Third Quarter Highlights include:
-
Reported revenues of
$176.3 million , net loss of$5.1 million and operating cash flow of$35.7 million ; -
Delivered Adjusted EBITDA of
$18.8 million and free cash flow of$28.3 million ; -
Returned
$17.8 million of capital to shareholders in the quarter through the quarterly dividend and share repurchases; -
Australian segment continues to deliver strong growth, with revenues up 33% on a year-over-year basis, driven by both increased occupancy at
Civeo -owned villages and continued growth in our integrated services offering; and -
Today announced a 33-month contract renewal with a major Canadian oil sands producer to continue providing accommodations and hospitality services through
June 2027 with expected revenues totaling approximatelyC$150 million .
“Our Australian segment continues to perform well generating solid growth driven by increased billed rooms at our
Third Quarter 2024 Results
In the third quarter of 2024,
By comparison, in the third quarter of 2023,
The year-over-year decrease in Adjusted EBITDA in the third quarter of 2024 was primarily driven by the expected wind-down of Canadian LNG-related activity, lower Canadian oil sands turnaround activity due to customers starting their maintenance projects earlier in the year and lower Canadian occupancy related to the recent wildfires. This decrease was partially offset by increased billed rooms at the Australian owned-villages and 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 third quarter of 2024 to the results for the third quarter of 2023.)
During the third quarter of 2024, the Canadian segment generated revenues of
The Canadian segment experienced a 39% period-over-period decrease in revenues and an 85% decrease in Adjusted EBITDA driven by the anticipated wind-down of LNG-related activity, including
Today, the Company announced the execution of an expected contract renewal with a major oil sands producer to continue providing accommodations and hospitality services through
During the third quarter of 2024, the Australian segment generated revenues of
Revenue from the Australian segment increased 33% period-over-period and Adjusted EBITDA was up 19% primarily driven by a significant increase in integrated services activity from existing clients and a 4% year-over-year increase to billed rooms, building on a history of substantial multi-year growth.
Financial Condition and Capital Allocation
As of
During the third quarter of 2024,
The Company announced today that its board of directors has declared a quarterly cash dividend of
In the third quarter of 2024,
Full Year 2024 Guidance
For the full year of 2024,
Conference Call
About
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 future revenues, 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,
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 -
|
