax (expense) benefit | (180) | 6,629 | (6,809) | ||||||||||||||
Net income | 7,423 | 5,056 | 2,367 | ||||||||||||||
Less: Net income attributable to noncontrolling interest | 434 | 60 | 374 | ||||||||||||||
Net income attributable to Civeo Corporation | 6,989 | 4,996 | 1,993 | ||||||||||||||
Less: Dividends attributable to preferred shares | 472 | 464 | 8 | ||||||||||||||
Net income attributable to Civeo common shareholders | $ | 6,517 | $ | 4,532 | $ | 1,985 |
Three Months Ended
September 30, |
|||||||||||||||||
2020 | 2019 | Change | |||||||||||||||
Revenues ($ in thousands) | |||||||||||||||||
Accommodation revenue (1) | $ | 49,798 | $ | 79,939 | $ | (30,141) | |||||||||||
Mobile facility rental revenue (2) | 13,135 | 3,048 | 10,087 | ||||||||||||||
Food service and other services revenue (3) | 8,852 | 8,084 | 768 | ||||||||||||||
Manufacturing revenue (4) | — | — | — | ||||||||||||||
Total revenues | $ | 71,785 | $ | 91,071 | $ | (19,286) | |||||||||||
Cost of sales and services ($ in thousands) | |||||||||||||||||
Accommodation cost | $ | 32,490 | $ | 49,377 | $ | (16,887) | |||||||||||
Mobile facility rental cost | 8,557 | 2,059 | 6,498 | ||||||||||||||
Food service and other services cost | 7,595 | 7,319 | 276 | ||||||||||||||
Manufacturing cost | 164 | 150 | 14 | ||||||||||||||
Indirect other costs | 2,587 | 3,372 | (785) | ||||||||||||||
Total cost of sales and services | $ | 51,393 | $ | 62,277 | $ | (10,884) | |||||||||||
Gross margin as a % of revenues | 28.4 | % | 31.6 | % | (3.2) | % | |||||||||||
Average daily rate for lodges (5) | $ | 96 | $ | 91 | $ | 5 | |||||||||||
Total billed rooms for lodges (6) | 508,449 | 875,891 | (367,442) | ||||||||||||||
Average Canadian dollar to U.S. dollar | $ | 0.751 | $ | 0.757 | $ | (0.01) |
Three Months Ended
September 30, |
|||||||||||||||||
2020 | 2019 | Change | |||||||||||||||
Revenues ($ in thousands) | |||||||||||||||||
Accommodation revenue (1) | $ | 39,470 | $ | 33,056 | $ | 6,414 | |||||||||||
Food service and other services revenue (2) | 25,215 | $ | 14,687 | $ | 10,528 | ||||||||||||
Total revenues | $ | 64,685 | $ | 47,743 | $ | 16,942 | |||||||||||
Cost of sales ($ in thousands) | |||||||||||||||||
Accommodation cost | $ | 16,401 | $ | 14,954 | $ | 1,447 | |||||||||||
Food service and other services cost | 21,161 | 12,807 | 8,354 | ||||||||||||||
Indirect other cost | 967 | 903 | 64 | ||||||||||||||
Total cost of sales and services | $ | 38,529 | $ | 28,664 | $ | 9,865 | |||||||||||
Gross margin as a % of revenues | 40.4 | % | 40.0 | % | 0.5 | % | |||||||||||
Average daily rate for villages (3) | $ | 77 | $ | 73 | $ | 4 | |||||||||||
Total billed rooms for villages (4) | 513,587 | 454,859 | 58,728 | ||||||||||||||
Australian dollar to U.S. dollar | $ | 0.716 | $ | 0.686 | $ | 0.03 |
Three Months Ended
September 30, |
|||||||||||||||||
2020 | 2019 | Change | |||||||||||||||
Revenues ($ in thousands) | $ | 6,387 | $ | 9,349 | $ | (2,962) | |||||||||||
Cost of sales ($ in thousands) | $ | 7,512 | $ | 8,539 | $ | (1,027) | |||||||||||
Gross margin as a % of revenues | (17.6) | % | 8.7 | % | (26.3) | % |
Nine Months Ended
September 30, |
|||||||||||||||||
2020 | 2019 | Change | |||||||||||||||
($ in thousands) | |||||||||||||||||
Revenues | |||||||||||||||||
