$CVEO
Civeo Corp

2023 Q3 Form 10-Q Financial Statement

#000159058423000103 Filed on July 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $183.6M $178.8M
YoY Change -0.36% -3.3%
Cost Of Revenue $130.3M $131.4M
YoY Change 1.42% 5.44%
Gross Profit $53.30M $47.43M
YoY Change -4.4% -21.37%
Gross Profit Margin 29.03% 26.52%
Selling, General & Admin $20.24M $16.47M
YoY Change 14.48% -6.86%
% of Gross Profit 37.97% 34.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.91M $20.70M
YoY Change -25.19% -10.32%
% of Gross Profit 31.73% 43.65%
Operating Expenses $20.24M $37.26M
YoY Change 14.48% 110.7%
Operating Profit $16.04M $10.17M
YoY Change 48.72% -28.58%
Interest Expense $3.365M -$3.554M
YoY Change 12.13% -236.27%
% of Operating Profit 20.98% -34.94%
Other Income/Expense, Net -$4.709M $427.0K
YoY Change -316.11% 2.89%
Pretax Income $8.009M $7.045M
YoY Change -19.72% -41.54%
Income Tax -$1.200M $2.878M
% Of Pretax Income -14.98% 40.85%
Net Earnings $9.022M $4.463M
YoY Change 57.81% -53.35%
Net Earnings / Revenue 4.91% 2.5%
Basic Earnings Per Share $0.61 $0.30
Diluted Earnings Per Share $0.61 $0.30
COMMON SHARES
Basic Shares Outstanding 14.84M shares 15.05M shares
Diluted Shares Outstanding 14.89M shares 15.00M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.800M $11.42M
YoY Change -6.71% 138.83%
Cash & Equivalents $7.817M $11.42M
Short-Term Investments
Other Short-Term Assets $3.251M $17.20M
YoY Change -15.56% 173.73%
Inventory $6.272M $7.171M
Prepaid Expenses $11.16M $6.165M
Receivables $153.9M $140.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $190.6M $175.9M
YoY Change 15.73% 3.63%
LONG-TERM ASSETS
Property, Plant & Equipment $263.4M $289.6M
YoY Change -14.95% -17.05%
Goodwill $7.290M $7.522M
YoY Change -0.44% -3.54%
Intangibles $77.55M $80.64M
YoY Change -5.43% -9.33%
Long-Term Investments
YoY Change
Other Assets $4.826M $5.343M
YoY Change -8.43% -3.73%
Total Long-Term Assets $366.0M $383.1M
YoY Change -12.58% -18.09%
TOTAL ASSETS
Total Short-Term Assets $190.6M $175.9M
Total Long-Term Assets $366.0M $383.1M
Total Assets $556.6M $559.0M
YoY Change -4.58% -12.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.12M $47.76M
YoY Change 14.92% 5.3%
Accrued Expenses $48.69M $24.24M
YoY Change 50.14% -14.3%
Deferred Revenue $6.884M $3.097M
YoY Change 229.06% -57.32%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.143M $14.66M
YoY Change -74.46% -50.92%
Total Short-Term Liabilities $125.3M $102.7M
YoY Change 6.43% -13.97%
LONG-TERM LIABILITIES
Long-Term Debt $95.85M $121.0M
YoY Change -0.9% -1.64%
Other Long-Term Liabilities $24.11M $31.32M
YoY Change 76.43% 122.62%
Total Long-Term Liabilities $120.0M $152.3M
YoY Change 8.67% 11.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $125.3M $102.7M
Total Long-Term Liabilities $120.0M $152.3M
Total Liabilities $262.6M $266.8M
YoY Change 6.27% -2.58%
SHAREHOLDERS EQUITY
Retained Earnings -$935.9M -$940.0M
YoY Change 2.63% 4.04%
Common Stock $1.628B $1.627B
YoY Change 2.68% 2.66%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.063M $9.063M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $290.7M $292.2M
YoY Change
Total Liabilities & Shareholders Equity $556.6M $559.0M
YoY Change -4.58% -12.31%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $9.022M $4.463M
YoY Change 57.81% -53.35%
Depreciation, Depletion And Amortization $16.91M $20.70M
YoY Change -25.19% -10.32%
Cash From Operating Activities $36.80M $19.40M
YoY Change -5.01% -10.49%
INVESTING ACTIVITIES
Capital Expenditures $9.462M $6.945M
YoY Change 7.29% 37.39%
Acquisitions
YoY Change
Other Investing Activities $4.400M $454.0K
YoY Change -49.27% -51.6%
Cash From Investing Activities -$5.100M -$6.491M
YoY Change 3393.15% 57.66%
FINANCING ACTIVITIES
Cash Dividend Paid $3.700M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -35.10M -13.49M
YoY Change 5.69% -27.28%
NET CHANGE
Cash From Operating Activities 36.80M 19.40M
Cash From Investing Activities -5.100M -6.491M
Cash From Financing Activities -35.10M -13.49M
Net Change In Cash -3.400M -577.0K
YoY Change -163.15% -41.6%
FREE CASH FLOW
Cash From Operating Activities $36.80M $19.40M
Capital Expenditures $9.462M $6.945M
Free Cash Flow $27.34M $12.46M
YoY Change -8.64% -25.06%

