Civeo Corp (CVEO) 2024 Q2 法說會逐字稿

Ladies and gentlemen, good morning and welcome to the Civeo Corporation second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，早安，歡迎參加 Civeo 公司 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host Regan Nielsen, Vice President, Corporate Development and Investor Relations. Please go ahead.

現在我很高興向大家介紹主持人雷根·尼爾森（Regan Nielsen），他是企業發展和投資者關係副總裁。請繼續。

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.

謝謝，歡迎參加 Civeo 2024 年第二季財報電話會議。今天，我們的電話會議將由 Civeo 總裁兼執行長 Bradley Dodson 主持；以及 Civeo 臨時財務長兼財務主管 Barclay Brewer。

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.

在開始之前，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資訊以外的任何內容，請注意，我們依賴聯邦法律提供的安全港保護。

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.

任何此類言論都應在影響我們業務的許多因素的背景下閱讀，包括我們的 10-K、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 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 updated comments on our full year 2024 guidance, and the underlying regional assumptions. Then we'll open the call for questions.

謝謝雷根，也謝謝大家今天參加我們的第二季財報電話會議。我將從第二季的一些關鍵要點開始，然後簡要總結我們 2024 年第二季的業績。巴克萊將提供財務和細分層面的審查，我將總結我們對 2024 年全年指引和基本區域假設的最新評論。然後我們將開始提問。

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.

我們今天電話會議的主要結論是，我們第二季度的業績證明了我們為使公司實現成長而採取的舉措，這可以在我們的澳洲業績中看到。

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.

我們2024 年第二季度的收入和自由現金流同比有所改善，調整後的EBITDA 相對持平，儘管加拿大液化天然氣移動營地活動給我們帶來了預期的阻力，使我們的調整後EBITDA 同比減少了690萬美元。

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.

與 2023 年第二季相比，澳洲調整後 EBITDA 成長了 10%，原因是我們自己村莊的收費客房持續強勁，以及隨著我們擴大現有客戶關係，我們的綜合服務業務活動有所增加。

Our Canadian segment performance was stronger than we expected for the quarter, due to the pull forward of some customer turnaround activity from the third quarter of 2024 into the second quarter of 2024. We also returned $10.3 million of capital to shareholders through our quarterly dividend and share repurchases during the second quarter of 2024.

由於一些客戶週轉活動從 2024 年第三季提前到 2024 年第二季度，我們加拿大分部的表現強於我們對本季的預期。我們也透過 2024 年第二季的季度股利和股票回購向股東返還了 1,030 萬美元的資本。

Lastly, we will maintain our revenue and adjusted EBITDA and CapEx guidance for the full year 2024, I'll discuss that later in our prepared comments.

最後，我們將維持 2024 年全年的收入以及調整後的 EBITDA 和資本支出指導，我將在稍後準備的評論中討論這一點。

We take a brief moment to provide a business update across our two segments. Australian segment performed well during the quarter, and the team continues to execute on our previously stated goal to grow Australian Integrated Services revenues to AUD500 million by 2027. We experienced year-over-year growth in both our own villages business and the Integrated Services business.

我們花一點時間來介紹我們兩個部門的業務最新情況。澳洲部門在本季表現良好，團隊繼續執行我們先前提出的目標，即到 2027 年將澳洲綜合服務收入增加到 5 億澳元。我們的鄉村業務和綜合服務業務均實現了逐年增長。

Our Integrated Services business growth was particularly strong due to the impact of recent competitive wins as well as expansion, the expansion of an existing customer relationship.

由於最近的競爭勝利以及現有客戶關係的擴展的影響，我們的綜合服務業務增長尤其強勁。

In Canada, as expected, our Canadian segment revenues and adjusted EBITDA decreased year-over-year, due to the wind down of LNG-related activity, specifically the mobile camp activity in the second quarter of 2024. Our second quarter Canadian results were actually stronger than we expected initially, due to the shift again of the timing of turnaround activity in the Oil Sands region.

在加拿大，正如預期的那樣，由於液化天然氣相關活動（特別是 2024 年第二季的移動營地活動）的減少，我們的加拿大分部收入和調整後 EBITDA 年比下降。由於油砂地區扭虧為盈的時間再次發生變化，我們第二季加拿大業績實際上強於我們最初的預期。

And with that, I'll turn it over to Barclay for some financial review and segment level comments.

這樣，我會將其轉交給巴克萊進行一些財務審查和細分級別評論。

Thank you, Bradley, and thank you all for joining us this morning. Today, we are reporting total revenues in the second quarter of $188.7 million, with net income of $8.2 million, or $0.56 per diluted share. During the second quarter, we generated adjusted EBITDA of $31.3 million, operating cash flow of $32.4 million, and free cash flow of $30.9 million.

謝謝布拉德利，也謝謝大家今天早上加入我們。今天，我們報告第二季總收入為 1.887 億美元，淨利潤為 820 萬美元，即稀釋後每股收益 0.56 美元。第二季度，我們的調整後 EBITDA 為 3,130 萬美元，營運現金流為 3,240 萬美元，自由現金流為 3,090 萬美元。

Second quarter adjusted EBITDA increased year-over-year, due to increased activity at our Canadian Lodges, Australian own villages and Australian Integrated Services business, partially offset by the expected wind-down of LNG-related Canadian mobile camp activity, which decreased adjusted EBITDA by $6.9 million year-over-year, including $1.4 million in mobile camp demobilization costs.

