Civeo Corp (CVEO) 2022 Q4 法說會逐字稿

Greetings. Welcome to Civeo Corporation Fourth Quarter 2022 Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎來到 Civeo Corporation 2022 年第四季度財報電話會議。 （操作員說明）請注意，正在錄製此會議。

I will now turn the conference over to Regan Nielsen, Senior Director Corporate Development and Investor Relations. Thank you. You may begin.

我現在將會議轉交給企業發展和投資者關係高級總監 Regan Nielsen。謝謝。你可以開始了。

Thank you, and welcome to Civeo's Fourth Quarter 2022 Earnings Conference Call.

謝謝，歡迎來到 Civeo 2022 年第四季度收益電話會議。

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.

今天，我們的電話會議將由 Civeo 總裁兼首席執行官 Bradley Dodson 主持； Civeo 的高級副總裁、首席財務官兼財務主管 Carolyn Stone。

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.

在我們開始之前，我們想提醒聽眾注意前瞻性陳述。如果我們今天的言論包含歷史信息以外的任何內容，請注意我們依賴聯邦法律提供的安全港保護。任何此類評論都應結合影響我們業務的許多因素來閱讀，包括我們在 10-K 表格、10-Q 表格和其他 SEC 文件中披露的風險和不確定性。

I'll now turn the call over to Bradley.

我現在將電話轉給布拉德利。

Thank you, Regan, and thank you all for joining us today on our fourth quarter earnings call.

謝謝你，裡根，感謝大家今天加入我們的第四季度財報電話會議。

I'll start with the key takeaways and then give a brief summary of our fourth quarter and full year 2022 performance. Carolyn will then provide a financial and segment-level review, and I'll conclude with our initial full year 2023 consolidated guidance and regional assumptions. Then we'll open up the call for questions.

我將從關鍵要點開始，然後簡要總結我們第四季度和 2022 年全年的表現。卡羅琳隨後將提供財務和細分層面的審查，我將以我們最初的 2023 年全年綜合指導和區域假設作為結尾。然後我們將打開問題電話。

The key takeaways from our call today are that the business continued to generate cash, which is supporting our ongoing capital allocation priorities of reducing debt and returning capital to shareholders. For the full year 2022, Civeo generated $83 million in free cash flow and made debt repayments of $34 million.

我們今天電話會議的主要收穫是，該業務繼續產生現金，這支持我們正在進行的資本分配優先事項，即減少債務和向股東返還資本。 2022 年全年，Civeo 產生了 8300 萬美元的自由現金流，並償還了 3400 萬美元的債務。

During 2022, we also used over 50% of our free cash flow to repurchase the equivalent of 1.5 million common shares for $45 million. This included a repurchase of 40% of the then outstanding preferred shares, which coupled with the conversion of the remaining preferred shares into common shares in December, resulting in only 1 class of shares outstanding at year-end, just the common shares.

2022 年期間，我們還使用超過 50% 的自由現金流以 4500 萬美元回購了相當於 150 萬股普通股的股票。這包括回購當時發行在外的優先股的 40%，加上在 12 月將剩餘的優先股轉換為普通股，導致年末只有一類流通在外的股票，即普通股。

In the fourth quarter, Civeo delivered $15.1 million of adjusted EBITDA and $25.8 million of free cash flow. We recently announced 2 significant 5-year contracts with existing customers in Australia. This is a signal of our strong customer relationships and operational execution. We are encouraged by our customers' willingness to commit to longer-term contracts and to secure their room supply with Civeo. In both cases, Civeo expanded its market share with the customer.

第四季度，Civeo 實現了 1510 萬美元的調整後 EBITDA 和 2580 萬美元的自由現金流。我們最近宣布了與澳大利亞現有客戶簽訂的 2 份為期 5 年的重要合同。這是我們強大的客戶關係和運營執行力的一個信號。客戶願意與 Civeo 簽訂長期合同並確保他們的房間供應，這讓我們深受鼓舞。在這兩種情況下，Civeo 都擴大了其在客戶中的市場份額。

The diversity in revenue drivers is a key component to Civeo's free cash flow generation strategy. We will continue to seek opportunities to expand our customer base and geographic footprint to reduce volatility in our free cash flow generation. Despite high commodity prices for natural resources extraction that we support, our customers continue to be focused on capital discipline and returning capital to their shareholders at the expense of increased maintenance and production spending. This capital spending is ultimately what drives occupancy at Civeo's Canadian lodges and Australian villages.

收入驅動因素的多樣性是 Civeo 自由現金流生成戰略的關鍵組成部分。我們將繼續尋找機會擴大我們的客戶群和地理足跡，以減少我們自由現金流產生的波動性。儘管我們支持自然資源開采的高商品價格，但我們的客戶繼續關注資本紀律，並以增加維護和生產支出為代價向股東返還資本。這種資本支出最終推動了 Civeo 的加拿大旅館和澳大利亞村莊的入住率。

As we've mentioned on past earnings calls, inflationary pressures throughout our business were continued in the fourth quarter as winter weather conditions in Canada increased utility costs and the progress we've made on Australian labor issues began to reverse. Even with the severe inflationary headwinds, Civeo continued to generate free cash flow in the fourth quarter, which almost completely offset the $31 million preferred share repurchase made in the quarter.

