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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

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CVEO

CVEO fundamentals

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