Civeo Corp (CVEO) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Civeo Corporation third quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎您參加 Civeo Corporation 2024 年第三季財報電話會議。（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, Mr. Regan Nielsen, Vice President, Corporate Development and Investor Relations. Thank you, sir. You may begin.

現在我很高興向您介紹東道主，企業發展和投資者關係副總裁 Regan Nielsen 先生。謝謝您，先生。你可以開始了。

Thank you, and welcome to Civeo's third quarter 2024 earnings conference call. Today, our call will be led by Bradley Dodson, Civeo's President and Chief Executive Officer; and Collin Gerry, Civeo's Chief Financial Officer and Treasurer.

謝謝，歡迎參加 Civeo 2024 年第三季財報電話會議。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 財務長兼財務主管 Collin Gerry。

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。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 third-quarter earnings call. I'll start the call today with a few key takeaways for the third quarter and then give a brief summary of our third-quarter 2024 performance.

謝謝雷根，也謝謝大家今天參加我們第三季的財報電話會議。我將在今天的電話會議開始時介紹第三季的一些關鍵要點，然後簡要總結我們 2024 年第三季的業績。

Then Collin will provide a financial and segment-level review, and I will conclude with our prepared comments with updated full-year 2024 guidance with the underlying regional assumptions. I'll also provide our preliminary outlook for 2025. We will then open the call for questions.

然後，Collin 將提供財務和細分層面的審查，我將以我們準備好的評論以及更新的 2024 年全年指導和基本區域假設作為總結。我還將提供我們對 2025 年的初步展望。然後我們將開始提問。

The key takeaways from our call today are: Australia adjusted EBITDA increased 19% from the third quarter of 2023 due to continued strong build rooms in our owned villages and increased activity in our integrated services business as we expand existing customer relationships. While we anticipated the decline in our Canadian segment, the decline in LNG and mobile camp activity, the segment performance was weaker than expected in the third quarter due to lower lodge billed rooms, which were negatively impacted by Canadian wildfires.

我們今天電話會議的主要結論是：澳洲調整後的EBITDA 較2023 年第三季成長了19%，原因是我們擁有的村莊的建設空間持續強勁，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增加。雖然我們預計加拿大業務會下降，液化天然氣和移動營地活動也會下降，但由於受到加拿大野火的負面影響，旅館計費房間減少，該業務第三季的表現弱於預期。

Third key point, today, we announced a 33-month contract renewal for a major Canadian oil sands producer to continue to provide accommodations and hospitality services through June 2027, which is expected to have total contracted revenues of approximately CAD150 million. During the third quarter, we returned $17.8 million of capital to shareholders through our quarterly dividend and share repurchases.

第三個關鍵點，今天，我們宣布與加拿大一家主要油砂生產商續簽33個月的合同，繼續提供住宿和接待服務至2027年6月，預計合同總收入約為1.5億加元。第三季度，我們透過季度股利和股票回購向股東返還了 1,780 萬美元的資本。

Last key point, we are tightening our revenue and adjusted EBITDA guidance for the full year 2024 to $675 million to $700 million of revenues and adjusted EBITDA of $83 million to $88 million. As we look forward to 2025, our preliminary expectations for adjusted EBITDA will be -- are expected to be in excess of $90 million.

最後一個關鍵點是，我們正在收緊收入，並將 2024 年全年 EBITDA 指引調整為 6.75 億美元至 7 億美元，調整後 EBITDA 為 8,300 萬美元至 8,800 萬美元。展望 2025 年，我們對調整後 EBITDA 的初步預期將超過 9,000 萬美元。

I'll now take a moment to provide some commentary on our business segments. Australian segment performed well during the third quarter, and the team continues to execute on our previously stated goal to grow our Australian integrated services revenues to AUD500 million by 2027.

現在我將花點時間對我們的業務部門發表一些評論。澳洲業務在第三季表現良好，團隊繼續執行我們先前提出的目標，到 2027 年將澳洲綜合服務收入增加到 5 億澳元。

We experienced year over year and sequential growth in both our owned village business and our integrated services business. Our year over year integrated services growth was partially -- was particularly strong due to the impact of recent competitive wins as well as the expansion of existing customer relationships.

我們的自有村莊業務和綜合服務業務均經歷了逐年連續成長。由於最近的競爭勝利以及現有客戶關係擴展的影響，我們的綜合服務同比增長部分特別強勁。

In Canada, as expected, our third quarter Canadian segment revenues and adjusted EBITDA decreased year over year, primarily due to the expected wind-down of LNG-related activity, the sale of the McClelland Lake Lodge and the previously discussed pull forward of customer turnaround and operational activities into the second quarter. This was expected, but was exacerbated by the wildfire-related evacuation and associated delays.