正如我們在過去的財報電話會議上提到的那樣，由於加拿大的冬季天氣狀況增加了公用事業成本以及我們在澳大利亞勞工問題上取得的進展開始逆轉，第四季度我們整個業務的通脹壓力仍在繼續。即使面臨嚴重的通脹逆風，Civeo 在第四季度繼續產生自由現金流，這幾乎完全抵消了本季度進行的 3100 萬美元優先股回購。

Let me take a moment to provide a business update across our 3 segments. In Canada, our fourth quarter revenues and adjusted EBITDA decreased year-over-year, primarily related to several items that benefited the fourth quarter of 2021, coupled with cost inflation across Canada. Carolyn will walk you through these items later in the call.

讓我花點時間介紹一下我們 3 個細分市場的業務更新。在加拿大，我們第四季度的收入和調整後的 EBITDA 同比下降，這主要與受益於 2021 年第四季度的幾個項目以及加拿大的成本通脹有關。 Carolyn 將在稍後的通話中向您介紹這些項目。

As expected, our lodges experienced lower build room sequentially related to the wind down of seasonal turnaround activity at the end of the third quarter and typical holiday downtime in the fourth quarter. Our Australian results in the quarter were in line with expectations despite higher-than-expected labor costs in our integrated services business. Our Bowen Basin occupancy was better than expected but did reflect some typical holiday downtime sequentially.

正如預期的那樣，與第三季度末季節性周轉活動的結束和第四季度典型的假期停機時間相關，我們的旅館建築空間依次下降。儘管我們綜合服務業務的勞動力成本高於預期，但我們本季度在澳大利亞的業績符合預期。我們的 Bowen Basin 入住率好於預期，但確實反映了一些典型的假期停機時間。

Adjusted EBITDA in the fourth quarter modestly decreased year-over-year as a result of the weakness of the Australian dollar and increased labor costs in our integrated services business, partially offset by increased occupancy in the Bowen Basin.

由於澳元疲軟和我們綜合服務業務的勞動力成本增加，第四季度調整後的 EBITDA 同比小幅下降，部分被博文盆地的入住率增加所抵消。

In the fourth quarter, our Australian business was awarded two 5-year contract renewals, 1 for our Civeo owned villages in the Bowen Basin and 1 for our integrated services business in Western Australia. In both cases, these contract renewals retained Civeo's previous work with the customers and granted us additional locations and additional room commitments while taking share from competitors.

在第四季度，我們的澳大利亞業務獲得了兩項為期 5 年的續簽合同，一份是我們在 Bowen 盆地的 Civeo 擁有的村莊，另一份是我們在西澳大利亞的綜合服務業務。在這兩種情況下，這些續簽合同都保留了 Civeo 之前與客戶的合作，並授予我們更多的地點和額外的房間承諾，同時從競爭對手那裡獲得份額。

Turning briefly to the U.S. We completed the divestiture of our U.S. offshore business in the fourth quarter. We were unfortunately unable to create scale in the business despite the sales and service efforts of our team. Our U.S. business now consists of our Killdeer Lodge in North Dakota and the Bakken and our Acadian Acres Lodge near Lake Charles, Louisiana.

簡要談談美國。我們在第四季度完成了美國離岸業務的剝離。不幸的是，儘管我們團隊在銷售和服務方面做出了努力，但我們仍無法擴大業務規模。我們的美國業務現在包括位於北達科他州和巴肯的 Killdeer Lodge 以及位於路易斯安那州查爾斯湖附近的 Acadian Acres Lodge。

Turning to our balance sheet. Our net leverage ratio was 1.1x at year-end, down from 1.5x at the year-end 2021, but increased slightly from the third quarter net leverage ratio of 0.9x. The sequential increase was largely due to the preferred share repurchase in the quarter as well as a year-over-year decrease in our fourth quarter adjusted EBITDA.

轉向我們的資產負債表。我們年末的淨槓桿率為 1.1 倍，低於 2021 年底的 1.5 倍，但比第三季度 0.9 倍的淨槓桿率略有上升。環比增長主要是由於本季度優先股回購以及我們第四季度調整後的 EBITDA 同比下降。

With that, I'll turn the call over to Carolyn.

有了這個，我會把電話轉給卡洛琳。

Thank you, Bradley, and thank you all for joining us this morning.

謝謝你，布拉德利，感謝大家今天早上加入我們。

Today, we reported total revenues in the fourth quarter of $162.2 million with a GAAP net loss of $13 million or $1.31 loss per share -- per diluted share. During the fourth quarter, we generated adjusted EBITDA of $15.1 million, operating cash flow of $29.4 million and free cash flow of $25.8 million. The decreased adjusted EBITDA we experienced in the fourth quarter of 2022 as compared to the same period in 2021 can be categorized in 4 buckets.

今天，我們報告第四季度的總收入為 1.622 億美元，GAAP 淨虧損為 1300 萬美元或每股虧損 1.31 美元 - 稀釋後的每股收益。第四季度，我們產生了 1510 萬美元的調整後 EBITDA、2940 萬美元的運營現金流和 2580 萬美元的自由現金流。與 2021 年同期相比，我們在 2022 年第四季度經歷的調整後 EBITDA 減少可分為 4 個類別。

First, there was approximately $8.5 million of nonoperating items such as the impact of a stronger U.S. dollar relative to the Canadian Australian dollar, and increased stock-based compensation expense due to a higher stock price in the fourth quarter of '22 as well as larger gains on sales of assets in the fourth quarter of 2021. Next, we had $3.3 million of customer and insurance settlements, which positively impacted the fourth quarter of 2021.