第二季調整後EBITDA 年成長，原因是我們的加拿大旅館、澳洲自有村莊和澳洲綜合服務業務的活動增加，但部分被液化天然氣相關的加拿大移動營地活動預計減少所抵消，該活動減少了調整後EBITDA年增 690 萬美元，其中包括 140 萬美元的流動營復員費用。

Let's now turn to the second quarter results for our two segments. I'll begin with the review of the Australian segment performance, compared to its performance a year ago in the second quarter of 2023.

現在讓我們來看看我們兩個部門的第二季業績。我首先將回顧澳洲細分市場的表現，與一年前的 2023 年第二季的表現進行比較。

Second quarter revenues from our Australian segment were $108.6 million, up from $82.5 million in the second quarter of 2023. Adjusted EBITDA was $21.6 million, up 10% from $19.6 million last year. The increase to revenues and adjusted EBITDA was due to the increased billed range at our own villages and increased integrated services activity relating, to recent competitive wins as well as the expansion of existing client activity. This shows our continued and steady growth in this segment.

我們澳洲部門第二季的營收為 1.086 億美元，高於 2023 年第二季的 8,250 萬美元。調整後 EBITDA 為 2,160 萬美元，比去年的 1,960 萬美元成長 10%。收入和調整後 EBITDA 的增加是由於我們自己的村莊的計費範圍增加以及與最近的競爭勝利以及現有客戶活動的擴大相關的綜合服務活動的增加。這顯示我們在這一領域持續穩定的成長。

Australian billed rooms in the quarter were 625,000 rooms, up 6% from 588,000 in the second quarter of 2023. This is due to increased customer demand and our own villages as demonstrated by our recent contract awards. The daily room rate for our Australian own villages in USD78, which increased from $75 in the second quarter of 2023, due to CPI escalation in the recent contract.

本季澳洲的計費客房數量為 625,000 間，較 2023 年第二季的 588,000 間增長 6%。這是由於客戶需求的增加和我們自己的村莊，正如我們最近授予的合約所證明的那樣。由於最近合約中的 CPI 上漲，我們澳洲自己的村莊的每日房價為 78 美元，從 2023 年第二季的 75 美元上漲。

Turning to Canada. We recorded revenues of $79.5 million, as compared to revenues of $95.5 million in the second quarter of 2023. Adjusted EBITDA in Canada was $17.2 million, a decrease from $19.8 million in the second quarter of 2023. The year-over-year revenue and adjusted EBITDA decrease, was primarily driven by the expected wind down of LNG-related mobile camp activity.

轉向加拿大。我們的營收為 7,950 萬美元，而 2023 年第二季的營收為 9,550 萬美元。加拿大調整後 EBITDA 為 1,720 萬加元，較 2023 年第二季的 1,980 萬加元有所下降。年比收入和調整後 EBITDA 下降的主要原因是液化天然氣相關移動營地活動預計將減少。

During the second quarter, billed rooms in our Canadian Lodges totaled 752,000, which was up from 724,000 in the second quarter of 2023, despite the sale of the McClelland Lake lodge. This increase was primarily driven by stronger turnaround activity, during the quarter related to a shift of customer activity from the third quarter of 2024, into the second quarter of 2024.

儘管出售了麥克萊蘭湖旅館，但第二季度，我們加拿大旅館的計費房間總數為 752,000 間，高於 2023 年第二季度的 724,000 間。這一成長主要是由本季更強勁的周轉活動推動的，該活動與客戶活動從 2024 年第三季轉移到 2024 年第二季有關。

The daily room rate for the Canadian segment in USD96, which decreased from $100 in the second quarter of 2023, due to the mix of occupancy between lodges and contracted rate incentives for increased occupancy at select lodges.

加拿大部分的每日房價為 96 美元，較 2023 年第二季的 100 美元有所下降，原因是旅館之間的入住率和針對特定旅館入住率增加的合約價格激勵措施的混合。

On a consolidated basis, capital expenditures for the second quarter of 2024 were $5.3 million, compared to $6.9 million during the same period in 2023. Capital expenditures in both periods were predominantly related to maintenance spending on our lodges and villages. Our net debt on June 30, 2024, was $40.1 million, a $21.8 million decrease into March 31, 2024.

綜合來看，2024 年第二季的資本支出為 530 萬美元，而 2023 年同期為 690 萬美元。這兩個時期的資本支出主要與我們的小屋和村莊的維護支出有關。截至 2024 年 6 月 30 日，我們的淨債務為 4,010 萬美元，到 2024 年 3 月 31 日減少了 2,180 萬美元。

Our net leverage ratio for the quarter decreased to 0.3 times as of June 30, 2024. As of June 30, 2024, we had total liquidity of approximately $159 million and $151.5 million available under our revolving credit facilities, and $7.4 million of cash on hand giving us the strength and flexibility, to opportunistically pursue growth factors in 2024, and beyond while maintaining prudent leverage ratios.

截至 2024 年 6 月 30 日，我們本季的淨槓桿率下降至 0.3 倍。截至2024 年6 月30 日，我們的循環信貸額度下的可用流動資金總額約為1.59 億美元和1.515 億美元，手頭現金為740 萬美元，使我們有實力和靈活性，在2024 年及以後機會性地追求成長因素。

Turning to capital allocation. In line with our previously stated goals for 2024 in the second quarter of 2024, we've repurchased approximately 274,000 shares through our share repurchase program for a total of approximately $6.6 million. As Bradley mentioned, we recorded $10.3 million of capital to shareholders through the quarterly dividend and share repurchases in the quarter, bringing our total year-to-date return of capital to shareholders to $17.2 million.