|||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(in thousands, except per share amounts) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenues |
$ |
176,338 |
|
|
$ |
183,572 |
|
|
$ |
531,171 |
|
|
$ |
530,006 |
|
|
|
|
|
|
|
|
|
||||||||
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of sales and services |
|
138,542 |
|
|
|
130,296 |
|
|
|
409,821 |
|
|
|
395,235 |
|
Selling, general and administrative expenses |
|
19,635 |
|
|
|
20,236 |
|
|
|
55,708 |
|
|
|
52,885 |
|
Depreciation and amortization expense |
|
17,440 |
|
|
|
16,914 |
|
|
|
51,269 |
|
|
|
59,277 |
|
Impairment expense |
|
— |
|
|
|
— |
|
|
|
7,823 |
|
|
|
— |
|
(Gain) loss on sale of |
|
171 |
|
|
|
— |
|
|
|
(5,817 |
) |
|
|
— |
|
Other operating expense |
|
506 |
|
|
|
87 |
|
|
|
992 |
|
|
|
302 |
|
|
|
176,294 |
|
|
|
167,533 |
|
|
|
519,796 |
|
|
|
507,699 |
|
Operating income |
|
44 |
|
|
|
16,039 |
|
|
|
11,375 |
|
|
|
22,307 |
|
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
(1,725 |
) |
|
|
(3,365 |
) |
|
|
(6,288 |
) |
|
|
(10,625 |
) |
Interest income |
|
50 |
|
|
|
44 |
|
|
|
147 |
|
|
|
126 |
|
Other income (expense) |
|
204 |
|
|
|
(4,709 |
) |
|
|
967 |
|
|
|
(1,832 |
) |
Income (loss) before income taxes |
|
(1,427 |
) |
|
|
8,009 |
|
|
|
6,201 |
|
|
|
9,976 |
|
Income tax (expense) benefit |
|
(3,862 |
) |
|
|
1,214 |
|
|
|
(9,199 |
) |
|
|
(2,897 |
) |
Net income (loss) |
|
(5,289 |
) |
|
|
9,223 |
|
|
|
(2,998 |
) |
|
|
7,079 |
|
Less: Net income (loss) attributable to noncontrolling interest |
|
(198 |
) |
|
|
201 |
|
|
|
(1,001 |
) |
|
|
(53 |
) |
Net income (loss) attributable to |
$ |
(5,091 |
) |
|
$ |
9,022 |
|
|
$ |
(1,997 |
) |
|
$ |
7,132 |
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per share attributable to |
|
|
|
|
|
|
|||||||||
Basic |
$ |
(0.36 |
) |
|
$ |
0.61 |
|
|
$ |
(0.14 |
) |
|
$ |
0.48 |
|
Diluted |
$ |
(0.36 |
) |
|
$ |
0.61 |
|
|
$ |
(0.14 |
) |
|
$ |
0.47 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
14,293 |
|
|
|
14,814 |
|
|
|
14,488 |
|
|
|
14,980 |
|
Diluted |
|
14,293 |
|
|
|
14,891 |
|
|
|
14,488 |
|
|
|
15,051 |
|
|
|
|
|
|
|
|
|
|
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(in thousands) |
|||||||
|
|
|
|
||||
|
(UNAUDITED) |
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
17,910 |
|
|
$ |
3,323 |
|
Accounts receivable, net |
|
106,707 |
|
|
|
143,222 |
|
Inventories |
|
8,769 |
|
|
|
6,982 |
|
Assets held for sale |
|
— |
|
|
|
5,873 |
|
Prepaid expenses and other current assets |
|
12,120 |
|
|
|
15,846 |
|
Total current assets |
|
145,506 |
|
|
|
175,246 |
|
|
|
|
|
||||
Property, plant and equipment, net |
|
233,864 |
|
|
|
270,563 |
|
|
|
7,812 |
|
|
|
7,690 |
|
Other intangible assets, net |
|
72,426 |
|
|
|
77,999 |
|
Operating lease right-of-use assets |
|
10,985 |
|
|
|
12,286 |
|
Other noncurrent assets |
|
7,043 |
|
|
|
4,278 |
|
Total assets |
$ |
477,636 |
|
|
$ |
548,062 |
|
|
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
48,497 |
|
|
$ |