首先，大約有 850 萬美元的非經營性項目，例如美元相對於加元走強的影響，以及由於 22 年第四季度股價上漲以及更大的股票價格而增加的股票補償費用2021 年第四季度資產銷售收益。接下來，我們有 330 萬美元的客戶和保險結算，這對 2021 年第四季度產生了積極影響。

We also saw a further approximately $2.9 million increase in SG&A expense, largely related to higher information technology expenses as well as professional fees. And finally, approximately $4.7 million of increased operating costs, which were largely driven by inflationary pressures for labor, food and utilities, partially offset by increased Australia village occupancy.

我們還看到 SG&A 費用進一步增加了約 290 萬美元，這主要與更高的信息技術費用和專業費用有關。最後，運營成本增加約 470 萬美元，這主要是由於勞動力、食品和公用事業的通貨膨脹壓力，部分被澳大利亞村莊入住率的增加所抵消。

For the full year 2022, we reported revenues of $697.1 million and a net loss of $2.2 million or $0.21 per diluted share. In 2022, we generated adjusted EBITDA of $112.8 million, a modest increase from our 2021 full year adjusted EBITDA of $109.1 million.

對於 2022 年全年，我們報告的收入為 6.971 億美元，淨虧損為 220 萬美元或攤薄後每股虧損 0.21 美元。 2022 年，我們的調整後 EBITDA 為 1.128 億美元，比 2021 年全年調整後的 EBITDA 1.091 億美元略有增加。

Results from the full year of 2022 reflect the impact of a weakened Australian and Canadian dollar relative to the U.S. dollar, which decreased revenues and adjusted EBITDA by $38.2 million and $8.1 million, respectively. On a constant currency basis, increased build rooms in Canada and Australia, and stronger Canadian mobile camp activity were partially offset by continued cost inflation across the business, the divestitures in the U.S. business and increased stock-based compensation expense related to the increase in our share price.

2022 年全年的業績反映了澳元和加元相對於美元走弱的影響，這分別使收入和調整後的 EBITDA 減少了 3820 萬美元和 810 萬美元。在固定匯率的基礎上，加拿大和澳大利亞建造房間的增加以及加拿大移動營地活動的增強被整個企業的持續成本通脹、美國業務的剝離以及與我們的增加相關的基於股票的補償費用增加部分抵消分享價格。

Let's now turn to the fourth quarter results for our 3 segments. I'll begin with a review of the Canadian segment performance compared to its performance a year ago in the fourth quarter of 2021.

現在讓我們來看看我們 3 個部門的第四季度業績。我將首先回顧加拿大分部的表現，與一年前 2021 年第四季度的表現相比。

Revenue from our Canadian segment was $88 million as compared to revenue of $92.2 million in the fourth quarter of 2021. Adjusted EBITDA in Canada was $11.8 million compared to adjusted EBITDA of $23.1 million in the fourth quarter of 2021.

我們加拿大分部的收入為 8800 萬美元，而 2021 年第四季度的收入為 9220 萬美元。加拿大的調整後 EBITDA 為 1180 萬美元，而 2021 年第四季度的調整後 EBITDA 為 2310 萬美元。

Results from the fourth quarter of 2022 reflects the impact of a weakened Canadian dollar relative to the U.S. dollar, which decreased revenues and adjusted EBITDA by $6.9 million and $1.0 million, respectively. The decrease in adjusted EBITDA was driven by the weakened Canadian dollar as well as certain aforementioned customer and insurance settlements that benefited the fourth quarter of 2021 and cost inflation affecting food, labor and utilities in the fourth quarter of 2022.

2022 年第四季度的業績反映了加元相對於美元走弱的影響，這導致收入和調整後的 EBITDA 分別減少 690 萬美元和 100 萬美元。調整後 EBITDA 的減少是由於加元疲軟以及上述某些使 2021 年第四季度受益的客戶和保險結算以及 2022 年第四季度影響食品、勞動力和公用事業的成本通脹所致。

During the fourth quarter, billed rooms in our Canadian lodges totaled $622,000, which were up 6% year-over-year from $588,000 in the fourth quarter of 2021. Our daily room rate for the Canadian segment in U.S. dollars was $93, which is down from $106 year-over-year due to a weakened Canadian dollar relative to the U.S. dollar and the impact of a lower rate in our 12-year Wapasu contract renewal.

第四季度，我們加拿大旅館的收費客房總計 622,000 美元，比 2021 年第四季度的 588,000 美元同比增長 6%。我們在加拿大分部的每日房價為 93 美元，低於美元由於加元相對於美元走弱以及我們 12 年 Wapasu 合同續簽費率較低的影響，同比增長 106 美元。

Turning to Australia. During the fourth quarter, we recorded revenues of $73.1 million, up from $62.3 million in the fourth quarter of 2021. Adjusted EBITDA was $13.1 million, down from $13.6 million during the same period of 2021. Results from the fourth quarter of 2022 reflects the impact of a weakened Australian dollar relative to the U.S. dollar and the impact of a lower rate in our 12, which decreased revenues and adjusted EBITDA by $8 million and $1.5 million, respectively.

轉向澳大利亞。第四季度，我們的收入為 7310 萬美元，高於 2021 年第四季度的 6230 萬美元。調整後的 EBITDA 為 1310 萬美元，低於 2021 年同期的 1360 萬美元。2022 年第四季度的業績反映了影響澳元相對於美元走弱的影響以及我們 12 年利率較低的影響，這分別使收入和調整後的 EBITDA 減少了 800 萬美元和 150 萬美元。

In addition to the weakened Australian dollar, the decrease in adjusted EBITDA was driven by an increase in labor costs, especially in our Western Australia integrated services business. This was partially offset by an increase in billed rooms in the Bowen Basin.

