Civeo Corporation (NYSE:CVEO) Q2 2022 Earnings Conference Call July 29, 2022 11:00 AM ET

Company Participants

Regan Nielsen - Director, Corporate Development and IR

Bradley Dodson - President and CEO

Carolyn Stone - Senior Vice President, CFO and Treasurer

Conference Call Participants

Stephen Gengaro - Stifel

Steve Ferezani - Sidoti & Company

Operator

Greetings. Welcome to the Civeo Corporation Second 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]

Please note the conference is being recorded. At this time, I’ll now turn the conference over to Regan Nielsen, Director of Corporate Development and Investor Relations. Regan, you may begin.

Regan Nielsen

Thank you. And welcome to Civeo’s second 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, Reagan. And thank you all for joining us today on our second quarter earnings call. I’ll start with key takeaways for the second quarter and then give a brief summary of our second quarter of 2022 performance, after which Carolyn will provide a financial and segment level review and I’ll conclude with our updated full year 2022 guidance and the regional assumptions that underlie that guidance, then we’ll open up the call for questions.

The key takeaways from our call today are, we had a strong second quarter, with year-over-year revenues up 20% and adjusted EBITDA 15%, primarily driven by an increase in Canadian lodge build rooms and increase Canadian mobile camp activity, as well as an increase in Australian village builders segment, where performance coupled with improving customer demand drove our upward revision to our full year guidance.

We continue to be encouraged by customer conversations and increasing customer activity and robust pipeline construction work particularly in Canada and expect increased maintenance and turnaround spending for the remainder of the year. As a result, we are raising the upper end of our full year 2022 adjusted EBITDA guidance, which I’ll detail later in the call.