58,699 |
|
Accrued liabilities |
|
36,485 |
|
|
|
40,523 |
|
Income taxes payable |
|
14,026 |
|
|
|
3,831 |
|
Deferred revenue |
|
2,792 |
|
|
|
4,849 |
|
Other current liabilities |
|
5,039 |
|
|
|
6,334 |
|
Total current liabilities |
|
106,839 |
|
|
|
114,236 |
|
|
|
|
|
||||
Long-term debt |
|
50,078 |
|
|
|
65,554 |
|
Deferred income taxes |
|
5,241 |
|
|
|
11,803 |
|
Operating lease liabilities |
|
7,915 |
|
|
|
9,264 |
|
Other noncurrent liabilities |
|
23,619 |
|
|
|
24,167 |
|
Total liabilities |
|
193,692 |
|
|
|
225,024 |
|
|
|
|
|
||||
Shareholders' equity: |
|
|
|
||||
Common shares |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
1,630,851 |
|
|
|
1,628,972 |
|
Accumulated deficit |
|
(956,545 |
) |
|
|
(919,023 |
) |
|
|
(10,130 |
) |
|
|
(9,063 |
) |
Accumulated other comprehensive loss |
|
(382,017 |
) |
|
|
(380,715 |
) |
|
|
282,159 |
|
|
|
320,171 |
|
Noncontrolling interest |
|
1,785 |
|
|
|
2,867 |
|
Total shareholders' equity |
|
283,944 |
|
|
|
323,038 |
|
Total liabilities and shareholders' equity |
$ |
477,636 |
|
|
$ |
548,062 |
|
|
|||||||
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(in thousands) |
|||||||
|
Nine Months Ended
|
||||||
|
2024 |
|
2023 |
||||
|
|
|
|
||||
Cash flows from operating activities: |
|
|
|
||||
Net income (loss) |
$ |
(2,998 |
) |
|
$ |
7,079 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
51,269 |
|
|
|
59,277 |
|
Impairment charges |
|
7,823 |
|
|
|
— |
|
Deferred income tax expense (benefit) |
|
(6,487 |
) |
|
|
2,688 |
|
Non-cash compensation charge |
|
1,879 |
|
|
|
3,297 |
|
(Gains) losses on disposals of assets |
|
(6,134 |
) |
|
|
2,264 |
|
Provision for credit losses, net of recoveries |
|
15 |
|
|
|
120 |
|
Other, net |
|
1,886 |
|
|
|
1,900 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
35,771 |
|
|
|
(37,411 |
) |
Inventories |
|
(1,690 |
) |
|
|
420 |
|
Accounts payable and accrued liabilities |
|
(13,586 |
) |
|
|
4,767 |
|
Taxes payable |
|
9,681 |
|
|
|
(5 |
) |
Other current and noncurrent assets and liabilities, net |
|
(3,415 |
) |
|
|
12,197 |
|
Net cash flows provided by operating activities |
|
74,014 |
|
|
|
56,593 |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(18,405 |
) |
|
|
(21,179 |
) |
Proceeds from dispositions of property, plant and equipment |
|
10,700 |
|
|
|
7,070 |
|
Other, net |
|
183 |
|
|
|
— |
|
Net cash flows used in investing activities |
|
(7,522 |
) |
|
|
(14,109 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Term loan repayments |
|
— |
|
|
|
(22,338 |
) |
Revolving credit borrowings (repayments), net |
|
(9,246 |
) |
|
|
(6,732 |
) |
Debt issuance costs |
|
(2,976 |
) |
|
|
— |
|
Dividends paid |
|
(10,984 |
) |
|
|
(3,731 |
) |
Repurchases of common shares |
|
(24,060 |
) |
|
|
(9,222 |
) |
Taxes paid on vested shares |
|
(1,067 |
) |
|
|
— |
|
Net cash flows used in financing activities |
|
(48,333 |
) |
|
|
(42,023 |
) |
|
|
|
|
||||
