Civeo Corporation (NYSE:CVEO) Q2 2023 Earnings Conference Call July 28, 2023 11:00 AM ET

Company Participants

Regan Nielsen - Senior Director, Corporate Development & Investor Relations

Bradley Dodson - President & Chief Executive Officer

Carolyn Stone - Senior Vice President & Chief Financial Officer

Conference Call Participants

Stephen Gengaro - Stifel

Steve Ferazani - Sidoti & Company

Dave Storms - Stonegate

Operator

Greetings. Welcome to the Civeo Corporation Second Quarter 2023 Earnings Call. [Operator Instructions] Please note that this conference is being recorded.

At this time, I'll now turn the conference over to Regan Nielsen, Vice President, Corporate Development and Investor Relations. Regan, you may begin.

Regan Nielsen

Thank you and welcome to Civeo's second quarter 2023 earnings conference call. Today, our call will be led by Bradley Dodson, Civeo's President and Chief Executive Officer; and Carolyn Stone, Civeo's Senior Vice President, Chief Financial Officer and Treasurer.

Before we begin, we would like to caution listeners regarding forward-looking statements. To the extent that our remarks today contain anything other than historical information, please note that we're relying on the safe harbor protections afforded by federal law. Any such remarks should be read in the context of the many factors that affect our business, including risks and uncertainties disclosed in our Form 10-K, 10-Q and other SEC filings.

I'll now turn the call over to Bradley.

Bradley Dodson

Thank you, Regan, and thank you all for joining us today on our second quarter earnings call.

I'll start with the key takeaways for the second quarter and then give a brief summary of our second quarter 2023 performance. Then Carolyn will provide a financial and segment level review, and I'll conclude with our updated full year 2023 guidance with the regional assumptions that underlie that. At that point, we'll open up the call for questions.

The key takeaways from our call today are, second quarter 2023 financial results were in line with our expectations, and highlighted the diversity of our revenue drivers across the business. Our Australian segment performed well during the quarter as we experienced substantial sequential and year-over-year growth in both our own villages business as well as the integrated services business.

Village guests were up 16% year-over-year, and integrated services revenues were up 33%. In both the owned villages and integrated services businesses, we are seeing the benefits of the contract awards that we have announced over the past 12 months. It's important to note that during the quarter, we achieved the highest quarterly Australian-owned village occupancy that we've seen since 2014, led by increased Bowen Basin customer activity, with the Gunnedah Basin Villages contributing as well.