在加拿大，正如預期的那樣，我們第三季度加拿大部門的收入和調整後的 EBITDA 同比下降，主要是由於液化天然氣相關活動的預期結束、麥克萊蘭湖旅館的出售以及之前討論的客戶週轉提前和營運活動進入第二季。這是預料之中的，但由於野火相關的疏散和相關的延誤而加劇了這種情況。

With that, I'll turn the call over to Collin, our new CFO. Collin has been with Civeo since our spin-off in 2014 in strategic, financial, operational, and commercial roles. Welcome, Collin.

接下來，我會將電話轉給我們的新任財務長科林。自 2014 年 Civeo 分拆以來，Collin 一直在 Civeo 擔任策略、財務、營運和商業職位。歡迎，科林。

Thank you, Bradley. I'm very happy to be here. Today, we reported total revenues in the third quarter of $176.3 million with a net loss of $5.1 million or $0.36 per diluted share.

謝謝你，布拉德利。我很高興來到這裡。今天，我們報告第三季總收入為 1.763 億美元，淨虧損 510 萬美元，即稀釋後每股虧損 0.36 美元。

During the third quarter, we generated adjusted EBITDA of $18.8 million, operating cash flow of $35.7 million, and free cash flow of $28.3 million. While third-quarter adjusted EBITDA was down year over year for all the reasons Bradley mentioned, the company's cash flow generation was quite strong as we delivered relatively consistent operating cash flows in the same quarter last year.

第三季度，我們的調整後 EBITDA 為 1,880 萬美元，營運現金流為 3,570 萬美元，自由現金流為 2,830 萬美元。儘管由於布拉德利提到的所有原因，第三季調整後的 EBITDA 同比下降，但該公司的現金流產生相當強勁，因為我們在去年同一季度提供了相對穩定的營運現金流。

I'll discuss that in more detail a little later in the call. But first, I'd like to provide more context on our two segments. I'll begin with a review of the Australian segment performance compared to its performance a year ago in the third quarter of 2023.

我將在稍後的電話會議中更詳細地討論這一點。但首先，我想提供有關我們兩個細分市場的更多背景資訊。我將首先回顧 2023 年第三季澳洲細分市場的表現與一年前的表現相比。

Third-quarter revenues from our Australian segment were $116.6 million, up 33% from $87.9 million in the third quarter of 2023. Adjusted EBITDA was $22.5 million, up 19% from $18.9 million last year. The increase in revenues and adjusted EBITDA was due to increased billed rooms at our owned villages and increased integrated services activity related to recent competitive wins as well as the expansion of existing client activity.

我們澳洲部門第三季的營收為 1.166 億美元，比 2023 年第三季的 8,790 萬美元成長 33%。調整後 EBITDA 為 2,250 萬美元，比去年的 1,890 萬美元成長 19%。收入和調整後 EBITDA 的增加是由於我們擁有的村莊的計費客房增加以及與最近的競爭勝利相關的綜合服務活動的增加以及現有客戶活動的擴大。

This shows our continued and steady growth in this segment. Australian billed rooms in the quarter were 647,000 rooms, up 4% from 623,000 in the third quarter of 2023. This is due to increased customer demand at our owned villages. Our daily room rate for our Australian-owned villages in the US dollars was $79, which increased from $74 in the third quarter of 2023 due to CPI escalations in recent contracts.

這顯示我們在這一領域持續穩定的成長。本季澳洲的計費客房數量為 647,000 間，較 2023 年第三季的 623,000 間增長 4%。這是由於我們擁有的村莊的客戶需求增加。由於最近合約中 CPI 的上漲，我們在澳洲擁有的村莊的每日房價為 79 美元，較 2023 年第三季的 74 美元有所上漲。

Turning to Canada. We recorded revenues of $57.7 million as compared to revenues of $95.1 million in the third quarter of 2023. Adjusted EBITDA in Canada was $3.4 million, a decrease from $23.2 million in the third quarter of 2023.

轉向加拿大。我們的營收為 5,770 萬美元，而 2023 年第三季的營收為 9,510 萬美元。加拿大調整後 EBITDA 為 340 萬加元，較 2023 年第三季的 2,320 萬加元有所下降。

The year-over-year revenue and adjusted EBITDA decrease was driven by the expected wind down of LNG-related activity, including the completion of pipeline activity for our mobile camps, the sale of our McClelland Lake Lodge, and lower billed rooms as a result of the pull forward of turnaround activity into the second quarter of 2024 as well as the evacuations from Canadian wildfires.

同比收入和調整後 EBITDA 下降的原因是液化天然氣相關活動的預期結束，包括我們的移動營地管道活動的完成、麥克萊蘭湖旅館的出售以及因此而降低的房間費用週轉活動提前至2024 年第二季度，以及加拿大山火疏散行動。

For context, the year-over-year decrease in adjusted EBITDA from our LNG-related business was approximately $12 million. During the quarter, billed rooms in our Canadian lodges totaled $484,000, which was down from $726,000 in the third quarter of 2023 due to the reasons I just mentioned. Our daily room rate for the Canadian segment in US dollars was $100, which increased from $98 in the third quarter of 2023 due to the mix of occupancy between lodges.