Effect of exchange rate changes on cash |
|
(3,572 |
) |
|
|
(598 |
) |
Net change in cash and cash equivalents |
|
14,587 |
|
|
|
(137 |
) |
|
|
|
|
||||
Cash and cash equivalents, beginning of period |
|
3,323 |
|
|
|
7,954 |
|
Cash and cash equivalents, end of period |
$ |
17,910 |
|
|
$ |
7,817 |
|
|
|||||||||||||||
SEGMENT DATA |
|||||||||||||||
(in thousands) |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
|
$ |
57,736 |
|
|
$ |
95,144 |
|
|
$ |
204,423 |
|
|
$ |
280,067 |
|
|
|
116,622 |
|
|
|
87,885 |
|
|
|
316,967 |
|
|
|
247,418 |
|
Other |
|
1,980 |
|
|
|
543 |
|
|
|
9,781 |
|
|
|
2,521 |
|
Total revenues |
$ |
176,338 |
|
|
$ |
183,572 |
|
|
$ |
531,171 |
|
|
$ |
530,006 |
|
|
|
|
|
|
|
|
|
||||||||
EBITDA (1) |
|
|
|
|
|
|
|
||||||||
|
$ |
3,171 |
|
|
$ |
18,154 |
|
|
$ |
31,944 |
|
|
$ |
49,983 |
|
|
|
22,421 |
|
|
|
18,785 |
|
|
|
58,494 |
|
|
|
52,600 |
|
Corporate, other and eliminations |
|
(7,706 |
) |
|
|
(8,896 |
) |
|
|
(25,826 |
) |
|
|
(22,778 |
) |
Total EBITDA |
$ |
17,886 |
|
|
$ |
28,043 |
|
|
$ |
64,612 |
|
|
$ |
79,805 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA (1) |
|
|
|
|
|
|
|
||||||||
|
$ |
3,434 |
|
|
$ |
23,201 |
|
|
$ |
26,454 |
|
|
$ |
55,320 |
|
|
|
22,474 |
|
|
|
18,869 |
|
|
|
64,417 |
|
|
|
52,817 |
|
Corporate, other and eliminations |
|
(7,130 |
) |
|
|
(7,906 |
) |
|
|
(22,374 |
) |
|
|
(20,167 |
) |
Total adjusted EBITDA |
$ |
18,778 |
|
|
$ |
34,164 |
|
|
$ |
68,497 |
|
|
$ |
87,970 |
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss) |
|
|
|
|
|
|
|
||||||||
|
$ |
(8,282 |
) |
|
$ |
10,811 |
|
|
$ |
(2,801 |
) |
|
$ |
9,486 |
|
|
|
12,349 |
|
|
|
9,067 |
|
|
|
30,033 |
|
|
|
23,140 |
|
Corporate, other and eliminations |
|
(4,023 |
) |
|
|
(3,839 |
) |
|
|
(15,857 |
) |
|
|
(10,319 |
) |
Total operating income (loss) |
$ |
44 |
|
|
$ |
16,039 |
|
|
$ |
11,375 |
|
|
$ |
22,307 |
|
|
|
|
|
|
|
|
|
||||||||
(1) Please see Non-GAAP Reconciliation Schedule. |
|
|||||||||||||||
NON-GAAP RECONCILIATIONS |
|||||||||||||||
(in thousands) |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
|
Twelve Months
|
||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
EBITDA (1) |
$ |
17,886 |
|
$ |
28,043 |
|
$ |
64,612 |
|
$ |
79,805 |
|
$ |
113,744 |
|
Adjusted EBITDA (1) |
$ |
18,778 |
|
$ |
34,164 |
|
$ |
68,497 |
|
$ |
87,970 |
|
$ |
87,021 |
|
Free Cash Flow (2) |
$ |
28,278 |
|
$ |
31,721 |
|
$ |
66,309 |
|
$ |
42,484 |
|
|
||
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 |
|
|
The following table sets forth a reconciliation of EBITDA and Adjusted EBITDA to net income (loss) attributable to |
|
Three Months Ended
|
|
Nine Months Ended
|
|
Twelve Months
|
||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) attributable to |
$ |
(5,091 |
) |
|
$ |
9,022 |
|
|
$ |
(1,997 |
) |
|
$ |
7,132 |
|
|
$ |
21,028 |
|
Income tax expense (benefit) |
|
3,862 |
|
|
|
(1,214 |
) |
|
|
9,199 |
|
|
|
2,897 |
|
|
|
16,935 |