轉向資本配置。根據我們先前製定的 2024 年第二季目標，我們已透過股票回購計畫回購了約 274,000 股股票，總金額約為 660 萬美元。正如布拉德利所提到的，我們透過本季的季度股利和股票回購為股東帶來了 1,030 萬美元的資本，使我們年初至今為股東帶來的資本回報總額達到了 1,720 萬美元。

This morning, we announced that our Board of Directors has declared a quarterly dividend payment. Shareholders of record as of August 26, 2024, will receive a $0.25 per share cash dividend payable on September 16, 2024.

今天早上，我們宣布董事會已宣布支付季度股息。截至 2024 年 8 月 26 日登記在冊的股東將收到將於 2024 年 9 月 16 日支付的每股 0.25 美元現金股利。

With that, I'll turn it over to Bradley to discuss guidance for the full year 2024. Bradley?

接下來，我將把它交給 Bradley，討論 2024 年全年的指導方針。布拉德利？

Thank you, Barclay. I'll now talk about our full year 2024 guidance on a consolidated basis, and look into the outlook for each of the two regions. We are maintaining our full year 2024 revenue and adjusted EBITDA guidance ranges of $625 million to $700 million for revenues and $80 million to $90 million for adjusted EBITDA.

謝謝你，巴克萊。現在，我將綜合討論我們 2024 年的全年指引，並探討這兩個地區的前景。我們維持 2024 年全年營收不變，調整後 EBITDA 指引範圍為營收 6.25 億美元至 7 億美元，調整後 EBITDA 指引範圍為 8,000 萬美元至 9,000 萬美元。

We are maintaining our full year 2024 capital expenditure guidance of $30 million to $35 million. Based on these adjusted EBITDA and CapEx guidance, coupled with net proceeds related to the McClelland Lake lodge dismantlement and sale, which totaled about $6 million in the first quarter.

我們維持 2024 年全年資本支出指引為 3,000 萬至 3,500 萬美元。根據這些調整後的 EBITDA 和資本支出指導，加上與麥克萊蘭湖旅館拆除和出售相關的淨收益，第一季總計約 600 萬美元。

Expected full year cash interest expense of $6 million. Expected working capital inflow for the full year of $10 million and expected Australian cash taxes of $10 million for the full year. We are maintaining our 2024 free cash flow expectation of $45 million to $60 million.

預計全年現金利息支出為 600 萬美元。預計全年營運資金流入為1000萬澳元，預計全年澳洲現金稅為1000萬澳元。我們維持 2024 年自由現金流 4,500 萬至 6,000 萬美元的預期。

I'll now provide the regional outlooks and corresponding underlying assumptions. In Canada, I'd like to acknowledge the force fires that are impacting Western Canada, including our Canadian operating region. I want to thank our employees who have been working around the clock, to ensure the safety of our guests, the first responders staying with us, and the safety of our assets.

我現在將提供區域前景和相應的基本假設。在加拿大，我要感謝正在影響加拿大西部（包括我們的加拿大作業區域）的大火。我要感謝我們全天候工作的員工，以確保客人的安全、與我們在一起的急救人員以及我們資產的安全。

While this is a fluid situation, we do not currently anticipate any material financial impact positive or negative from the current fires. Wildfire situation around Fort McMurray and our operations has significantly improved over the last few days, but we will remain vigilant throughout the balance of the fire season.

雖然情況不穩定，但我們目前預計當前火災不會產生任何重大的正面或負面財務影響。過去幾天，麥克默里堡周圍的野火情況和我們的行動已顯著改善，但我們將在整個火災季節保持警惕。

Prior to second quarter, in Canada, as we discussed earlier, our quarter was stronger than expected, due to planned third quarter customer turnaround occupancy shifting in the second quarter. We expect more modest results in the latter half for Canada, due to that shift around activity. But overall, our full year Canadian forecast is largely in line with what we expect to come into this year.

在第二季度之前，在加拿大，正如我們之前所討論的，我們的季度強於預期，因為計劃中的第三季度客戶週轉入住率轉移到了第二季度。由於活動的轉變，我們預計加拿大下半年的業績將更加溫和。但總體而言，我們對加拿大全年的預測與我們今年的預期基本一致。

Starting on mobile camps. The majority of our mobile camp rental activity is complete, and we're continuing the demobilization process. We expect the demobilization to be completed in the third quarter, earning our third quarter adjusted EBITDA by approximately $1.5 million for the final demob costs. As a reminder, this was all contemplated in our full year 2024 guidance.

從移動營地開始。我們的大部分移動營地租賃活動已經完成，我們正在繼續復員進程。我們預計遣散工作將在第三季完成，最終遣散費用將為第三季調整後的 EBITDA 帶來約 150 萬美元。提醒一下，這一切都在我們的 2024 年全年指導中得到考慮。

Turning to Australia. Customer activity in our own villages remains very strong, and we expect that to continue at similar levels moving forward. We are currently full at three of our five Bowen Basin villages and very healthy occupancy through the balance of the portfolio in Australia.

轉向澳大利亞。我們自己村莊的客戶活動仍然非常強勁，我們預計未來將繼續保持類似水平。目前，我們在博文盆地的五個村莊中，有三個已經滿員，並且透過澳洲的投資組合的平衡，入住率非常健康。

As it relates to our Integrated Services business, we are continuing to experience the increased demand from recent contract wins, as well as expanding existing customer relationships. We have continued to see substantial growth in recent years in the integrated services business, and we're excited about further growth potential in Western Australia for that business.

由於它與我們的綜合服務業務相關，我們不斷感受到最近贏得的合約以及擴大現有客戶關係帶來的需求增加。近年來，我們的綜合服務業務持續大幅成長，我們對西澳大利亞州該業務的進一步成長潛力感到興奮。

Now that we have made strides in our inflation mitigation plan, we can now ship back to winning work and growing the business. Again, to repeat, our team has set of goals, growing our Australian Integrated Services Business to AUD500 million by 2027.

