Civeo Corporation (NYSE:CVEO) Q3 2022 Earnings Conference Call October 28, 2022 11:00 AM ET
Company Participants
Regan Nielsen - Director, Corporate Development & IR
Bradley Dodson - President & CEO
Carolyn Stone - SVP, CFO & Treasurer
Conference Call Participants
Stephen Gengaro - Stifel
Steve Ferezani - Sidoti & Company
John Daniel - Daniel Energy Partners
Operator
Greetings, and welcome to the Civeo Corporation Third Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is my pleasure to introduce your host Regan Nielsen, Senior Director, Investor Relations. Thank you, Mr. Nielsen. You may begin.
Regan Nielsen
Thank you, and welcome to Civeo's third quarter 2022 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 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 Forms 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 third quarter earnings call. I'll start with the key takeaways for the third quarter and then give a brief summary of our third quarter 2022 performance, after which Carolyn will provide a financial and segment level review. And I will conclude with our updated full year 2022 guidance, and the regional assumptions underlying that guidance. I will also provide preliminary comments regarding our 2023 outlook. And then, we will open the call for questions.
Key takeaways from our call are, we had strong third quarter and year-over-year revenues up 19% and adjusted EBITDA of 34% driven by increased activity across all three geographic segments. Our occupancy related to pipeline construction is expected to continue into 2023, which will result in continued Canadian mobile camp activity through the end of 2022 and into 2023. This development will push our demobilization costs of those camps end of 2023.
The strong third quarter performance coupled with the deferral of the Canadian mobile camp demobilizations from 2022 into 2023, drove the increase to our full year guidance, which I will detail later in the call. We generated $38.6 million of free cash flow in the quarter, which led to a significant milestone of us reducing our net leverage to below 1.0 times.