|
Depreciation and amortization |
|
17,440 |
|
|
|
16,914 |
|
|
|
51,269 |
|
|
|
59,277 |
|
|
|
67,134 |
|
Interest income |
|
(50 |
) |
|
|
(44 |
) |
|
|
(147 |
) |
|
|
(126 |
) |
|
|
(193 |
) |
Interest expense |
|
1,725 |
|
|
|
3,365 |
|
|
|
6,288 |
|
|
|
10,625 |
|
|
|
8,840 |
|
EBITDA |
$ |
17,886 |
|
|
$ |
28,043 |
|
|
$ |
64,612 |
|
|
$ |
79,805 |
|
|
$ |
113,744 |
|
Adjustments to EBITDA |
|
|
|
|
|
|
|
|
|
||||||||||
Impairment of long-lived assets (a) |
|
— |
|
|
|
— |
|
|
|
7,823 |
|
|
|
— |
|
|
|
9,218 |
|
Net (gain) loss on disposition of |
|
171 |
|
|
|
4,868 |
|
|
|
(5,817 |
) |
|
|
4,868 |
|
|
|
(38,983 |
) |
Share-based compensation (c) |
|
721 |
|
|
|
1,253 |
|
|
|
1,879 |
|
|
|
3,297 |
|
|
|
3,042 |
|
Adjusted EBITDA |
$ |
18,778 |
|
|
$ |
34,164 |
|
|
$ |
68,497 |
|
|
$ |
87,970 |
|
|
$ |
87,021 |
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
(b) |
Relates to proceeds received and expenses incurred associated with the dismantlement and sale of the |
|
|
||
(c) |
Represents share-based compensation expense associated with performance share awards, restricted share awards, restricted share units and deferred share awards. |
|
|
||
(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. |
|
|
||
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
|
|
Nine Months Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Net Cash Flows Provided by Operating Activities |
$ |
35,671 |
|
|
$ |
36,832 |
|
|
$ |
74,014 |
|
|
$ |
56,593 |
|
Capital expenditures |
|
(7,476 |
) |
|
|
(9,462 |
) |
|
|
(18,405 |
) |
|
|
(21,179 |
) |
Proceeds from dispositions of property, plant and equipment |
|
83 |
|
|
|
4,351 |
|
|
|
10,700 |
|
|
|
7,070 |
|
Free Cash Flow |
$ |
28,278 |
|
|
$ |
31,721 |
|
|
$ |
66,309 |
|
|
$ |
42,484 |
|
(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. 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
|
|
|
|
2024 |
|
|
|
|
|
Total debt |
|
$ |
50,078 |
Less: Cash and cash equivalents |
|
|
17,910 |
Net debt |
|
$ |
32,168 |
|
|
|
|
Adjusted EBITDA for the twelve months ended |
|
$ |
87,021 |
Adjustments to Adjusted EBITDA |
|
|
|
Interest income |
|
|
193 |
Incremental adjustments for |
|
|
13,781 |
Bank-adjusted EBITDA |
|
$ |
100,995 |
|
|
|
|
Net leverage ratio (c) |
|
0.3x |
|
|
|
|
|
(a) See footnote 1 above for reconciliation of Adjusted EBITDA to net income (loss) attributable to |
|||
(b) Related to incremental adjustments associated with the sale of the |
|||
(c) Calculated as net debt divided by bank-adjusted EBITDA |
NON-GAAP RECONCILIATIONS - GUIDANCE (in millions) (unaudited) |
|||||
|
Year Ending
|
||||
|
|
|
|
||
|
$ |
78.2 |
|
$ |
83.2 |
|
$ |
83.0 |
|
$ |
88.0 |
(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
|
||||||
|
(estimated) |
||||||
|
|
|
|
||||
Net loss |
$ |
(11.8 |
) |
|
$ |
(8.8 |
) |
Income tax expense |
|
12.0 |
|
|
|
14.0 |
|
Depreciation and amortization |
|
70.0 |
|
|
|
70.0 |
|
Interest expense |