既然我們在通膨緩解計畫上取得了長足進步，我們現在可以重新開始贏得工作和發展業務。再次重申，我們的團隊制定了一系列目標，到 2027 年將我們的澳洲綜合服務業務成長到 5 億澳元。

Before I wrap up our prepared comments, I'd like to thank Barclay for stepping into the Interim Financial Officer role for the past few months. Thank you for all your efforts and working seamlessly over this transition period. As previously announced, Collin Gerry will transition into his new role as CFO on August 1, and Barclay will serve as Chief Accounting Officer moving forward.

在結束我們準備好的評論之前，我要感謝巴克萊在過去幾個月擔任臨時財務長。感謝您在此過渡期間所做的一切努力和無縫工作。正如先前宣布的那樣，科林·格里 (Collin Gerry) 將於 8 月 1 日接任首席財務官，而巴克萊 (Barclay) 將擔任首席會計官。

Collin has been with Civeo since May of 2014, serving at the various executive positions across our Canadian operations and our corporate development and business development teams. I look forward to working with him in this new role.

Collin 自 2014 年 5 月起便在 Civeo 工作，在我們的加拿大業務以及企業發展和業務發展團隊中擔任過多個行政職位。我期待著在這個新角色中與他合作。

So in closing, we continue to execute operationally and on our strategic growth initiatives and our results are demonstrating solid progress, on these initiatives as we have laid out previously this year.

因此，最後，我們繼續執行營運和策略性成長計劃，正如我們今年早些時候制定的那樣，我們的結果表明這些計劃取得了堅實的進展。

With that, we're happy to take questions.

因此，我們很樂意回答問題。

Thank you, ladies and gentlemen, we will now be conducting a question-and-answer session. (Operator Instructions)

謝謝女士們、先生們，我們現在將進行問答環節。（操作員說明）

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

Hi. Thanks. Good morning, everybody. And Congrats, Collin on the new role. So I think a couple of things from me, probably. First, can you talk a little bit about what you're seeing in Australia as far as to the back half of '24, '25? And kind of what we should be paying most attention to kind of from a potential growth perspective in Australia right now?

你好。謝謝。大家早安。恭喜科林擔任新角色。所以我想我可能會做一些事情。首先，可以談談你在澳洲看到的24、25年下半年的情況嗎？從澳洲潛在成長的角度來看，我們現在最應該關注的是什麼？

Absolutely. In terms of the back half of the year in Australia, I expect occupancy in our own villages to remain relatively consistent, through the third quarter. And then as always, we'll see a slight downtick in occupancy in the fourth quarter with holiday downtimes. But generally speaking, expecting occupancy in our own villages in Australia to remain fairly consistent throughout the year.

絕對地。就澳洲今年下半年而言，我預計我們自己的村莊的入住率到第三季將保持相對穩定。像往常一樣，我們將看到第四季度的入住率因假期停工而略有下降。但總的來說，預計我們澳洲村莊的入住率將全年保持相當穩定。

On the Integrated Services side, I've been very pleased -- we've been very pleased with the operational execution of the team. You can see that in the margins of the Integrated Services business, and the expectation is that will continue through the balance of the year. You saw a big uptick in terms of top line in the Integrated Services business, Q1 to Q2 in 2024.

在綜合服務方面，我非常滿意——我們對團隊的營運執行非常滿意。您可以在綜合服務業務的利潤中看到這種情況，並且預計這種情況將持續到今年剩餘時間。您將看到 2024 年第一季到第二季綜合服務業務的收入大幅上升。

And then I expect performance from a top line perspective in Integrated Services, to remain fairly consistent through Q3 and Q4. So then the attention for that business kind of transitions to winning additional work. So, the team had several prospects that we're working on. And again, this is all moving towards our goal of $500 million top line by 2027 and believe there's a tangible pathway to achieving that.

然後，我預計從綜合服務的頂線角度來看，業績在第三季和第四季將保持相當一致。因此，對該業務的關注轉向贏得額外的工作。因此，我們團隊有幾個正在研究的前景。再說一次，這一切都在朝著我們在 2027 年實現 5 億美元營收的目標邁進，並且相信有一條切實可行的途徑可以實現這一目標。

And so, as we look into 2025 for Australia, I expect the trends to continue. We see selective opportunities to enhance our existing operations, and they're really twofold by the business lines. And the own villages, looking to potentially add a little bit of capacity on the order of magnitude of maybe 100 rooms to the Bowen Basin. That's convincing on a couple of things.

因此，當我們展望 2025 年澳洲時，我預計這種趨勢將持續下去。我們看到了增強現有業務的選擇性機會，而且它們實際上是業務線的雙重機會。還有自己的村莊，希望有可能為 Bowen Basin 增加一點容量，數量級約為 100 個房間。這在幾件事上是令人信服的。

One, we get the customer commitments to support the investment. And two, we get through the permitting process. So hopefully, we can get that teed up in the second half of this year and benefit us in 2025. In the Integrated Services business --- sorry, go ahead, Steve.

第一，我們得到客戶支持投資的承諾。第二，我們完成了許可程序。因此，希望我們能夠在今年下半年做好準備，並在 2025 年讓我們受益。在整合服務業務中——抱歉，繼續吧，史蒂夫。

No, go ahead.

不，繼續吧。

And then in the Integrated Services business, it's continued what the team is doing. We've got to go out there and win additional work. I think we've established ourselves as a Tier 1 operator in Australia, where the customers own the assets, and we provide hospitality services for them. And I think the team has done a great job there, and so now it's just what's next. And so, a handful of opportunities we're working on right now, and we'll have to see how those play out.

然後在整合服務業務中，團隊正在繼續做的事情。我們必須走出去，贏得更多的工作。我認為我們已經成為澳洲的一級營運商，客戶擁有資產，我們為他們提供接待服務。我認為團隊在那裡做得很好，所以現在就是下一步。因此，我們現在正在研究一些機會，我們必須看看這些機會如何發揮作用。

Great. Thank you. And the other big question was really your leverage is down again. Your cash flow is really strong. You're obviously buying back stock. But when you think about the M&A landscape or the potential, at least, how should, we think about sort of what you're looking for kind of from a financial term perspective. But also, should we be thinking about it geographically? I mean, is Canada, Australia better or worse than the other in your mind, or how do we just sort of think about what kind of could happen over the next three, four, five quarters?

偉大的。謝謝。另一個大問題是你的槓桿率真的又下降了。你的現金流真的很充沛。你顯然是在回購股票。但是，當您考慮併購前景或潛力時，至少，應該如何考慮，我們會從財務術語的角度考慮您正在尋找的東西。但同時，我們是否應該從地理角度來考慮這個問題？我的意思是，在你心目中，加拿大、澳洲比其他國家更好還是更差，或者我們如何思考未來三、四、五個季度會發生什麼？

Sure. So I'll start with Australia. On the own villages side, there are a handful of opportunities to acquire additional villages that are owned by third parties, that would augment our portfolio and would be additive to our portfolio. So, we're looking at a handful of opportunities there. In the Integrated Services business, it would be similar to what we did with the Action acquisition.

當然。那麼我將從澳洲開始。在自己的村莊方面，有許多機會收購第三方擁有的其他村莊，這將擴大我們的投資組合，並增加我們的投資組合。因此，我們正在尋找一些機會。在綜合服務業務中，這與我們收購 Action 時所做的類似。

We will be buying a market position in a geography, or end market that we don't currently serve. And building off of that based on what we see is starting to build some critical mass in that business where we're starting to get some efficiencies in terms of having the overall volumes, the overall top line support the back office and the infrastructure to effectively be serving over 10,000 people a day.

我們將在目前不服務的地區或終端市場購買市場地位。在此基礎上，根據我們所看到的情況，開始在該業務中建立一些臨界質量，我們開始在總體數量、總體營收支援後台和基礎設施方面獲得一些效率，以有效地支援後台和基礎設施。

And so that's really the focus for Australia. In Canada, the base Oil Sands, or our Western Canadian business, remains very steady, but there's not a ton of growth in that market. So, we're looking to leverage our assets and our capabilities across North America to serve a broader group of industrial projects, both in markets and geographies with our current asset and service delivery model.

這確實是澳洲的焦點。在加拿大，基礎油砂業務或我們加拿大西部的業務仍然非常穩定，但該市場並沒有大幅成長。因此，我們希望利用我們在北美的資產和能力，透過我們目前的資產和服務交付模式，為市場和地區更廣泛的工業項目提供服務。

You've heard us talk about it in the past, the process of marketing the McClelland assets really opened up our eyes to the value of modular combinations. And our core competency of owning them, installing them, running them for customers where it's not their core competency. So cautiously optimistic we'll see some growth opportunities there in the next 12 months.

您過去曾聽我們談論過這一點，麥克萊蘭資產的營銷過程確實讓我們看到了模組化組合的價值。我們的核心能力是擁有它們、安裝它們、為客戶運行它們，但這不是他們的核心能力。因此，我們將在未來 12 個月內看到一些成長機會，持謹慎樂觀的態度。

Great. Thanks. I'll turn it over and get back in line here. Thank you, Bradley.

偉大的。謝謝。我會把它翻過來並回到這裡排隊。謝謝你，布拉德利。

Thank you, Stephen.

謝謝你，史蒂芬。

Steve Ferazani, Sidoti & Company.

史蒂夫·費拉扎尼 (Steve Ferazani)，Sidoti & Company。

Good morning, Bradley, Barclay. The strength in 2Q on the Canadian billed rooms. I think you indicated a couple of times, so there was a clear pull forward from 3Q. So I'm trying to figure out how lopsided turnaround season might be this year, or how turnaround season in general is playing compared to a year ago, which was also very, very healthy. Considering your billed rooms were up even though you've sold McClelland Lake. I mean it was extremely strong.

早上好，布拉德利，巴克萊。第二季加拿大計費客房表現強勁。我想你已經說過幾次了，所以第三季有明顯的提前。因此，我試圖弄清楚今年的扭虧為盈季節可能會有多麼不平衡，或者與一年前相比，扭虧為盈季節的整體情況如何，這也是非常非常健康的。考慮到即使您已經出售了麥克萊蘭湖，您的帳單房間仍然上漲。我的意思是它非常強大。

Yeah. So a couple of things there. Second quarter '24, second quarter of '23 -- in the second quarter of '23, we had the full benefit of McClelland, we sold that or dismantled that in July of 2023. So this is kind of the last clean quarter historically of having McClelland in there. The replacement assets the customer is putting to work is in the process of getting commissioned.

是的。有幾件事。24 年第二季、23 年第二季——在 23 年第二季度，我們充分受益於麥克萊蘭，我們在 2023 年 7 月出售或拆除了它。因此，這是麥克萊蘭歷史上最後一個乾淨的季度。客戶投入使用的替換資產正在接受調試。

So we had some overflow benefit from the Fort Hills project into other Civeo locations in the second quarter. So, we'll see the full impact of the sale of McClelland in the back half of 2024. In terms of turnaround activity. Quite frankly, 2024 is playing out generally in line with what we expected on a full year basis. Some of the timing, as we indicated, shifted from Q3 to Q2.

因此，我們在第二季度從 Fort Hills 專案到其他 Civeo 地點獲得了一些溢出效益。因此，我們將在 2024 年下半年看到出售麥克萊蘭的全面影響。在周轉活動方面。坦白說，2024 年的情況總體上符合我們對全年的預期。正如我們所指出的，某些時間點從第三季轉移到了第二季。

But in general, overall turnaround activity in 2024 is up probably about 150,000 room nights from 2023 on a full year basis. So it's playing out as we expected, just timing between Q2 and Q3 has shifted. So that coupled with we had expected all the demob costs to be completed in the first half of 2024. And as we mentioned, we've got about $1.5 million slipping into the second half, specifically in the third quarter.

但總體而言，2024 年全年的整體週轉活動可能比 2023 年增加約 15 萬間夜。所以它的發展正如我們預期的那樣，只是第二季和第三季之間的時間發生了變化。因此，我們預計所有拆除費用將在 2024 年上半年完成。正如我們所提到的，我們有大約 150 萬美元進入下半年，特別是第三季。

So, we've got some turnaround activity pulling forward. We've got the demob costs being pushed back and net-net, a stronger second quarter and full year in line with what we're expecting to flat to up from our expectations for Canada, but the back half will be softer for sure.

因此，我們正在推進一些週轉活動。我們的復員成本被推遲，第二季和全年表現強勁，與我們對加拿大的預期持平或上升一致，但後半段肯定會更加疲軟。

Fair enough, it's helpful. Even if I consider that and the 3Q will be down from 2Q in Canada, given your guidance for Australia, fair to say that your outlook sort of gets you to the higher end of your guidance range right now unless something would have changed on the revenue side?

很公平，很有幫助。即使我考慮到這一點，並且考慮到您對澳大利亞的指導，加拿大第三季度將低於第二季度，公平地說，您的前景現在有點讓您達到指導範圍的高端，除非收入發生變化邊？

Well, I would say that there are probably three major factors that could influence kind of the breadth of the guidance range. First and foremost, while I think the most important takeaway is that all the fire intensity in Alberta has been significant, and more broadly speaking, Western Canada, particularly over the last three weeks has been a 24/7 effort for operations, safety and HRTs.

嗯，我想說，可能有三個主要因素可能會影響指導範圍的廣度。首先也是最重要的，雖然我認為最重要的一點是，艾伯塔省的所有火災強度都很嚴重，更廣泛地說，加拿大西部，特別是在過去三週，一直在為運營、安全和HRT付出24/7 的努力。

With some rain over the weekend, it's getting better. And while we don't think there's a material impact, it could swing positive or negative a little bit. That's why we didn't tighten the guidance range overall, which we typically would do around this time every year. So while we don't think it's material, it could swing things [1 million or 2 million], either direction. So that was part of it.

週末下了點雨，天氣漸漸好轉。雖然我們認為不會產生實質影響，但它可能會產生一些正面或負面的影響。這就是為什麼我們沒有整體收緊指導範圍，而我們通常每年這個時候都會這樣做。因此，雖然我們認為它不重要，但它可以改變事物 [100 萬或 200 萬]，無論是哪個方向。這就是其中的一部分。

Secondly, I would say, occupancy in Australia to be upside. But to your question, could move us to the upper end of the guidance range. And likewise, occupancy and margin performance in CIS can move us to the upper end of the range. I don't say the demob costs would -- they're fully baked, I don't see -- that's just a matter of timing, I don't see that impacting full year guidance. So I think overall, those are the kind of two or three factors that would influence, where we end up on the range.

其次，我想說，澳洲的入住率有上升空間。但對於你的問題，可能會讓我們達到指導範圍的上限。同樣，獨聯體國家的入住率和利潤率表現可以使我們達到該範圍的上限。我並不是說解職成本會——我不認為它們已經完全成熟——這只是時間問題，我不認為這會影響全年指導。所以我認為總的來說，這些是會影響我們最終在這個範圍內的兩到三個因素。

That's really helpful. Could you get one more in just on the Australian margins? Obviously, you have these new and upgraded contracts revenue well above what we were thinking. Margins not moving a lot yet. Do you see some room? Are you seeing any kind of reduction in labor costs? Anything you can do to move margins up a bit here? Are you comfortable with where margins came in?

這真的很有幫助。你能在澳洲的邊緣再添一個嗎？顯然，這些新的和升級的合約收入遠高於我們的預期。利潤率還沒有太大變化。你看到有房間嗎？您是否看到勞動成本有任何下降？您可以採取什麼措施來提高利潤率嗎？您對利潤的來源感到滿意嗎？

I've been comfortable with where margins have come in. We are kind of running on a contribution basis at the own -- they're really cheap inputs, right, these own villages and the integrated services. On the own village's side, I'd say margin performance has been good. We still haven't gotten the labor situation to pre-COVID efficiencies, but we've made some improvements. I would say pricing on the own villages clearly has an upward bias.

我對利潤率的變化感到滿意。我們是在自己的貢獻基礎上運作的——它們確實是廉價的投入，對吧，這些自己的村莊和綜合服務。就本村而言，我想說利潤率表現不錯。我們的勞動力狀況仍然沒有達到新冠疫情前的效率，但我們已經做出了一些改進。我想說，自己村莊的定價顯然有向上偏差。

Overall, given that the overall Bowen Basin is running pretty full. We're full in three of our five locations and overall occupancy in the Bowen Basin is strong. So, we'll see how that plays out. In integrated services, I would say that pricing is steady, and it's an issue of volume and execution.

