$CVEO
Civeo Corp

2020 Q1 Form 10-Q Financial Statement

#000159058420000085 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $138.8M $108.6M
YoY Change 27.86% 6.94%
Cost Of Revenue $98.50M $74.50M
YoY Change 32.21% -3.62%
Gross Profit $35.48M $28.92M
YoY Change 22.68% 21.5%
Gross Profit Margin 25.56% 26.64%
Selling, General & Admin $13.94M $16.10M
YoY Change -13.41% -2.53%
% of Gross Profit 39.28% 55.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.50M $30.78M
YoY Change -17.15% 0.06%
% of Gross Profit 71.88% 106.44%
Operating Expenses $13.94M $16.10M
YoY Change -13.41% -2.53%
Operating Profit -$149.1M -$17.89M
YoY Change 733.11% -65.93%
Interest Expense $5.595M $6.635M
YoY Change -15.67% 13.96%
% of Operating Profit
Other Income/Expense, Net $25.00K $2.978M
YoY Change -99.16% 31.83%
Pretax Income -$154.6M -$21.52M
YoY Change 618.41% -61.58%
Income Tax -$8.800M -$4.500M
% Of Pretax Income
Net Earnings -$146.1M -$17.04M
YoY Change 757.27% -69.28%
Net Earnings / Revenue -105.24% -15.7%
Basic Earnings Per Share -$10.43 -$1.27
Diluted Earnings Per Share -$10.43 -$1.27
COMMON SHARES
Basic Shares Outstanding 14.04M shares 165.3M shares
Diluted Shares Outstanding 14.04M shares 165.3M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.600M $8.000M
YoY Change -30.0% -80.95%
Cash & Equivalents $5.558M $7.992M
Short-Term Investments
Other Short-Term Assets $11.38M $3.702M
YoY Change 207.35% 143.07%
Inventory $6.050M $4.276M
Prepaid Expenses $4.996M $5.565M
Receivables $91.87M $73.51M
Other Receivables $0.00 $0.00
Total Short-Term Assets $126.2M $103.1M
YoY Change 22.39% -20.51%
LONG-TERM ASSETS
Property, Plant & Equipment $465.1M $650.9M
YoY Change -28.55% 0.6%
Goodwill $6.909M $119.2M
YoY Change -94.2%
Intangibles $98.94M $111.5M
YoY Change -11.29% 282.62%
Long-Term Investments
YoY Change
Other Assets $837.0K $1.048M
YoY Change -20.13% -3.68%
Total Long-Term Assets $593.3M $904.9M
YoY Change -34.43% 33.61%
TOTAL ASSETS
Total Short-Term Assets $126.2M $103.1M
Total Long-Term Assets $593.3M $904.9M
Total Assets $719.5M $1.008B
YoY Change -28.62% 24.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.26M $30.05M
YoY Change 43.94% 14.11%
Accrued Expenses $16.16M $13.37M
YoY Change 20.88% 7.67%
Deferred Revenue $8.250M $3.598M
YoY Change 129.29%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $32.14M $34.07M
YoY Change -5.65% 110.62%
Total Short-Term Liabilities $106.0M $91.07M
YoY Change 16.45% 50.51%
LONG-TERM LIABILITIES
Long-Term Debt $280.9M $346.8M
YoY Change -19.0% 14.77%
Other Long-Term Liabilities $17.07M $16.40M
YoY Change 4.04% -33.47%
Total Long-Term Liabilities $298.0M $363.2M
YoY Change -17.96% 11.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $106.0M $91.07M
Total Long-Term Liabilities $298.0M $363.2M
Total Liabilities $422.6M $486.7M
YoY Change -13.17% 25.63%
SHAREHOLDERS EQUITY
Retained Earnings -$918.1M -$728.7M
YoY Change 25.99% 14.91%
Common Stock $1.574B $1.565B
YoY Change 0.63% 12.51%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.914M $5.471M
YoY Change 26.38% 474.68%
Treasury Stock Shares 3.120M shares 2.099M shares
Shareholders Equity $296.4M $521.3M
YoY Change
Total Liabilities & Shareholders Equity $719.5M $1.008B
YoY Change -28.62% 24.91%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$146.1M -$17.04M
YoY Change 757.27% -69.28%
Depreciation, Depletion And Amortization $25.50M $30.78M
YoY Change -17.15% 0.06%
Cash From Operating Activities $20.84M $6.341M
YoY Change 228.61% 123.43%
INVESTING ACTIVITIES
Capital Expenditures $2.651M $9.679M
YoY Change -72.61% 259.01%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $0.00 -$1.518M
YoY Change -100.0% 1280.0%
Cash From Investing Activities -$2.579M -$3.704M
YoY Change -30.37% -84.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $8.109M $8.608M
YoY Change -5.8% 111.03%
Cash From Financing Activities -$15.63M -$7.494M
YoY Change 108.58% -124.2%
NET CHANGE
Cash From Operating Activities $20.84M $6.341M
Cash From Investing Activities -$2.579M -$3.704M
Cash From Financing Activities -$15.63M -$7.494M
Net Change In Cash $2.227M -$4.380M
YoY Change -150.84% -146.95%
FREE CASH FLOW
Cash From Operating Activities $20.84M $6.341M
Capital Expenditures $2.651M $9.679M
Free Cash Flow $18.19M -$3.338M
YoY Change -644.82% -2450.7%