|
8.0 |
|
|
|
8.0 |
|
EBITDA |
$ |
78.2 |
|
|
$ |
83.2 |
|
|
|
|
|
||||
Adjustments to EBITDA |
|
|
|
||||
Impairment expense |
|
7.8 |
|
|
|
7.8 |
|
Net gain on disposition of |
|
(6.0 |
) |
|
|
(6.0 |
) |
Share-based compensation |
|
3.0 |
|
|
|
3.0 |
|
Adjusted EBITDA |
$ |
83.0 |
|
|
$ |
88.0 |
|
|
|||||||||||
SUPPLEMENTAL QUARTERLY SEGMENT AND OPERATING DATA |
|||||||||||
( |
|||||||||||
(unaudited) |
|||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
||||
Supplemental Operating Data - Canadian Segment |
|
|
|
|
|
|
|
||||
Revenues |
|
|
|
|
|
|
|
||||
Accommodation revenue (1) |
$ |
48,747 |
|
$ |
71,417 |
|
$ |
180,793 |
|
$ |
208,000 |
Mobile facility rental revenue (2) |
|
123 |
|
|
17,314 |
|
|
1,473 |
|
|
54,752 |
Food and other services revenue (3) |
|
8,866 |
|
|
6,413 |
|
|
22,157 |
|
|
17,315 |
Total Canadian revenues |
$ |
57,736 |
|
$ |
95,144 |
|
$ |
204,423 |
|
$ |
280,067 |
|
|
|
|
|
|
|
|
||||
Costs |
|
|
|
|
|
|
|
||||
Accommodation cost |
$ |
38,762 |
|
$ |
46,063 |
|
$ |
132,679 |
|
$ |
150,592 |
Mobile facility rental cost |
|
361 |
|
|
11,636 |
|
|
4,413 |
|
|
37,736 |
Food and other services cost |
|
8,385 |
|
|
5,867 |
|
|
20,839 |
|
|
15,701 |
Indirect other cost |
|
2,544 |
|
|
2,406 |
|
|
8,227 |
|
|
7,693 |
Total Canadian cost of sales and services |
$ |
50,052 |
|
$ |
65,972 |
|
$ |
166,158 |
|
$ |
211,722 |
|
|
|
|
|
|
|
|
||||
Average daily rates (4) |
$ |
100 |
|
$ |
98 |
|
$ |
97 |
|
$ |
98 |
|
|
|
|
|
|
|
|
||||
Billed rooms (5) |
|
483,767 |
|
|
726,364 |
|
|
1,846,163 |
|
|
2,093,459 |
|
|
|
|
|
|
|
|
||||
Canadian dollar to |
$ |
0.733 |
|
$ |
0.746 |
|
$ |
0.735 |
|
$ |
0.743 |
|
|
|
|
|
|
|
|
||||
Supplemental Operating Data - Australian Segment |
|
|
|
|
|
|
|
||||
Revenues |
|
|
|
|
|
|
|
||||
Accommodation revenue (1) |
$ |
51,370 |
|
$ |
46,012 |
|
$ |
147,391 |
|
$ |
130,953 |
Food and other services revenue (3) |
|
65,252 |
|
|
41,873 |
|
|
169,576 |
|
|
116,465 |
Total Australian revenues |
$ |
116,622 |
|
$ |
87,885 |
|
$ |
316,967 |
|
$ |
247,418 |
|
|
|
|
|
|
|
|
||||
Costs |
|
|
|
|
|
|
|
||||
Accommodation cost |
$ |
24,783 |
|
$ |
22,404 |
|
$ |
70,990 |
|
$ |
63,670 |
Food and other services cost |
|
58,787 |
|
|
38,898 |
|
|
154,218 |
|
|
110,132 |
Indirect other cost |
|
3,497 |
|
|
2,293 |
|
|
9,009 |
|
|
6,646 |
Total Australian cost of sales and services |
$ |
87,067 |
|
$ |
63,595 |
|
$ |
234,217 |
|
$ |
180,448 |
|
|
|
|
|
|
|
|
||||
Average daily rates (4) |
$ |
79 |
|
$ |
74 |
|
$ |
78 |
|
$ |
76 |
|
|
|
|
|
|
|
|
||||
Billed rooms (5) |
|
647,358 |
|
|
623,436 |
|
|
1,886,647 |
|
|
1,734,004 |
|
|
|
|
|
|
|
|
||||
Australian dollar to |
$ |
0.670 |
|
$ |
0.655 |
|
$ |
0.662 |
|
$ |
0.669 |
|
|
|
|
|
|
|
|
(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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030544227/en/
Vice President, Corporate Development & Investor Relations
713-510-2400
Source: