Civeo Corporation (NYSE:CVEO) Q4 2023 Earnings Conference Call February 29, 2024 11:00 AM ET

Company Participants

Regan Nielsen - Vice President, Corporate Development & Investor Relations

Bradley Dodson - President & Chief Executive Officer

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

Conference Call Participants

Stephen Gengaro - Stifel

Steve Ferazani - Sidoti & Company

Dave Storms - Stonegate

Operator

Greetings. Welcome to the Civeo Corporation's Fourth Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. The question-and-answer session will follow today's formal presentation. [Operator Instructions] Please note that this conference is being recorded.

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

Regan Nielsen

Thank you, and welcome to Civeo's fourth quarter and full year 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 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 fourth quarter and full year earnings call. We had a solid end to the year, having reached and exceeded our target leverage ratio. We are entering into 2024 with financial strength and flexibility to execute on our capital allocation strategy, including looking to identify and execute on growth opportunities.

This morning I'll review our fourth quarter 2023 performance and Carolyn will provide a financial and segment-level review, and I'll conclude with our initial full year 2024 guidance and the underlying rate regional assumptions. Lastly, we'll open up the call for questions.

I'll begin with a few important highlights. Our fourth quarter 2023 revenues adjusted EBITDA and free cash flow exceeded our expectations. Australian adjusted EBITDA increased 64% compared to the fourth quarter of 2022, due to particular strength in our build rooms at our own villages where we posted our third consecutive quarter of record performance.