總體而言，考慮到鮑文盆地整體運作相當滿。我們的五個地點中的三個已滿員，鮑文盆地的整體入住率很高。那麼，我們將看看結果如何。在綜合服務方面，我想說定價是穩定的，這是一個數量和執行的問題。

Great. Thanks, Ron.

偉大的。謝謝，羅恩。

Thank you.

謝謝。

David Storms, Stonegate.

大衛‧斯托姆斯，《石門》。

Good morning. I thought I had heard in the prepared remarks that one of the suppressors of the Canadian room rates was incentives. I was hoping you could give us a little more color on maybe the duration of the incentives, and if we might see a little bit of a rebound in Canadian prices in the back half of the year?

早安.我想我在準備好的發言中聽到，加拿大房價的抑制因素之一是激勵措施。我希望您能給我們更多關於激勵措施的持續時間的信息，以及我們是否會在今年下半年看到加拿大價格出現一點反彈？

Yeah. So most of the contracts in Canada will have tiered pricing. And so as volume goes up, there are lower prices. So it will just be -- you actually [net to net], we're better off with lower prices and higher volumes. So net to net, this is a better situation. It was turnaround related. So as we see turnaround volumes start to decrease in the second half of the year, prices will go up.

是的。因此，加拿大的大部分合約都會採用分級定價。因此，隨著銷量的增加，價格就會降低。所以，實際上，[淨對淨]，我們的情況會因更低的價格和更高的銷售而變得更好。所以網對網，這是一個更好的情況。這與週轉有關。因此，當我們看到下半年週轉量開始減少時，價格將會上漲。

But net to net, we want the volumes, we're better off the volumes and some discounted pricing. It's all contracted. It's not a movement in pricing. It's really just a tiered pricing structure that we've always had.

但淨對淨而言，我們想要銷量，我們最好有銷量和一些折扣價格。都是約定好了的。這不是定價變動。這其實只是我們一直以來採用的分級定價結構。

Understood. Very helpful. And then just one more for me. You're about a third of the way to the low end of your CapEx guidance, and already halfway through the year. Can you give us a sense on what the kind of cadence for CapEx through 3Q and 4Q might look like?

明白了。非常有幫助。然後再給我一個。您已達到資本支出指導低端的大約三分之一，並且今年已過半。您能否讓我們了解第三季和第四季的資本支出節奏可能是什麼樣的？

Yes, if you'll allow me kind of rough numbers, we did about $10 million of CapEx in the first half, and the low end of the range is [$30 million]. I expect that will be [$15 million-ish] in the third quarter based on forecasts and then between $5 million and $10 million in the fourth quarter. Some of it is going to be timing. As I mentioned, we'd like to add 100 rooms to the Bowen Basin.

是的，如果您允許我提供一些粗略的數字，我們上半年的資本支出約為 1000 萬美元，該範圍的下限是[3000萬美元]。根據預測，我預計第三季將達到 [1500 萬美元左右]，然後第四季將達到 500 萬至 1000 萬美元。其中一些是時間問題。正如我所提到的，我們想在 Bowen Basin 增加 100 個房間。

That's dependent on two things: permitting and customer commitments. If those fall into place, I'd really love to launch that project this year, but all that spending will get spent. And then, we're also looking at reactivating some rooms in the Oil Sands region that will allow us to capture, some smaller clients that we can always serve, because of the commitments we have to some of our larger clients.

這取決於兩件事：許可和客戶承諾。如果這些都落實到位，我真的很想在今年啟動該項目，但所有支出都會花掉。然後，我們也正在考慮重新啟動油砂地區的一些房間，這將使我們能夠吸引一些我們始終可以服務的小客戶，因為我們對一些大客戶做出了承諾。

So, we'd like to get that kicked off and spend before the winter season, so that we can get those commitments from the smaller players, to move them into the village, the Fort McMurray Village.

因此，我們希望在冬季之前啟動並支出，以便我們能夠得到較小參與者的承諾，將他們搬到麥克默里堡村。

Very helpful. Thank you for taking my questions and good luck in 3Q.

非常有幫助。感謝您回答我的問題，祝第三季好運。

Thank you.

謝謝。

Sean Mitchell, Daniel Energy Partners.

肖恩·米切爾，丹尼爾能源合夥人。

Good morning, guys. Thanks for taking the question. Bradley, can you take a minute maybe, I know Stephen at the beginning of the call, talked about Australia, but could you take a minute potentially to frame what the opportunities kind of two to three years out for the next couple of years maybe on supporting kind of future LNG expansions like Cedar LNG?

早安，夥計們。感謝您提出問題。布拉德利，你能花一點時間嗎？ 我知道史蒂芬在電話開始時談到了澳大利亞，但是你能花一點時間來描述一下未來幾年兩到三年的機會嗎？未來液化天然氣擴張嗎？

Great question. So I think there are a handful of pieces to it. To the extent that there is additional pipeline work for additional LNG projects that would support opportunities for our mobile camp business. There'll be coastline opportunities for our Sitka Lodge. So it would be a nice return to activity for our British Columbia operations.

很好的問題。所以我認為它有幾個部分。在某種程度上，還有更多液化天然氣項目的額外管道工程，這將為我們的移動營地業務提供機會。我們的錫特卡旅館將擁有海岸線的機會。因此，對於我們不列顛哥倫比亞省的業務來說，這將是一次很好的恢復活動。

We've had a strong first half in terms of occupancy at Sitka relative to our expectations. But the LNG Canada project is getting very close to first production. So our activity at Sitka is winding down. As we mentioned in the prepared comments, the mobile camp activity. We're just in demob at this point.