除了澳元疲軟外，調整後 EBITDA 的減少還受到勞動力成本增加的推動，尤其是在我們的西澳大利亞綜合服務業務中。這部分被 Bowen Basin 計費房間的增加所抵消。

Australian build rooms in the quarter were 519,000, up from 465,000 in the fourth quarter of 2021. The average daily rate for Australian villages in U.S. dollars was $73 in the fourth quarter, down from $77 in the fourth quarter of 2021, which was entirely due to the weakened Australian dollar compared to the U.S. dollar.

本季度澳大利亞建造的房間為 519,000 間，高於 2021 年第四季度的 465,000 間。第四季度澳大利亞村莊以美元計算的平均每日房價為 73 美元，低於 2021 年第四季度的 77 美元，這完全是由於與美元相比疲軟的澳元。

On a consolidated basis, capital expenditures for the full year 2022 were $25.4 million, up from $15.6 million during 2021. This increase was primarily due to increased lodge and village maintenance, coupled with a more fulsome room refurbishment program in our Australian villages in preparation for increased contracted revenues in certain villages.

在綜合基礎上，2022 年全年的資本支出為 2540 萬美元，高於 2021 年的 1560 萬美元。這一增長主要是由於旅館和村莊維護的增加，以及我們澳大利亞村莊為準備部分村的承包收入有所增加。

Our total debt outstanding on December 31, 2022, was $132 million, a $6 million increase in September 30, 2022, and a $43 million decrease from year-end 2021. Our net leverage ratio for the quarter increased to 1.1x as of December 31 from 0.9x as of September 30. As Bradley mentioned, the increase was due to a combination of lower fourth quarter adjusted EBITDA compared to the fourth quarter of 2021 as well as debt incurred to finance the $31 million preferred share repurchase in the fourth quarter of 2022.

截至 2022 年 12 月 31 日，我們的未償債務總額為 1.32 億美元，到 2022 年 9 月 30 日增加了 600 萬美元，比 2021 年底減少了 4300 萬美元。截至 12 月 31 日，我們本季度的淨槓桿率增至 1.1 倍截至 9 月 30 日為 0.9 倍。正如布拉德利所提到的，這一增長是由於第四季度調整後的 EBITDA 低於 2021 年第四季度，以及為 2021 年第四季度 3100 萬美元優先股回購融資而產生的債務2022.

As of December 31, 2022, we had total liquidity of approximately $104.1 million consisting of $96.1 million available under our revolving credit facilities and $8 million of cash on hand.

截至 2022 年 12 月 31 日，我們的流動資金總額約為 1.041 億美元，其中包括循環信貸額度下可用的 9610 萬美元和手頭現金 800 萬美元。

Bradley will now discuss our outlook for the full year 2023. Bradley?

布拉德利現在將討論我們對 2023 年全年的展望。布拉德利？

Thank you, Carolyn. I will now discuss our full year 2023 guidance on a consolidated basis, including the underlying regional assumptions.

謝謝你，卡洛琳。我現在將在綜合基礎上討論我們的 2023 年全年指導，包括基本的區域假設。

We are initiating our full year 2023 guidance of revenues between $630 million and $650 million and EBITDA of $85 million to $95 million. Our full year 2023 capital expenditure guidance is $25 million to $30 million. Capital expenditures are expected to be relatively flat with 2022 as we continue to normalize our maintenance capital spending for our lodges and villages across the business after several years of prioritizing free cash flow. As an example, we are in the process of refurbishing rooms in the Bowen Basin based on our current occupancy outlook to bring rooms back online, where we have seen increased contracted room demand in the coming years.

我們正在啟動我們的 2023 年全年收入指導，收入在 6.3 億至 6.5 億美元之間，EBITDA 為 8500 萬至 9500 萬美元。我們 2023 年全年的資本支出指導為 2500 萬至 3000 萬美元。資本支出預計將與 2022 年持平，因為在幾年優先考慮自由現金流之後，我們將繼續規範我們旅館和村莊的維護資本支出。例如，我們正在根據目前的入住率前景翻新 Bowen Basin 的客房，以使客房重新上線，我們看到未來幾年合同客房需求增加。

That being said, our primary financial objective continues to be maximizing free cash flow based on the EBITDA and CapEx guidance just outlined. Expected interest expense for 2022 of $12 million or 2023, excuse me, and minimal expected cash taxes and working capital investment, we expect 2023 free cash flow to range between $43 million and $58 million.

話雖這麼說，我們的主要財務目標仍然是根據剛剛概述的 EBITDA 和資本支出指南最大化自由現金流。抱歉，2022 年或 2023 年的預期利息支出為 1200 萬美元，加上預期的最低現金稅和營運資本投資，我們預計 2023 年的自由現金流將在 4300 萬美元至 5800 萬美元之間。

As we have discussed on previous earnings calls, the significant year-over-year decline in 2023 adjusted EBITDA comes from our Canadian mobile camp business, resulting from the wind down of construction activity for the Coastal GasLink pipeline project in British Columbia and the TMX pipeline expansion.

正如我們在之前的財報電話會議上所討論的那樣，2023 年調整後的 EBITDA 同比大幅下降來自我們的加拿大移動營地業務，這是由於不列顛哥倫比亞省 Coastal GasLink 管道項目和 TMX 管道的建設活動結束擴張。

Canadian contract camps contributed approximately $36 million in 2022. We are currently expecting to have 3 mobile camps remaining on the Coastal GasLink project as well as one camp supporting the TMX pipeline expansion project and are expecting all of them to be completed in 2023. Our 2023 guidance currently includes CAD 13 million in mobile camp deal mobilization expenses.