就背景而言，我們的液化天然氣相關業務調整後 EBITDA 年比減少約 1,200 萬美元。由於我剛才提到的原因，本季我們加拿大旅館的客房計費總額為 484,000 美元，低於 2023 年第三季的 726,000 美元。由於旅館間的入住情況不同，我們加拿大部分的每日房價為 100 美元，較 2023 年第三季的 98 美元有所上漲。

Next, I'll take a look at our capital structure. On August 13, we announced the completion of an amendment and extension to our credit agreement. The amendment extends the maturity date to August 2028, upsizes the total revolving credit facility capacity to $245 million from $200 million, and reduces our borrowing costs.

接下來，我會來看看我們的資本結構。8月13日，我們宣布完成信貸協議的修訂和延期。該修正案將到期日延長至 2028 年 8 月，將循環信貸額度總額從 2 億美元增加到 2.45 億美元，並降低了我們的借貸成本。

Our net debt on September 30, 2024, was $32.2 million, a $7.9 million decrease, excuse me, since June 30, 2024. Our net leverage ratio for the quarter remained flat at 0.3 times. As of September 30, 2024, we had total liquidity of approximately $212 million, giving us the strength and flexibility to opportunistically pursue growth while maintaining prudent leverage ratios and returning capital to shareholders.

截至 2024 年 9 月 30 日，我們的淨債務為 3,220 萬美元，自 2024 年 6 月 30 日以來減少了 790 萬美元。本季我們的淨槓桿率維持在 0.3 倍。截至 2024 年 9 月 30 日，我們的流動性總額約為 2.12 億美元，這使我們有實力和靈活性來伺機追求增長，同時保持審慎的槓桿率並向股東返還資本。

Finally, I'll turn to capital allocation and cash flow. I'll start with cash flow as there's been some nuance this year that is worth pointing out. On a year-to-date basis, adjusted EBITDA of $68.5 million is down 22%. However, operating cash flows of $74 million are up 31% year over year.

最後，我將談談資本配置和現金流。我將從現金流開始，因為今年有一些細微差別值得指出。年初至今，調整後 EBITDA 為 6,850 萬美元，下降了 22%。然而，營運現金流為 7,400 萬美元，年增 31%。

There are two primary reasons for this discrepancy. First, with the completion of several of the LNG-related mobile camp projects in Canada, we received payments which were contingent upon the demobilization of those camps. Once those projects completed, these holdbacks were released, which augmented cash flows.

造成這種差異的主要原因有二。首先，隨著加拿大幾個與液化天然氣相關的移動營地項目的完成，我們收到了根據這些營地的復員情況而定的付款。一旦這些項目完成，這些阻礙就會被釋放，增加了現金流。

Secondly, working capital in Canada provided higher cash flow this quarter due to the compression of turnaround work into the second quarter and subsequent payment in third quarter. Both of these have resulted in stronger year-over-year cash flows.

其次，由於週轉工作壓縮到第二季並隨後在第三季付款，加拿大的營運資本本季提供了更高的現金流。這兩者都導致現金流量同比增長。

On the capital expenditure front, on a consolidated basis, CapEx for the third quarter of 2024 was $7.5 million compared to $9.5 million during the same period in 2023. Capital expenditures in both periods were predominantly related to maintenance spending on our lodges and villages.

在資本支出方面，綜合來看，2024 年第三季的資本支出為 750 萬美元，而 2023 年同期為 950 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。

Capital expenditures in the third quarter of 2023 also included $3.6 million related to customer-funded infrastructure upgrades at three Australian villages, which were reimbursed by our client. Looking forward, fourth quarter 2024 CapEx includes maintenance

2023 年第三季的資本支出還包括與客戶資助的三個澳洲村莊基礎設施升級相關的 360 萬美元，這些費用已由我們的客戶報銷。展望未來，2024 年第四季資本支出包括維護

CapEx and some discretionary capital related to a lodge optimization project in Canada and projects to refresh some of our Australian village rooms in response to higher demand. In the third quarter of 2024, we repurchased approximately 515,000 shares through our share repurchase program for a total of $14.2 million.

資本支出和一些可自由支配的資本與加拿大的一個旅館優化項目以及更新我們的一些澳洲鄉村客房以滿足更高需求的項目有關。2024 年第三季度，我們透過股票回購計畫回購了約 515,000 股股票，總金額為 1,420 萬美元。

As Bradley mentioned, we returned $17.8 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 $35 million.

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向股東返還了 1,780 萬美元的資本，使我們年初至今向股東返還的資本總額達到 3,500 萬美元。

On September 11, we announced the renewal of our share repurchase program, authorizing the repurchase of up to 5% of total common shares outstanding over the next 12 months. We will continue to be opportunistic about repurchasing shares.

9 月 11 日，我們宣布更新股票回購計劃，授權在未來 12 個月內回購已發行普通股總數的最多 5%。我們將繼續在回購股票方面保持機會主義。

This morning, we also announced that our Board has declared our quarterly dividend. Shareholders of record as of November 25, 2024, will receive $0.25 per share cash dividend payable on December 16, 2024.

今天早上，我們也宣布董事會已宣布季度股息。截至 2024 年 11 月 25 日登記在冊的股東將於 2024 年 12 月 16 日收到每股 0.25 美元的現金股利。

With that, I'll turn it over to Bradley to discuss our guidance for the full year 2024 and our thoughts moving forward.

接下來，我將把它交給 Bradley，討論我們對 2024 年全年的指導以及我們未來的想法。

Thank you, Collin. I would now like to turn our discussion to how we see things playing out in 2024 and our preliminary look at 2025.

謝謝你，科林。我現在想將我們的討論轉向我們如何看待 2024 年的情況以及我們對 2025 年的初步展望。

As mentioned earlier, we are tightening our full-year 2024 revenue and adjusted EBITDA guidance ranges to $675 million to $700 million on revenues and $83 million to $88 million on adjusted EBITDA. We are maintaining our full-year 2024 capital expenditure guidance of $30 million to $35 million. Based on our adjusted EBITDA and CapEx guidance, we expect our 2024 free cash flow to be in the range of $50 million to $60 million.

如前所述，我們正在收緊 2024 年全年收入，調整後 EBITDA 指引範圍為收入 6.75 億美元至 7 億美元，調整後 EBITDA 指引範圍為 8,300 萬美元至 8,800 萬美元。我們維持 2024 年全年資本支出指引為 3,000 萬至 3,500 萬美元。根據我們調整後的 EBITDA 和資本支出指引，我們預計 2024 年的自由現金流將在 5,000 萬美元至 6,000 萬美元之間。

I will now provide the regional outlooks and corresponding underlying assumptions. In Canada, I'd like to first acknowledge the forest fires and the impact on our Canadian operating regions. I want to thank our employees who worked around the clock to ensure the safety of our guests, the first responders, and our assets.

我現在將提供區域前景和相應的基本假設。在加拿大，我首先要感謝森林火災及其對我們加拿大營運地區的影響。我要感謝我們全天候工作的員工，以確保我們的客人、急救人員和我們的資產的安全。

While our assets were not damaged by the fires, our third-quarter financial performance was negatively impacted by customer evacuations and associated delays. We currently do not expect a material impact from the fires to continue into the fourth quarter.

雖然我們的資產沒有因火災而受損，但我們第三季的財務表現受到客戶疏散和相關延誤的負面影響。我們目前預計火災的重大影響不會持續到第四季。

On a more positive note, we are encouraged by the multiyear contract renewal by a major Canadian oil sands producer and believe that this is a testament to our solid operational execution and our strong customer relationship. This renewal was already factored into our 2024 guidance to provide Civeo with more revenue visibility for the future.

從更積極的角度來看，我們對加拿大一家主要油砂生產商續簽多年合約感到鼓舞，並相信這證明了我們紮實的營運執行力和強大的客戶關係。此次更新已納入我們的 2024 年指導中，以便為 Civeo 提供更多未來收入可見度。

As we look at the fourth quarter 2024, we expect to experience a sequential decline in billed rooms at our lodges due to the typical seasonality of our customers' operations, partially offset by occupancy recovering from wildfire-related evacuations and delays. Fourth quarter will also be burdened by approximately $1 million of mobile camp demobilizations, which should be the final mobile camp demobilization costs.

展望 2024 年第四季度，由於客戶營運的典型季節性，我們預計旅館的計費客房數量將連續下降，但因野火相關疏散和延誤而恢復的入住率部分抵消了這一下降。第四季還將承擔約100萬美元的流動營地復員費用，這應該是最終的流動營地復員費用。

Turning to Australia. Customer activity in our owned villages remains incredibly strong, and we expect to continue at similar levels going forward. We are currently full at three of our Bowen Basin villages with strong occupancy at the rest of our owned villages in the Australian portfolio.

轉向澳大利亞。我們擁有的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的水平。目前，我們博文盆地的三個村莊已滿員，而我們在澳洲投資組合中擁有的其他村莊的入住率也很高。

As it relates to our integrated services business, we are continuing to experience increased demand from recent contract awards as well as the expansion of existing customer relationships. We have continued to see substantial growth in recent years in the business, and we're excited about the future growth potential in our Western Australian and our overall integrated services business.

由於它與我們的綜合服務業務相關，最近授予的合約以及現有客戶關係的擴展使我們的需求不斷增加。近年來，我們的業務持續大幅成長，我們對西澳大利亞州和整體綜合服務業務的未來成長潛力感到興奮。

I'll now provide a few preliminary comments on our 2025 outlook. As we discussed throughout the year, the Canadian business is experiencing a transitional period with the LNG-related construction activity winding down, coupled with the sale of our McClelland Lake Lodge.

現在我將就我們的 2025 年前景提供一些初步評論。正如我們全年討論的那樣，加拿大業務正在經歷一個過渡期，液化天然氣相關的建設活動逐漸結束，同時我們的麥克萊蘭湖旅館也被出售。

Most of that transition has been completed or will be completed in 2024, and we are expecting a relatively flat year in 2025 for Canada. The growth in Australia, the growth that we experienced this year, coupled with our expectation for continued strong occupancy should translate into year-over-year growth in 2025 for Australia.

大部分過渡已經完成或將在 2024 年完成，我們預計加拿大 2025 年將相對穩定。澳洲的成長，我們今年經歷的成長，加上我們對持續強勁入住率的預期，應該會轉化為澳洲 2025 年的年成長。

Taken together, we are preliminarily expecting EBITDA in 2025 to exceed $90 million, and we'll provide more detailed outlook in our 2024 year-end conference call -- earnings conference call in February. Underpinning our expectations for 2025 are the following observations.

總的來說，我們初步預計 2025 年 EBITDA 將超過 9,000 萬美元，我們將在 2 月份的 2024 年年終電話會議——收益電話會議上提供更詳細的展望。以下觀察結果支持了我們對 2025 年的預期。

In Canada, new project bidding activity continues to strengthen, and we're optimistic that we'll be able to deploy mobile camp assets in 2025 outside our core operating regions. 2025 will also not be burdened by mobile camp demobilizations I mentioned earlier, which impacted 2024 EBITDA by approximately $4 million.

在加拿大，新專案招標活動持續加強，我們樂觀地認為，我們將能夠在 2025 年在核心營運區域之外部署移動營地資產。 2025 年也不會受到我之前提到的移動營地復員的負擔，這對 2024 年 EBITDA 產生了約 400 萬美元的影響。

We expect 2025 oil sands lodge activity to be relatively flat with this year's levels. And we're deploying limited growth CapEx in the back half of 2024 to optimize our oil sands lodge portfolio backed by customer demand, which should drive modest growth in 2025.

我們預計 2025 年油砂住宿活動將與今年的水平相對持平。我們將在 2024 年下半年部署有限成長的資本支出，以在客戶需求的支持下優化我們的油砂小屋投資組合，這將推動 2025 年的適度成長。

In Australia for next year, despite commodity price volatility, we're encouraged by the outlook for both our owned villages and our integrated services business. We expect our owned villages to remain -- occupancy to remain at strong levels with the majority of our villages at or near peak occupancy.

明年在澳大利亞，儘管商品價格波動，但我們擁有的村莊和綜合服務業務的前景令我們感到鼓舞。我們預計我們擁有的村莊的入住率將保持在較高水平，我們的大多數村莊都處於或接近入住率高峰。

Our integrated services business should continue to benefit from recent contract wins and the expansion of customer relationships that has driven substantial growth in 2024, and we're also seeing opportunities to further expand in 2025. Having outperformed our target leverage ratio, we're positioned to be more opportunistic in 2025 and deploying expansionary capital that we anticipate to drive long-term economic returns and to help safeguard and grow our future cash flows.

我們的綜合服務業務應該會繼續受益於最近贏得的合約和客戶關係的擴展，這推動了 2024 年的大幅成長，而且我們還看到了 2025 年進一步擴展的機會。在超越我們的目標槓桿率後，我們將在 2025 年更加投機，並部署擴張性資本，我們預計這些資本將推動長期經濟回報，並幫助保障和成長我們的未來現金流。

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

因此，我們很樂意回答您的問題。

(Operator Instructions) Stephen Gengaro, Stifel.

（操作員說明）Stephen Gengaro，Stifel。

I think two for me. The first, when we think about capital allocation, can you talk about just the M&A strategy and the types of things you might look at and which markets, et cetera? Just give us an overview of how you're thinking about that.

我認為對我來說有兩個。首先，當我們考慮資本配置時，您能否只談談併購策略以及您可能關注的事物類型以及哪些市場等？請向我們概述一下您的想法。

Sure. I think there are certainly opportunities to grow our core operations, which would be Western Canada and owned villages in Australia, those two areas. So we'll look to grow the core and continue to expand that. We think there are also growth opportunities in expanding geographically and the end markets that we serve.

當然。我認為肯定有機會發展我們的核心業務，這將是加拿大西部和澳洲擁有的村莊，這兩個地區。因此，我們將尋求發展核心並繼續擴展它。我們認為，在擴大地域和我們服務的終端市場方面也存在成長機會。

So we'll look to expand in North America outside of Western Canada, both in Eastern Canada and then back into the US. In Australia, it will be continuing to expand our integrated services business, both geographically, which predominantly our integrated services is in Western Australia.

因此，我們將尋求在加拿大西部以外的北美擴張，包括加拿大東部，然後回到美國。在澳大利亞，它將繼續擴大我們的綜合服務業務，無論是在地理位置上，我們的綜合服務主要是在西澳大利亞。

We have moved into South Australia, but to expand that further and see if there are opportunities to expand that outside of purely natural resources. That would be both inorganically and organically.

我們已經進入南澳大利亞，但要進一步擴大規模，看看是否有機會在純粹的自然資源之外擴大規模。這既可以是無機的，也可以是有機的。

Okay. That's helpful, Bradley. The other question, and this might be hard to quantify, but I'll ask anyway. When we think about your Canadian business, and you mentioned the mobile camps already. How much of Canada for next year is highly visible?

好的。這很有幫助，布拉德利。另一個問題，這可能很難量化，但無論如何我都會問。當我們考慮您的加拿大業務時，您已經提到了移動營地。明年加拿大有多少地區是高度可見的？

Maybe I won't say quite contracted, but highly visible, right? Outside of the turnaround work, I think most of what we're seeing up there is pretty visible, but could you speak to that a bit?

也許我不會說很簡約，但非常顯眼吧？除了周轉工作之外，我認為我們所看到的大部分內容都是非常明顯的，但您能談談這一點嗎？

Sure. I guess I'll address the second part first, which is we look at this year, we'll end the year in Canada with approximately 2.2 million billed rooms for the full year, including what's in guidance for the fourth quarter. About 25 -- a little less 20%, 25% of that is turnaround activity. That won't be contracted.

當然。我想我將首先討論第二部分，即我們今年的情況，我們將在年底在加拿大全年提供約 220 萬間計費客房，包括第四季度的指導。約 25%——略少於 20%，其中 25% 是周轉活動。這樣就不會簽了。

It certainly is based on strong customer relationships and the strong portfolio of locations that we have in Canada. But then the balance of it is largely contracted with primarily large operators in Canada. So we see build rooms in 2025 to be relatively flat year over year, subject to finalizing our budgets and be prepared to talk in more detail in February.

這當然是基於強大的客戶關係和我們在加拿大擁有的強大的地點組合。但其餘部分主要與加拿大的大型業者簽訂合約。因此，我們認為 2025 年的建築面積比去年同期相對持平，具體取決於我們最終確定的預算，並準備在 2 月進行更詳細的討論。

But usually, as we go in, and we'll give you the exact percentages as we're not done with budgeting yet. But typically, as we go into Canada, we have 60% of the build rooms contracted. Some of that will be guaranteed and some of that will be under exclusivity contract.

但通常情況下，當我們進入時，我們會給您確切的百分比，因為我們還沒有完成預算。但通常情況下，當我們進入加拿大時，我們已經簽了 60% 的建築房間。其中一些將得到保證，其中一些將根據排他性合約進行。

Steve Ferazani, Sidoti & Company.

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

I wanted to ask any way to quantify the impact of the wildfires on your Q3 results?

我想問有什麼方法可以量化野火對你們第三季業績的影響嗎？

I would say in rough numbers in terms of what didn't flow through in the third quarter was on the order of magnitude of about 30,000 room nights in turnaround activity. And so that's roughly the impact that we saw.

我想說，從第三季沒有流入的粗略數字來看，週轉活動的數量級約為 30,000 個間夜。這就是我們看到的大致影響。

Some of that was pulled forward, but some of that, quite frankly, that we had evacuations and occupancy didn't recover back to where it was prior to the forest fires. So as we look at 2024 and start to look at 2025 again, looking at relatively flat build rooms in the Canadian lodges year over year.

其中一些被提前了，但坦率地說，其中一些，我們的疏散和入住率並沒有恢復到森林火災之前的水平。因此，當我們展望 2024 年並開始再次展望 2025 年時，逐年觀察加拿大旅館中相對平坦的建築房間。

When I think about -- so that's assuming you it's $100 night room, it's roughly a $3 million impact, if I'm doing my math right. But you didn't -- you went to the high-end of your revenue range and you only tightened EBITDA. So it would indicate something else is going stronger to offset. What was a pretty big impact in the quarter?

當我想到——假設你住的是 100 美元的一晚房間，如果我計算正確的話，大約會產生 300 萬美元的影響。但你沒有——你達到了收入範圍的高端，並且只收緊了 EBITDA。因此，這表明有其他東西正在變得更強大，可以抵消。本季影響較大的是什麼？

Yes. I mean it's -- the Australian integrated services business has been very strong. We've expanded our relationship with one customer in particular, and that has flowed through to -- I mean, if you look at the quarterly progression of the services business in Australia in the 10-Q, Q1 to Q2 of 2024, you'll see a big pickup in revenues, and that has continued into Q3, and we expect that to continue going forward.

是的。我的意思是——澳洲的綜合服務業務一直非常強勁。我們特別擴大了與一位客戶的關係，這已經影響到了——我的意思是，如果你看看澳大利亞服務業務在2024 年第10 個季度、第1 季到第2 季度的季度進展，你會發現我們將看到收入大幅回升，這種情況一直持續到第三季度，我們預計這種情況將繼續下去。

We had come into this year if you let me, I'll speak in Australian dollars. We were expecting AUD320 million of top line. I think we'll exceed that significantly this year in terms of the integrated services in Australia, and that's up from approximately AUD240 million of top line services revenue last year.

我們已經進入今年，如果你允許的話，我會用澳幣發言。我們預計收入為 3.2 億澳元。我認為今年我們在澳洲的綜合服務方面將大大超過這個數字，而去年的頂線服務收入約為 2.4 億澳元。

How much of that is activity versus you winning the businesses?

其中有多少是活動與您贏得業務的關係？

It's largely winning work. Certainly, we've seen occupancy pick up at customer villages that we had already operated, but a big chunk of it is winning work, the vast majority.

這在很大程度上是成功的工作。當然，我們已經看到我們已經運營的客戶村的入住率有所上升，但其中很大一部分是贏得了工作，絕大多數。

Previous quarter, you talked about the potential of adding more rooms in Australia with you had the three villages that were full. Any update on that?

上個季度，您談到了在澳洲增加更多房間的潛力，因為您的三個村莊已經滿了。有更新嗎？

Continue to pursue it. It's never a straight line from point A to point B, unfortunately. So we have been optimistic that we could have executed on that, but we need the customer commitments to back in, and there have been some shifting needs from the customers.

繼續追求吧。不幸的是，從 A 點到 B 點從來都不是一條直線。因此，我們一直樂觀地認為我們可以執行這一點，但我們需要客戶的承諾回來，客戶的需求也發生了一些變化。

And as a result, we've been able to satisfy those needs at other locations and have not needed to expand yet, but it's still a possibility. And just to remind everyone that was order of magnitude of about 100 rooms in the Bowen Basin.

因此，我們已經能夠在其他地點滿足這些需求，而且還不需要擴展，但這仍然是一種可能性。只是提醒大家，Bowen Basin 的房間數量級約 100 個。

The last one from me, just the demob costs, were there any this quarter? Or is that $1 million that was going to be this quarter pushing into 4Q?

我的最後一個，只是遣散費用，這個季度有嗎？或者說本季的 100 萬美元會推到第四季嗎？

We only had about $400,000 in the third quarter with about $1 million left in the fourth quarter, and that should be the final e-mail costs.

第三季我們只有大約 40 萬美元，第四季還剩下大約 100 萬美元，這應該是最終的電子郵件成本。

David Storms, Stonegate.

大衛‧斯托姆斯，《石門》。

I could circle back on some of the integrated services stuff you were talking about. When you think about bringing current customers into the fold, how much more runway do you see there?

我可以回顧一下您所談論的一些整合服務內容。當您考慮吸引現有客戶時，您認為那裡還有多少跑道？

Well, we the team, we have put together a goal to hit AUD500 million by 2027. To remind everyone, we entered into the integrated services business in materially when we acquired a business in 2019. Back then, for a half year, we did about AUD40 million of top line. Last year, we did AUD240 million. This year, we should be close to AUD340 million. And it's really grown from that business.

好吧，我們團隊制定了 2027 年達到 5 億澳元的目標。提醒大家一下，我們在2019年收購業務時就實質地進入了綜合服務業務。當時，半年的時間裡，我們的收入約為 4,000 萬澳元。去年我們賺了2.4億澳元。今年，我們應該接近3.4億澳元。它確實是從這項業務中發展起來的。

And then just turning to Canada with the contract renewal that you just completed, I guess what does the environment look like for contract renewal negotiations and maybe compared to any new client negotiations you're having?

然後轉向加拿大，您剛剛完成了合約續約，我想合約續約談判的環境是什麼樣的，也許與您正在進行的任何新客戶談判相比？

I would say that in Canada, well, all the operators are looking to cut costs. So it's always a battle. I think the team did a good job where we were able to maintain pricing, maintain exclusivity, and it was a good contract outcome with the main state customer of ours. I think it comes back to several things.

我想說的是，在加拿大，所有業者都在尋求削減成本。所以這總是一場戰鬥。我認為團隊做得很好，我們能夠維持定價，保持排他性，並與我們的主要國家客戶達成了良好的合約結果。我認為這可以追溯到幾件事。

It is operating safely, keeping their people safe. It is delivering on service. And of course, it is meeting their price expectation. And with our portfolio of locations in Canada, we can service the vast majority of the northern players in the basin legacy oil sands region north of Fort McMurray.

它正在安全運行，保證人員安全。它正在提供服務。當然，它也滿足了他們的價格預期。憑藉我們在加拿大的投資組合，我們可以為麥克默里堡以北盆地遺留油砂地區的絕大多數北方參與者提供服務。

And then just one more and similar to an earlier question, maybe a little hard to quantify. Is there any sense on what catch-up in Q4 could look like now that the wildfires are in the rearview?

