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- **Share Buyback Momentum**: 69% of 20% buyback authorization completed, with 100% of free cash flow allocated to repurchases.
- **Australia Resilience**: 7% revenue growth and 9% EBITDA expansion, despite met coal headwinds, with integrated services on track for AUD $500M by 2027.
- **Canada Turnaround**: 35% gross profit improvement through cost-cutting, positioning for mobile camp deployment in infrastructure projects.
- **Mobile Camp Growth**: 3,500 rooms available for deployment, targeting 2027-2028 projects with potential $5M-$30M incremental CapEx if demand materializes.

**【CEO Summary Section】**
- **Share Repurchase Progress**: Repurchased 1 million shares in Q3, completing 69% of the 20% buyback authorization. Net leverage ratio remains at 2.1x, with plans to use 100% of free cash flow for buybacks.
- **Australia Growth**: Australian revenues rose 7% YoY to $124.5M, driven by the acquisition of 4 Bowen Basin villages. Integrated services on track for AUD $500M by 2027, despite near-term softness in met coal demand.
- **Canada Cost-Cutting**: Canadian gross profit increased 35% YoY through 25% headcount reduction and operational streamlining. Focus shifting to deploying 3,500 mobile camp rooms for infrastructure projects.

**【CFO Financial Commentary】**
- **Q3 Financials**: Total revenue $170.5M, net loss $0.5M, adjusted EBITDA $28.8M. Australia EBITDA up 9% YoY to $26.7M; Canada EBITDA improved to $8M from $3.4M YoY.
- **Capital Structure**: Net debt $176M, liquidity $70M. Capital expenditures $5.6M (down 25% YoY), focused on maintenance and WiFi upgrades.

**【Q&A Highlights】**
- **2026 Outlook**: Australia expected to remain stable with integrated services growth; Canada lodge occupancy stabilizing, with mobile camp deployment as key growth driver.
- **Mobile Camp Deployment**: 2,500 deployable rooms and 1,000 attached to lodges targeting infrastructure projects in Canada and U.S. Potential 2027-2028 financial impact if projects win FIDs.
- **Cost Management**: Ongoing focus on operational efficiency in both regions; Australia faces staffing challenges but remains committed to integrated services expansion.

Civeo Corporation (CVEO) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

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Current Income Tax

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Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Diluted EPS from Discontinued Operations

CVEO

CVEO fundamentals

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