Facts In Submission

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CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-17498000 USD
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-146538000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-17498000 USD
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-146538000 USD
CY2019Q1 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
-17498000 USD
CY2020Q1 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
-146538000 USD
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-17893000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-149069000 USD
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
21231000 USD
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
18527000 USD
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
24876000 USD
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
21558000 USD
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1434000 USD
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1379000 USD
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
7904000 USD
CY2020Q1 us-gaap Other Assets Current
OtherAssetsCurrent
11378000 USD
CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1276000 USD
CY2020Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
837000 USD
CY2020Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-48400000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
5379000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-48541000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
5379000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-48541000 USD
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
8741000 USD
CY2020Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
5785000 USD
CY2019Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
16592000 USD
CY2020Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
17066000 USD
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
410000 USD
CY2020Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-693000 USD
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2978000 USD
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2651000 USD
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
25000 USD
CY2020Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1442000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9679000 USD
CY2019Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
65000 USD
CY2020Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
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CY2019Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-1518000 USD
CY2020Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4282000 USD
CY2019Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
459000 USD
CY2020Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
468000 USD
CY2019Q4 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
93627000 USD
CY2020Q1 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
94096000 USD
CY2019Q4 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2020Q1 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
9042 shares
CY2020Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
9042 shares
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
9042 shares
CY2020Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
9042 shares
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
58129000 USD
CY2020Q1 us-gaap Preferred Stock Value
PreferredStockValue
58597000 USD
CY2019Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
7247000 USD
CY2020Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4996000 USD
CY2019Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
80324000 USD
CY2020Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
74287000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
4457000 USD
CY2020Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
72000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
-17039000 USD
CY2020Q1 us-gaap Profit Loss
ProfitLoss
-145812000 USD
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1854635000 USD
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1693293000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
590309000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
465087000 USD
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-32000 USD
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
54000 USD
CY2019Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
74928000 USD
CY2020Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
80367000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
8608000 USD
CY2020Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
8109000 USD
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-771590000 USD
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-918128000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
108550000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
138792000 USD
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
CY2020Q1 us-gaap Translation Adjustment Functional To Reporting Currency Net Of Tax
TranslationAdjustmentFunctionalToReportingCurrencyNetOfTax
100000000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
169948000 USD
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
93580000 USD
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
48682000 USD
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
20239000 USD
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
7447000 USD
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P9M
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16096000 USD
CY2020Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13937000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
18700000 shares
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
490143000 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
296393000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
535424000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
521317000 USD
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
490805000 USD
CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
296945000 USD
CY2020Q1 us-gaap Translation Adjustment Functional To Reporting Currency Net Of Tax
TranslationAdjustmentFunctionalToReportingCurrencyNetOfTax
400000000
CY2019Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
2099636 shares
CY2020Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
3120264 shares
CY2019Q4 us-gaap Treasury Stock Value
TreasuryStockValue
5472000 USD
CY2020Q1 us-gaap Treasury Stock Value
TreasuryStockValue
6914000 USD
CY2019Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 USD
CY2020Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 USD
CY2019Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
0 USD
CY2020Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
0 USD
CY2020Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
3400000 USD
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
165330000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
168519000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
165330000 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
168519000 shares
CY2020Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
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