Canada | $ | 204,119 | $ | 235,943 | $ | (31,824) | |||||||||||
Australia | 170,869 | 107,160 | 63,709 | ||||||||||||||
U.S. and other | 21,363 | 35,763 | (14,400) | ||||||||||||||
Total revenues | 396,351 | 378,866 | 17,485 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Cost of sales and services | |||||||||||||||||
Canada | 158,130 | 176,200 | (18,070) | ||||||||||||||
Australia | 102,995 | 59,718 | 43,277 | ||||||||||||||
U.S. and other | 22,755 | 28,432 | (5,677) | ||||||||||||||
Total cost of sales and services | 283,880 | 264,350 | 19,530 | ||||||||||||||
Selling, general and administrative expenses | 38,889 | 42,960 | (4,071) | ||||||||||||||
Depreciation and amortization expense | 72,527 | 92,974 | (20,447) | ||||||||||||||
Impairment expense | 144,120 | 5,546 | 138,574 | ||||||||||||||
Other operating expense (income) | 755 | 109 | 646 | ||||||||||||||
Total costs and expenses | 540,171 | 405,939 | 134,232 | ||||||||||||||
Operating loss | (143,820) | (27,073) | (116,747) | ||||||||||||||
Interest expense and income, net | (13,458) | (20,604) | 7,146 | ||||||||||||||
Other income | 17,209 | 6,882 | 10,327 | ||||||||||||||
Loss before income taxes | (140,069) | (40,795) | (99,274) | ||||||||||||||
Income tax benefit | 8,509 | 13,963 | (5,454) | ||||||||||||||
Net loss | (131,560) | (26,832) | (104,728) | ||||||||||||||
Less: Net income attributable to noncontrolling interest | 914 | 60 | 854 | ||||||||||||||
Net loss attributable to Civeo Corporation | (132,474) | (26,892) | (105,582) | ||||||||||||||
Less: Dividends attributable to preferred shares | 1,411 | 1,384 | 27 | ||||||||||||||
Net loss attributable to Civeo common shareholders | $ | (133,885) | $ | (28,276) | $ | (105,609) |
Nine Months Ended
September 30, |
|||||||||||||||||||||||
2020 | 2019 | Change | |||||||||||||||||||||
Revenues ($ in thousands) | |||||||||||||||||||||||
Accommodation revenue (1) | $ | 156,068 | $ | 203,774 | $ | (47,706) | |||||||||||||||||
Mobile facility rental revenue (2) | 21,715 | 5,648 | 16,067 | ||||||||||||||||||||
Food service and other services revenue (3) | 26,336 | 25,507 | 829 | ||||||||||||||||||||
Manufacturing revenue (4) | — | 1,014 | (1,014) | ||||||||||||||||||||
Total revenues | $ | 204,119 | $ | 235,943 | $ | (31,824) | |||||||||||||||||
Cost of sales and services ($ in thousands) | |||||||||||||||||||||||
Accommodation cost | $ | 109,143 | $ | 137,140 | $ | (27,997) | |||||||||||||||||
Mobile facility rental cost | 17,099 | 4,735 | 12,364 | ||||||||||||||||||||
Food service and other services cost | 23,773 | 23,620 | 153 | ||||||||||||||||||||
Manufacturing cost | 461 | 1,007 | (546) | ||||||||||||||||||||
Indirect other cost | 7,654 | 9,698 | (2,044) | ||||||||||||||||||||
Total cost of sales and services | $ | 158,130 | $ | 176,200 | $ | (18,070) | |||||||||||||||||
Gross margin as a % of revenues | 22.5 | % | 25.3 | % | (2.8) | % | |||||||||||||||||
Average daily rate for lodges (5) | $ | 95 | $ | 91 | $ | 4 | |||||||||||||||||
Total billed rooms for lodges (6) | 1,626,668 | 2,241,510 | (614,842) | ||||||||||||||||||||
Average Canadian dollar to U.S. dollar | $ | 0.739 | $ | 0.752 | $ | (0.01) |
Nine Months Ended
September 30, |
|||||||||||||||||
2020 | 2019 | Change | |||||||||||||||
Revenues ($ in thousands) | |||||||||||||||||