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CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
5538000 usd
CY2023Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
0 usd
CY2023Q2 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipment
8204000 usd
CY2022Q4 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipment
8653000 usd
CY2023Q2 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
8204000 usd
CY2022Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
8653000 usd
CY2023Q2 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
4463000 usd
CY2022Q2 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
9078000 usd
us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
-1890000 usd
us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
10001000 usd
CY2023Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 usd
CY2022Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
1356000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
1497000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
4463000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
7722000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1890000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8504000 usd
CY2023Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
0 usd
CY2022Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
-1356000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
0 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
-1497000 usd
CY2023Q2 cveo Undistributed Earnings Loss Reallocated To Participating Securities Diluted
UndistributedEarningsLossReallocatedToParticipatingSecuritiesDiluted
0 usd
CY2022Q2 cveo Undistributed Earnings Loss Reallocated To Participating Securities Diluted
UndistributedEarningsLossReallocatedToParticipatingSecuritiesDiluted
1346000 usd
cveo Undistributed Earnings Loss Reallocated To Participating Securities Diluted
UndistributedEarningsLossReallocatedToParticipatingSecuritiesDiluted
0 usd
cveo Undistributed Earnings Loss Reallocated To Participating Securities Diluted
UndistributedEarningsLossReallocatedToParticipatingSecuritiesDiluted
1483000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
4463000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
7732000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1890000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
8518000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14970000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14148000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15064000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14122000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
30000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
127000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
149000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15000000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14275000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15064000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14271000 shares
CY2023Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.30
CY2022Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.55
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.13
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.60
CY2023Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.30
CY2022Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.54
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.13
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.60
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
136105000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
132037000 usd
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
442000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1084000 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
135663000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
130953000 usd
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
14664000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
28448000 usd
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
120999000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
102505000 usd
cveo Interest Coverage Ratio
InterestCoverageRatio
3.00
CY2023Q2 cveo Number Of Tax Jurisdictions
NumberOfTaxJurisdictions
3 jurisdiction
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2900000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.409
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1800000 usd
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.151
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4100000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
2.090
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-200000 usd
CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-385200000 usd
CY2023Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-385400000 usd
CY2023Q2 us-gaap Translation Adjustment Functional To Reporting Currency Net Of Tax
TranslationAdjustmentFunctionalToReportingCurrencyNetOfTax
186000000 cad
CY2023Q2 us-gaap Translation Adjustment Functional To Reporting Currency Net Of Tax
TranslationAdjustmentFunctionalToReportingCurrencyNetOfTax
217000000 aud
CY2022Q3 cveo Stock Repurchase Program Authorized Amount Percentage
StockRepurchaseProgramAuthorizedAmountPercentage
0.050
CY2021Q3 cveo Stock Repurchase Program Authorized Amount Percentage
StockRepurchaseProgramAuthorizedAmountPercentage
0.050
CY2022Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
685000 shares
CY2021Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
715000 shares
CY2021Q3 us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P12M
CY2022Q3 us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P12M
CY2023Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
4199000 usd
CY2022Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
533000 usd
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
7970000 usd
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
542000 usd
CY2023Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
212200 shares
CY2022Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
22400 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
380900 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
22900 shares
CY2023Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
19.75
CY2022Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
23.76
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
20.90
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
23.65
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
3028667 shares
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
300000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
300000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
500000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
700000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
178843000 usd
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
20701000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
10172000 usd
CY2023Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6945000 usd
CY2023Q2 us-gaap Assets
Assets
558962000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
184954000 usd
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
23083000 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
14242000 usd
CY2022Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5055000 usd
CY2022Q2 us-gaap Assets
Assets
637397000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
346434000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
42363000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
6268000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11717000 usd
CY2023Q2 us-gaap Assets
Assets
558962000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
350632000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
43210000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
18479000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8647000 usd
CY2022Q2 us-gaap Assets
Assets
637397000 usd

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