然後還有一個與之前的問題類似的問題，可能有點難以量化。既然野火已經成為過去，那麼第四季的追趕有什麼意義嗎？

Well, it's a little difficult, I'll be honest, because the fourth quarter will always have holiday downtime. I mean it's not surprising that the level of headcount for our customers starts to decline in November and December.

嗯，老實說，這有點困難，因為第四季總會有假期停機時間。我的意思是，我們的客戶人數在 11 月和 12 月開始下降並不奇怪。

And so, as we look out at activity levels for Canada, it will be masked by the holiday downtime. So you won't really see a pickup in occupancy, but it will be because of the holiday downtime.

因此，當我們觀察加拿大的活動水平時，它會被假期停工所掩蓋。因此，您不會真正看到入住率上升，但這將是由於假期停工造成的。

So maybe just seasonally, it will just maybe look a little stronger than normal.

所以也許只是季節性的，它可能看起來會比平常強一點。

Yes. I mean, seasonally, if we look like-for-like, it will largely depend on what we have like-for-like is the loss of McClellan '23 to '24 on a year-over-year basis. But on like-for-like, fourth quarter will be in line with last year.

是的。我的意思是，從季節性來看，如果我們看起來相似，這在很大程度上取決於我們的相似情況是麥克萊倫'23年到'24年的同比損失。但以同類情況計算，第四季將與去年持平。

(Operator Instructions)Sean Mitchell, Daniel Energy Partners.

（操作說明）Sean Mitchell，Daniel Energy Partners。

Bradley, when you talk about Australia getting $500 million in '27, does that assume some M&A? Or is that all organic internal growth?

Bradley，當您談到澳洲在 27 年獲得 5 億美元時，這是否假設進行了一些併購？還是這都是有機的內部成長？

Well, right now, we have an opportunity set over the next three years that obviously, we can't hit on all of them or won't hit on all of them, but there's a pathway of known opportunities for the integrated services business that will be let out for bid that we have an opportunity to bid on and to win. And so it does not include M&A.

好吧，現在，我們在未來三年內有一個機會，顯然，我們無法或不會實現所有這些機會，但對於集成服務業務來說，有一條已知機會的途徑將進行投標，我們有機會投標並獲勝。因此它不包括併購。

And then second, when you talked a little bit about growth opportunities outside of energy in Australia, are there opportunities outside of energy in Canada and/or the US that you might be looking at over the next year or two?

其次，當您談到澳洲能源以外的成長機會時，您在未來一兩年可能會關注加拿大和/或美國能源以外的機會嗎？

Yes. I mean I would say right now, the vast majority are still resources related as opposed to energy. And there are opportunities there, and we'll continue to pursue those. Longer term, we would look outside of resources. I'd say that still ways off. Sean, what we think we do well is take care of people, and that has applications outside of where we do right now.

是的。我的意思是，我現在想說的是，絕大多數仍然與資源有關，而不是能源。那裡有機會，我們將繼續追求這些機會。從長遠來看，我們會尋找資源以外的資源。我想說這還很遙遠。肖恩，我們認為我們做得最好的是照顧人，這在我們現在所做的事情之外還有應用。

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

The last year plus in Canada, the margins have been jumping around because of some demob costs and the wildfires, et cetera. When we think about '25 as far as Canadian margins are concerned, should we be thinking about going back to like a normal seasonal pattern and a mid-teens margin? Or is there something I'm missing there? Because I'm actually honestly having trouble triangulating to the $90 million plus number.

去年加上在加拿大，由於一些遣散成本和野火等原因，利潤一直在跳躍。當我們考慮 25 年加拿大的利潤率時，我們是否應該考慮回到正常的季節性模式和十幾歲左右的利潤率？或者我在那裡缺少什麼？因為老實說，我在三角測量到 9000 萬美元以上的數字時遇到了困難。

I think right now, we need to complete the budgeting process, but I think margins may have an upward bias, but they won't have a significant upward bias yet. We need to build back the top line, to be honest.

我認為現在我們需要完成預算流程，但我認為利潤率可能會出現向上偏差，但目前還不會出現顯著的向上偏差。老實說，我們需要重建營收。

We have reached the end of our question-and-answer session. I'd now like to turn the call back over to Mr. Dodson for any closing remarks.

我們的問答環節已經結束。現在我想將電話轉回給多德森先生，讓他作結束語。

Thank you, Michelle, and thank you all for joining the call. We appreciate your interest and your questions. We look forward to speaking with you on the fourth quarter earnings call, which we expect to be in February of 2025.

謝謝米歇爾，也謝謝大家加入這通通話。我們感謝您的興趣和問題。我們期待在 2025 年 2 月舉行的第四季財報電話會議上與您交談。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。