加拿大合同營地在 2022 年貢獻了大約 3600 萬美元。我們目前預計 Coastal GasLink 項目上還有 3 個移動營地以及一個支持 TMX 管道擴建項目的營地，預計所有營地都將在 2023 年完工。我們的 2023 年目前的指導包括 1300 萬加元的移動營地交易動員費用。

I'll now provide the regional outlooks and corresponding underlying assumptions by region.

我現在將按區域提供區域前景和相應的基本假設。

In Canada, as we look into 2023, we know that our customers are continuing to prioritize return of capital to their shareholders and need to be convinced of longer-term stability across commodity prices and the broader economy before materially increasing investments in Canada. While activity in lodges should remain steady, the 2023 mobile camp activity will be significantly impacted -- negatively impacted by the completion of the pipeline construction projects throughout the year, including the incurrence of some of the related demobilization costs. We are currently expecting relatively consistent year-over-year turnaround activity in Canada in the second and third quarters of 2023 but as we have discussed in prior years, we don't get in an accurate view until customers look to secure turnaround rooms in the second quarter.

在加拿大，當我們展望 2023 年時，我們知道我們的客戶將繼續優先考慮向股東返還資本，並且在大幅增加對加拿大的投資之前，需要確信商品價格和整體經濟的長期穩定性。雖然旅館的活動應保持穩定，但 2023 年的流動營地活動將受到重大影響——全年管道建設項目的完成帶來負面影響，包括一些相關的遣散費用的產生。我們目前預計 2023 年第二季度和第三季度加拿大的周轉活動將相對穩定，但正如我們在前幾年討論的那樣，在客戶希望在加拿大獲得周轉室之前，我們無法獲得準確的看法第二季度。

Canadian mobile camp activity related to Coastal GasLink pipeline will significantly decline throughout the year as our 3 mobile camps are currently expected to wind down during the middle part of 2023. Additionally, our mobile camp supporting TMX expansion is expected to also continue through the third quarter of 2023. When these pipeline-related mobile camp projects roll off we'll incur the costs associated with the demobilization of these camps. We currently have 2 of the 4 demobilizations in our 2023 guidance with, as I mentioned, approximately CAD 13 million of demobilization costs.

與 Coastal GasLink 管道相關的加拿大移動營地活動將在全年大幅減少，因為我們的 3 個移動營地目前預計將在 2023 年中期結束。此外，我們支持 TMX 擴張的移動營地預計也將持續到第三季度2023 年。當這些與管道相關的移動營地項目啟動時，我們將承擔與這些營地複員相關的費用。正如我所提到的，我們目前在 2023 年指南中進行了 4 次復員中的 2 次，復員費用約為 1300 萬加元。

As we saw last year, however, uncertainty remains around the timing of these projects. To the extent that projects are extended, our 2023 guidance will be positively impacted, both by the deferral of demobilization costs as well as the incremental revenue on the camps.

然而，正如我們去年所見，圍繞這些項目的時間安排仍然存在不確定性。就項目延長的程度而言，我們的 2023 年指導將受到積極影響，這既包括復員費用的遞延，也包括營地收入的增加。

Our 2023 guidance could also be impacted by further clarity from a customer around the room demand for studios lodges in the back half of the year. As we disclosed last quarter, we have agreed not to renew an expiring land lease associated with our McClelland Lake Lodge, which this land lease currently expires in June 2023, in order to support the customers' intent to mine that land where it currently is located. In addition, our hospitality services contract expires in June of 2023.

我們的 2023 年指引也可能受到客戶在下半年對單間公寓的房間需求進一步明確的影響。正如我們上個季度披露的那樣，我們已同意不再續簽與我們的 McClelland Lake Lodge 相關的即將到期的土地租約，該土地租約目前將於 2023 年 6 月到期，以支持客戶在其目前所在的土地上開采的意圖.此外，我們的酒店服務合同將於 2023 年 6 月到期。

Our 2023 guidance includes customer room demand at other studio lodges in the second half of 2023 as this customer transitions to its new solution. If they are to find an alternate solution for room supply, this would negatively impact our guidance. We are marketing the McClelland Lake Lodge assets for new opportunities in Canada and the U.S. Based on our current knowledge and understanding of the marketplace, we believe there is demand for these assets for sale or redeployment.

我們的 2023 年指導包括 2023 年下半年其他工作室旅館的客戶房間需求，因為該客戶過渡到其新解決方案。如果他們要找到房間供應的替代解決方案，這將對我們的指導產生負面影響。我們正在營銷 McClelland Lake Lodge 資產以尋找加拿大和美國的新機會。根據我們目前對市場的了解和了解，我們認為這些資產有出售或重新部署的需求。

In our 2022 revenues -- the McClelland Lake Lodge generated 2022 revenues of approximately CAD 60 million. We expect to have further clarity on the customer's 2023 room demand and potential sales of redeployment opportunities of these assets later on in 2023.

在我們 2022 年的收入中——麥克萊蘭湖旅館 2022 年的收入約為 6000 萬加元。我們預計將在 2023 年晚些時候進一步明確客戶的 2023 年客房需求和這些資產的潛在銷售重新部署機會。

Turning to Australia. Sustained healthy metallurgical coal prices in 2022 and early 2023 have gradually improved customer activity in our Bowen Basin villages. We expect a modest increase in our village occupancy in 2023. However, our customers continue to focus on capital discipline and are hesitant to commit capital to large expansionary projects.

