Civeo Corporation (NYSE:CVEO) Q1 2024 Earnings Conference Call April 26, 2024 11:00 AM ET

Company Participants

Regan Nielsen - Vice President, Corporate Development and Investor Relations
Bradley Dodson - President and Chief Executive Officer
Barclay Brewer - Interim Chief Financial Officer and Treasurer

Conference Call Participants

Alec Scheibelhoffer - Stifel
Steve Ferazani - Sidoti
Dave Storms - Stonegate

Operator

Greetings and welcome to the Civeo Corporation First Quarter 2024 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 now my pleasure to introduce your host, Regan Nielsen, Vice President, Corporate Development and Investor Relations. Thank you. You may begin.

Regan Nielsen

Thank you and welcome to Civeo’s first quarter 2024 earnings conference call. Today, our call will be led by Bradley Dodson, Civeo’s President and Chief Executive Officer; and Barclay Brewer, Civeo’s Interim 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, Ragan, and thank you all for joining us today on our first quarter earnings call. I’ll start with the key takeaways for the first quarter, then provide a brief summary of our first quarter 2024 performance. Then Barclay will go through the financial and segment level review and I’ll conclude with our updated comments on full year ‘24 guidance and the underlying regional assumptions. We’ll then open the call for questions.

The three key takeaways, one, the first quarter and the full year outlook for 2024 were in line with expectations. As a result, there’s no change to our full year guidance. Secondly, Australia adjusted EBITDA was up 43% compared to first quarter of 2023 due to a particular strength in our billed rooms in our owned-villages. We also benefited from recent contract wins and year-over-year improvement in Australian owned-villages and integrated services business in terms of margin. Lastly, we continue to return capital to shareholders through our quarterly dividend and opportunistic share repurchases.