Civeo Corporation (NYSE:CVEO) Q1 2022 Earnings Conference Call April 29, 2022 11:00 AM ET

Company Participants

Regan Nielsen - Senior Director, Corporate Development and Investor Relations

Bradley Dodson - President and Chief Executive Officer

Carolyn Stone - Senior Vice President, Chief Financial Officer and Treasurer

Conference Call Participants

Stephen Gengaro - Stifel

Steve Ferezani - Sidoti

Operator

Greetings and welcome to the Civeo Corporation’ First Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I’ll now turn the conference over to Regan Nielsen, Senior Director of Corporate Development and Investor Relations. Thank you. You may begin.

Regan Nielsen

Thank you, and welcome to Civeo's first 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 Form 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 first quarter earnings call. I'll start today with a few key takeaways for the first quarter, and then give a brief summary of our first quarter 2022 performance. After which Carolyn will provide a financial and set overview and I’ll conclude our prepared comments with an updated full year 2022 guidance and the regional assumptions underlying that guidance, and then we'll open up the call for questions.

The key takeaways from our call today are we had strong first quarter with year-over-year revenue growth of 32% and adjusted EBITDA growth of 57%, primarily driven by increased occupancy in our Canadian lodges and Australian villages, coupled with increased Canadian Mobil camp activity. The strong first quarter performance coupled with an improving customer demand drove our upward revision to our full year guidance. While our customers continue to be focused on capital discipline, and returning capital to shareholders, we're having more encouraging customer conversations, especially in Canada related to increased maintenance and turnaround spending for the remainder of the year. Due to these recent customer conversations and updated customer forecasts in terms of headcount, as well as our strong first quarter results, we are raising our full year 2022 revenue adjusted EBITDA guidance, which I will detail later in the call.