轉向澳大利亞。 2022 年和 2023 年初持續健康的冶金煤價格逐漸改善了我們博文盆地村莊的客戶活動。我們預計 2023 年我們村莊的入住率將適度增加。但是，我們的客戶繼續關注資本紀律，並且對向大型擴張項目投入資金猶豫不決。

Our current guidance reflects continued capital discipline more than it reflects the current price for met coal. That being said, in early 2023, we have experienced a noticeable uptick in customer activity versus our initial expectations, and there could be upside to our guidance if this trend continues further into 2023.

我們目前的指引更多地反映了持續的資本紀律，而不是當前冶煉煤的價格。話雖這麼說，但在 2023 年初，與我們最初的預期相比，我們的客戶活動明顯增加，如果這種趨勢持續到 2023 年，我們的指導意見可能會有上行空間。

While iron ore prices were treated modestly in 2022, they remain at healthy levels and customer activity in Western Australia remains strong. Although our integrated services business in Western Australia, as evidenced by our recent 5-year contract award, we continue to be burdened by inflationary pressures, particularly labor costs. We are expecting these labor costs to slowly subside throughout 2023, resulting in an uplift in our integrated services margin in the back half of the year. However, if these labor issues do not subside, results in the back half of the year could be negatively impacted.

儘管 2022 年鐵礦石價格受到溫和對待，但仍保持在健康水平，西澳大利亞的客戶活動依然強勁。儘管我們在西澳大利亞的綜合服務業務，正如我們最近授予的 5 年合同所證明的那樣，我們繼續承受著通貨膨脹壓力，尤其是勞動力成本。我們預計這些勞動力成本將在整個 2023 年緩慢下降，從而導致我們的綜合服務利潤率在下半年有所提高。然而，如果這些勞工問題不消退，下半年的業績可能會受到負面影響。

I will conclude by underscoring the key elements of our strategy as we navigate the current market climate. Our mandate as are as follows: we prioritized the safety and well-being of our guests, employees and the communities we work in. We will continue to manage our cost structure in accordance with the occupancy outlook across Canada and Australia. We will continue to enhance our best-in-class hospitality offerings. We will continue to prudently -- to allocate capital prudently to maximize free cash flow generation while we continue to return capital to shareholders and reduce debt. And lastly, we will seek opportunities to further our revenue diversification through organic and M&A opportunities.

最後，我將強調我們應對當前市場環境時戰略的關鍵要素。我們的任務如下：我們將客人、員工和我們工作所在社區的安全和福祉放在首位。我們將繼續根據加拿大和澳大利亞的入住率前景來管理我們的成本結構。我們將繼續加強我們一流的酒店服務。我們將繼續謹慎地——謹慎地分配資本以最大限度地產生自由現金流，同時我們繼續向股東返還資本並減少債務。最後，我們將尋求機會通過有機和併購機會進一步實現收入多元化。

With that, we're happy to take your questions.

有了這個，我們很樂意回答您的問題。

(Operator Instructions) Our first question is from Stephen Gengaro with Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Stephen Gengaro。

So Bradley, you did a thorough job with the guidance for 2023. Just one quick question. As we put it all together, does the wind down affect sort of the normal seasonal pattern of EBITDA, I think the second and third quarters usually capture 60% or 65% of full year EBITDA. Is that -- should we expect that to shift based on the current expectation for demob cost?

所以布拉德利，你在 2023 年的指導方面做得很徹底。只是一個簡短的問題。當我們把它們放在一起時，結束是否會影響 EBITDA 的正常季節性模式，我認為第二和第三季度通常佔全年 EBITDA 的 60% 或 65%。那是——我們是否應該期望它根據當前對 demob 成本的預期而改變？

No. I think we'll still have that same kind of 65% of the guidance EBITDAs in the second and third quarters. And then as we typically do it, right now, guidance is softer in the fourth quarter, and that's just due to customer visibility. So we'll have to see how that plays out. A big factor of that is the demob of the contract camps in the back half of the year.

不，我認為我們在第二和第三季度仍將擁有相同的 65% 的 EBITDA 指導。然後就像我們通常做的那樣，現在，第四季度的指導更加溫和，這只是由於客戶的可見性。所以我們必須看看結果如何。其中一個重要因素是下半年合同營地的撤離。

Okay. And then 2 other things for me. The first is when you think about the free cash generation, obviously, you've been buying back stock. I think people have reacted well to that. But what types of M&A would you be looking at and how do you evaluate potential M&A opportunity?

好的。然後對我來說還有兩件事。首先是當你想到自由現金的產生時，很明顯，你一直在回購股票。我認為人們對此反應良好。但是您會關注哪些類型的併購以及您如何評估潛在的併購機會？

Sure. There are certain properties that we would look at that would be one-off properties, both in Canada and Australia that would be additive to the portfolio as a whole. And as I mentioned, we'll look to continue to diversify building off of our hospitality services into other geographies and other end markets. Based on what we see as our cost of capital, those would have to have strong returns in the upper teens on an unlevered after-tax basis.

當然。我們會考慮某些在加拿大和澳大利亞的一次性財產，這些財產將增加整個投資組合。正如我所提到的，我們將尋求繼續將我們的酒店服務擴展到其他地區和其他終端市場。根據我們所認為的資本成本，在無槓桿稅後基礎上，這些公司必須在十幾歲以上獲得強勁回報。

Okay. Great. And any -- it would likely be hospitality services as opposed to hard assets. Is that fair?

好的。偉大的。和任何 - 它可能是酒店服務而不是硬資產。這公平嗎？

Well, adding locations portfolio would be hard assets, but it also could be adding service companies in an M&A fashion.

好吧，增加位置投資組合將是硬資產，但它也可能以併購方式增加服務公司。

Okay. And then just one final one. The second half sale of U.S. assets. Is the U.S. business close to zero now? I'm trying to think about what exactly have you divested?