Accommodation revenue (1) | $ | 106,988 | $ | 92,473 | $ | 14,515 | |||||||||||
Food service and other services revenue (2) | 63,881 | 14,687 | 49,194 | ||||||||||||||
Total revenues | $ | 170,869 | $ | 107,160 | $ | 63,709 | |||||||||||
Cost of sales ($ in thousands) | |||||||||||||||||
Accommodation cost | $ | 46,665 | $ | 44,816 | $ | 1,849 | |||||||||||
Food service and other services cost | 53,627 | 12,807 | 40,820 | ||||||||||||||
Indirect other cost | 2,703 | 2,095 | 608 | ||||||||||||||
Total cost of sales and services | $ | 102,995 | $ | 59,718 | $ | 43,277 | |||||||||||
Gross margin as a % of revenues | 39.7 | % | 44.3 | % | (4.5) | % | |||||||||||
Average daily rate for villages (3) | $ | 72 | $ | 74 | $ | (2) | |||||||||||
Total billed rooms for villages (4) | 1,487,819 | 1,253,856 | 233,963 | ||||||||||||||
Australian dollar to U.S. dollar | $ | 0.677 | $ | 0.699 | $ | (0.02) |
Nine Months Ended
September 30, |
|||||||||||||||||
2020 | 2019 | Change | |||||||||||||||
Revenues ($ in thousands) | $ | 21,363 | $ | 35,763 | $ | (14,400) | |||||||||||
Cost of sales ($ in thousands) | $ | 22,755 | $ | 28,432 | $ | (5,677) | |||||||||||
Gross margin as a % of revenues | (6.5) | % | 20.5 | % | (27.0) | % |
September 30, 2020 | December 31, 2019 | ||||||||||
Lender commitments (1) | $ | 167,300 | $ | 263,500 | |||||||
Reductions in availability (2)
|
— | (6,591) | |||||||||
Borrowings against revolving credit capacity | (85,175) | (134,117) | |||||||||
Outstanding letters of credit | (3,433) | (2,031) | |||||||||
Unused availability | 78,692 | 120,761 | |||||||||
Cash and cash equivalents | 6,938 | 3,331 | |||||||||
Total available liquidity | $ | 85,630 | $ | 124,092 |
Balance at December 31, 2019 | $ | 359,080 | |||||||||||||||||||||
Borrowings under revolving credit facilities | 324,611 | ||||||||||||||||||||||
Repayments of borrowings under revolving credit facilities | (369,122) | ||||||||||||||||||||||
Repayments of term loans | (31,092) | ||||||||||||||||||||||
Translation | (10,931) | ||||||||||||||||||||||
Balance at September 30, 2020 | $ | 272,546 |
Period Ended | Maximum Leverage Ratio | |||||||
September 30, 2020 | 3.75 : | 1.00 | ||||||
December 31, 2020 and thereafter | 3.50 : | 1.00 |
Exhibit No. | Description | |||||||
10.1
|
— | |||||||
10.2 †* | — | |||||||
31.1* | — | |||||||
31.2* | — | |||||||
32.1** | — | |||||||
32.2** | — | |||||||
101.INS* | — | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||||
101.SCH* | — | Inline XBRL Taxonomy Extension Schema Document | ||||||
101.CAL* | — | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||||
101.DEF* | — | Inline Taxonomy Extension Definition Linkbase Document | ||||||
101.LAB* | — | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||||
101.PRE* | — | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||
104 | — | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | Filed herewith. | |||||||
** | Furnished herewith. | |||||||
† | Management contracts and compensatory plans and arrangements. |
Date: October 28, 2020 |
By /s/ Carolyn J. Stone
|
||||
Carolyn J. Stone | |||||
Senior Vice President, Chief Financial Officer and Treasurer (Duly Authorized Officer and Principal Financial Officer) | |||||
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