Civeo Corporation (NYSE:CVEO) Q2 2024 Earnings Conference Call July 30, 2024 11:00 AM ET

Company Participants

Regan Nielsen - VP, Corporate Development and IR
Bradley Dodson - President and CEO
Barclay Brewer - Interim CFO and Treasurer

Conference Call Participants

Stephen Gengaro - Stifel
Steve Ferazani - Sidoti & Company
Dave Storms - Stonegate
Sean Mitchell - Daniel Energy Partners
Stephen Gengaro - Stifel

Operator

Ladies and gentlemen, good morning, and welcome to the Civeo Corporation Second Quarter 2024 Earnings Conference 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. Please go ahead.

Regan Nielsen

Thank you. And welcome to Civeo's second 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, Regan, and thank you all for joining us today on our second quarter earnings call. I'll start with some key takeaways on the second quarter, and then give a brief summary of our second quarter 2024 performance. And Barclay will provide a financial and segment-level review, and I'll conclude our prepared comments - updated comments on our full year 2024 guidance, and the underlying regional assumptions. Then we'll open the call for questions.

Key takeaways from our call today are, our second quarter results demonstrate the initiatives that we have undertaken, to position the company for growth that can be seen in our Australian results.

Our second quarter 2024 revenues and free cash flow improved year-over-year, with adjusted EBITDA relatively flat despite the expected headwind on that we experienced from Canadian LNG mobile camp activity, which decreased our adjusted EBITDA by $6.9 million year-over-year.

Australian adjusted EBITDA increased by 10%, compared to the second quarter of 2023, due to continued strength in our billed rooms at our own villages, and increased activity in our integrated services business as we expand existing customer relationships.