好的。然後是最後一個。下半年出售美國資產。美國業務現在接近於零了嗎？我在想你到底剝離了什麼？

Yes. We have divested everything but Killdeer and Acadian Acres and we're actively looking to divest those.

是的。我們已經剝離了除 Killdeer 和 Acadian Acres 以外的所有資產，我們正在積極尋求剝離這些資產。

And then maybe just actually one final one. Your debt levels have come down significantly. I think they tweaked up a little bit in the quarter, may have been FX. But where -- at what leverage ratio do you -- is there a leverage ratio where you stop paying down debt and just return all the cash?

然後也許只是最後一個。您的債務水平已顯著下降。我認為他們在本季度有所調整，可能是外匯。但是，在什麼情況下——你的槓桿率是多少——有一個槓桿率可以讓你停止償還債務而只返還所有現金嗎？

Well, I think we're in that range. And I think kind of 1x to 1.25x is a good base. And what that does is that gives us the flexibility that if we want to either invest in our own stock or invest in growing the business, and we have an adverse macro -- unforeseen adverse macro occur after we've made that investment, we won't end up in a higher leverage ratio. So I feel like we're in a good spot. It should -- I would expect it over the next few years to vary around where it is from a net leverage standpoint, potentially dip lower when there are fewer opportunities and we may decide to move it slightly higher for the right investment opportunity, which can be both returning capital to shareholders and growing the business.

好吧，我認為我們在那個範圍內。我認為 1 倍到 1.25 倍是一個很好的基礎。這樣做給了我們靈活性，如果我們想投資我們自己的股票或投資於發展業務，並且我們有一個不利的宏觀 - 在我們進行投資後發生不可預見的不利宏觀，我們贏了'最終導致更高的槓桿率。所以我覺得我們處在一個好位置。從淨槓桿的角度來看，它應該——我預計它在未來幾年內會發生變化，當機會較少時可能會下降，我們可能會決定將其略微上調以獲得合適的投資機會，這可以既要向股東返還資本，又要發展業務。

(Operator Instructions) Our next question is from Steve Ferazani with Sidoti & Company.

（操作員說明）我們的下一個問題來自 Sidoti & Company 的 Steve Ferazani。

I appreciate all the detail on the call. I do want to check on some of these numbers just to make sure I got them clear because a lot of moving parts here. The McClelland Lake shutdown. So that's now June. So that was $60 million in annual revenue that comes out after the first half. Did I hear that right?

我感謝電話中的所有細節。我確實想檢查其中一些數字，只是為了確保我把它們弄清楚了，因為這裡有很多活動部件。麥克萊蘭湖關閉。現在是六月。因此，上半年後的年收入為 6000 萬美元。我沒聽錯吧？

Correct.

正確的。

Okay. And then your timing now, how are you thinking about ...

好的。然後你現在的時間，你是怎麼想的......

At least for -- hold on 1 second, but for 2023, as of right now, it's partially offset by moving that occupancy into other Civeo locations. So much the McClelland issue is much more of a 2024 issue than it is a 2023. As we try to caution people though, we have indications but not commitments for back half occupancy.

至少 - 堅持 1 秒，但到 2023 年，截至目前，它會通過將該入住率轉移到其他 Civeo 地點而部分抵消。與 2023 年相比，麥克萊蘭問題更像是一個 2024 年的問題。儘管我們試圖提醒人們，我們有跡象表明但沒有承諾後半部分入住。

Yes. Okay. Fair. And then how are you currently -- based on this guidance, how are you thinking about the timing of the mobile camps now as we know some of these projects are clearly have consistently been extended? What's your current timing thoughts on this because both are going to be completed probably very end of '23, right? But I know that doesn't mean your mobile camps extend the full time?

是的。好的。公平的。然後你目前怎麼樣 - 根據這個指導，你如何考慮現在移動營地的時間，因為我們知道其中一些項目顯然一直在延長？您目前對此的時間安排是什麼，因為兩者都可能在 23 年底完成，對嗎？但我知道這並不意味著你的流動營會延長全職時間？

So we're expecting that the camps roll off between Q2, Q3 and Q4, potentially one. So that's when the rent will end and the service revenue end, not all the demob costs will occur in 2023. We've got CAD 13 million of demob costs in 2023 with another approximately CAD 7 million or so in 2024.

所以我們預計訓練營會在第二季度、第三季度和第四季度之間結束，可能是一個。因此，屆時租金將結束，服務收入將結束，並不是所有的搬遷成本都會在 2023 年發生。我們在 2023 年有 1300 萬加元的搬遷成本，2024 年還有大約 700 萬加元左右。

Did that go up from your original estimates last year or over a year ago with inflation, the demob costs? Am I right on that?

與去年或一年多前的通貨膨脹、搬遷成本相比，這是否高於您最初的估計？我說得對嗎？

No. They've been fairly consistent in that range.

不，他們在那個範圍內一直相當穩定。

Okay. Okay.

好的。好的。

CAD 20 million total and 15 -- depending on exchange rate, it's about USD 15 million.

總計 2000 萬加元和 15 -- 根據匯率，大約是 1500 萬美元。

Okay. Then a couple of numbers on the quarter. I just wanted to check on the Canadian daily rates. Was there anything to mix there? I'm guessing there was something beyond FX because it looked like the rooms were pretty booked comparably for this time of year, but the ADR kind of came down.