相對於我們的預期，我們上半年錫特卡的入住率表現強勁。但加拿大液化天然氣計畫已經非常接近首次生產。我們在錫特卡的活動即將結束。正如我們在準備好的評論中提到的，移動營地活動。我們現在正處於復員狀態。

So additional LNG projects, if we saw pathways, pathways project move forward, would add occupancy in Western Canada to existing assets and present opportunities for mobile camp deployment.

因此，如果我們看到路徑、路徑專案取得進展，額外的液化天然氣專案將增加加拿大西部現有資產的佔用率，並為移動營地部署提供機會。

Got it. Thanks. I'll turn it back. Appreciate it.

知道了。謝謝。我會把它轉回來。欣賞它。

Thanks Sean.

謝謝肖恩。

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

Thanks for taking the follow-up as well. And just one quick one. I don't know if you want to talk about this or not. But when we think about '25, like when we're at end of '24, we kind of understood there are some puts and takes that you entered the year, with coastal gasoline pipeline work and some other things. What are the kind of very high-level puts and takes as we think about '25?

也感謝您的跟進。只是一個快速的。我不知道你是否想談這個。但是，當我們想到「25」時，就像我們在「24」年底時一樣，我們有點明白，您進入這一年時會遇到一些困難，包括沿海汽油管道工程和其他一些事情。當我們思考 25 世紀時，是什麼樣的非常高水準的看跌期權和看跌期權？

Well, let's see here. I would say that in Australia, it's going to be capital investment on the own villages, whether that's buying additional locations, or activating or expanding Bowen Basin capacity on the billing side, how much of that comes to fruition. As I mentioned, there's some awkward bias potentially on pricing on the own villages. In CIS, it's going to be winning work.

好吧，讓我們看看這裡。我想說的是，在澳大利亞，這將是對自己村莊的資本投資，無論是購買額外的地點，還是在計費方面激活或擴大博文盆地的容量，其中有多少會取得成果。正如我所提到的，對自己村莊的定價可能存在一些尷尬的偏見。在獨聯體國家，它將贏得工作。

In our Australian Integrated Service, it's going to be finding or winning the next contract. As we set out about 18 months ago, the opportunities we wanted to win, and we've won plus some. And you really saw the first whole quarter that flow through in 2Q '24. But right now, as I mentioned in the comments, kind of I think to your earlier question, Stephen, kind of expect integrated services to be on a quarterly basis flat from here through the balance of '24, and it will be depending on new contract.

在我們的澳洲綜合服務中，它將尋找或贏得下一份合約。正如我們大約 18 個月前所設定的那樣，我們想要贏得一些機會，而且我們已經贏得了一些機會。您確實看到了 2024 年第二季的第一個整個季度。But right now, as I mentioned in the comments, kind of I think to your earlier question, Stephen, kind of expect integrated services to be on a quarterly basis flat from here through the balance of '24, and it will be depending on new合約.

In Canada, I think in '24 to '25, there'll be some puts and takes. As always in Canada, it will depend on turnaround activity. We don't see any major changes to base level occupancy in the Oil Sands region. We'll have some headwinds in terms of occupancy, in terms of comparables, first half of '25 versus first half of '24 at Sitka. But net-net, I would expect without any additional strategic wins in the Canadian business kind of a flat '24 to '25.

在加拿大，我認為從 24 世紀到 25 世紀，將會有一些變化。與加拿大一貫的做法一樣，這將取決於週轉活動。我們認為油砂地區的基本入住率沒有任何重大變化。就可比而言，25 年上半年與 24 年上半年相比，錫特卡的入住率將面臨一些阻力。但淨淨，我預計如果沒有任何額外的戰略勝利，加拿大業務將在 24 至 25 年間持平。

Great. Thank you. And then just one quick follow-up, and that is around. We've talked about this in the past a bit, the source gas opportunity for LNG Canada. What's the status of that as far as the combinations? And is there still a shift that there could be involvement on your side or -- I don't have a good update on kind of where that stands?

偉大的。謝謝。然後只需一個快速跟進，就完成了。我們過去曾討論過加拿大液化天然氣公司的氣源機會。就組合而言，其狀態如何？你們是否仍然會參與其中，或者——我沒有關於這種情況的最新消息？

I would say on the source gas side, our entry would require an acquisition. Unlikely, we move into it on an organic or Greenfield basis.

我想說，在氣源方面，我們的進入需要收購。我們不太可能在有機或綠地的基礎上進入它。

Okay, great. Now, thanks for all the details.

好的，太好了。現在，感謝您提供所有詳細資訊。

Happy to. Thanks for the interest. Thanks for the questions.

很高興。感謝您的關注。感謝您的提問。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. I would now hand the conference over to Bradley Dodson for his closing comments.

謝謝。女士們先生們，我們的問答環節到此結束。現在我將把會議交給布拉德利·多德森（Bradley Dodson）發表閉幕詞。

Thank you, Ryan, and thank you, everyone, for joining the call today. Really appreciate your interest in Civeo, and we look forward to speaking to you on our third quarter earnings call, which we expect to happen late in October.

謝謝瑞安，也謝謝大家今天加入電話會議。非常感謝您對 Civeo 的興趣，我們期待在我們預計於 10 月底舉行的第三季財報電話會議上與您交談。

Thank you. The conference of Civeo Corporation has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。Civeo公司的會議現已結束。感謝您的參與。現在您可以斷開線路。