好的。然後是本季度的幾個數字。我只是想查看加拿大的每日匯率。那裡有什麼可以混合的嗎？我猜想除了 FX 之外還有其他原因，因為看起來房間在每年的這個時候都被預訂得相當不錯，但 ADR 有點下降。

It was our -- largely our Wapasu Lodge. We entered into a new contract in July. And as we noted in our release of that, we have lower rates on that going forward that's offset by some cost and scope adjustments.

這是我們的 - 主要是我們的 Wapasu Lodge。我們在七月份簽訂了一份新合同。正如我們在發佈時指出的那樣，我們對未來的利率較低，但會被一些成本和範圍調整所抵消。

Okay. Perfect. And then on the -- and you did talk about this, but the margin with food and service in Australia was very, very low. You talked about the higher labor costs, higher food costs. How do you offset that? What's your intention? And I know this is a seasonally slower quarter anyway.

好的。完美的。然後 - 你確實談到了這一點，但澳大利亞食品和服務的利潤率非常非常低。你談到了更高的勞動力成本，更高的食品成本。你如何抵消它？你的意圖是什麼？而且我知道無論如何這是一個季節性較慢的季度。

Well, the supply chain team is finding the food cost piece and the freight costs and the HR team is working on trying to increase -- as we've talked about in the past, the principal issue in Australia is how much temporary labor are we using as opposed to full-time employees. The temporary labor is a necessity if we can't have full-time employees, but it comes at a higher cost and a lower productivity, which manifests itself in performance. So we're working on scope adjustments with the clients to adjust scope to the new reality. So it's a 3-pronged approach, supply chain, HR and scope adjustments.

好吧，供應鏈團隊正在尋找食品成本和運費，人力資源團隊正在努力增加——正如我們過去談到的那樣，澳大利亞的主要問題是我們有多少臨時工使用而不是全職員工。如果我們沒有全職員工，臨時工是必需的，但它會帶來更高的成本和更低的生產率，這體現在績效上。因此，我們正在與客戶一起進行範圍調整，以根據新的現實調整範圍。所以這是一個三管齊下的方法，供應鏈、人力資源和範圍調整。

Our next question is from John Daniel with Energy Partners.

我們的下一個問題來自 Energy Partners 的 John Daniel。

Just one follow-up -- one follow-up on the M&A stuff. When you talk to a lot of people in, say, traditional OFS, they will speak to the volume of deals that they're looking at (inaudible) , et cetera. Can you just provide some color on how many opportunities are out there for your business? And when you're not doing deals, is it valuation-related? Is it quality of property? Just any color on M&A would be helpful.

只是一個後續行動——一個關於併購問題的後續行動。當您與傳統 OFS 等領域的很多人交談時，他們會談到他們正在查看的交易量（聽不清），等等。您能否提供一些關於您的業務有多少機會的顏色？當你不做交易時，它與估值相關嗎？是財產質量嗎？併購的任何顏色都會有所幫助。

We have -- we've had a wish list that varies between 6 and 10 items. And as you can imagine, and in an M&A context, some of those, it's a wish list, but the target is not interested at the time. It's not the right time for them. To your point, sometimes it's valuation. I would say that -- sometimes it's what you find in due diligence. So right now, I would say we've been fortunate in the sense that while we've been focused on paying down debt, are the things on a wish list haven't been acquired or gone in another direction that then has to -- that we then have to take them off the list. So while we've been focused internally at least the wish list hasn't gone someplace else. But I would say we're in the early innings of being able to pivot there, certainly cognizant of capital allocation decisions.

我們有——我們有一個包含 6 到 10 個項目的願望清單。你可以想像，在併購的背景下，其中一些是一個願望清單，但目標當時並不感興趣。現在不是他們的好時機。就您而言，有時是估值。我會說——有時這是你在盡職調查中發現的。所以現在，我想說我們很幸運，因為雖然我們一直專注於償還債務，但願望清單上的東西是否沒有被收購或朝著另一個方向發展，然後必須——然後我們必須將它們從列表中刪除。因此，雖然我們一直專注於內部，但至少願望清單並沒有轉移到其他地方。但我要說的是，我們正處於能夠轉向那裡的早期階段，當然認識到資本分配決策。

So would you say that the majority of opportunities that you all would go look at are, if you will, self-source or versus a bunch of bankers pitching a test trying forgive me for a lack of knowledge here on the accommodation side, but just curious like how that -- how the opportunities come to you?

所以你會說你們所有人都會去看看的大多數機會是，如果你願意的話，或者與一群銀行家進行測試嘗試原諒我在住宿方面缺乏知識，但只是很好奇——機會是怎麼來的？

Generally speaking, we are -- these are internally sourced. We know which pieces, which assets, which service companies we're interested in. Of course, occasionally, we'll see an idea that's pitched to us. But for the most part, in the fairway of our existing business, these are all assets, properties, companies that we know well.

一般來說，我們是 - 這些是內部採購的。我們知道我們對哪些部分、哪些資產、哪些服務公司感興趣。當然，偶爾，我們會看到向我們提出的想法。但在大多數情況下，在我們現有業務的航道上，這些都是我們熟悉的資產、財產和公司。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Bradley for closing comments.

我們的問答環節已經結束。我想將會議轉回 Bradley 進行閉幕評論。

Thank you all for your interest in Civeo, and thank you for joining the call today. We look forward to speaking with you at -- on our first quarter 2023 earnings call planned for at the end of April. So thank you all. Take care.

感謝大家對 Civeo 的關注，並感謝您今天加入電話會議。我們期待在計劃於 4 月底舉行的 2023 年第一季度財報電話會議上與您交談。所以謝謝大家。小心。

Thank you. This does conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。