Civeo Corp (CVEO) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Civeo Corporation's second-quarter 2025 earnings call. (Operator Instructions) Please note that this conference is being recorded.

您好，歡迎您參加 Civeo Corporation 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Regan Nielsen. Please go ahead.

現在我將會議交給主持人 Regan Nielsen。請繼續。

Thank you, and welcome to Civeo's second-quarter 2025 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 2025 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 和 Civeo 財務長兼財務主管 Collin Gerry 主持。

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. These forward-looking remarks speak only as of the date of our earnings release and this conference call.

在我們開始之前，我們想提醒聽眾有關前瞻性陳述，如果我們今天的評論包含除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。這些前瞻性言論僅代表我們發布收益報告和本次電話會議當天的觀點。

We undertake no obligation to update or revise these forward-looking statements, except as required by law. Any such remarks should be read in 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.

除非法律要求，否則我們不承擔更新或修改這些前瞻性聲明的義務。任何此類言論都應結合影響我們業務的許多因素來解讀，包括我們在 10-K、10-Q 表格和其他 SEC 文件中揭露的風險和不確定性。

I'll now turn the call over to Bradley.

現在我將把電話轉給布拉德利。

Thank you, Regan, and thank you all for joining us today on our second-quarter 2025 earnings call.

謝謝你，雷根，也謝謝大家今天參加我們的 2025 年第二季財報電話會議。

I'll start by highlighting some of the key takeaways before walking through a brief summary of our second quarter 2025 financial results, then Collin will provide financial and segment level review, I'll conclude with our 2025 guidance and the underlying regional assumptions. And then we'll open the call up for questions. Turning to our key takeaways. I'll start with significant progress that we've made towards completing our expanded share repurchase authorization.

我將首先強調一些關鍵要點，然後簡要概述我們的 2025 年第二季度財務業績，然後 Collin 將提供財務和細分層面的審查，最後我將介紹我們的 2025 年指引和基本的區域假設。然後我們將開始回答問題。談談我們的主要收穫。首先，我要介紹我們在完成擴大股票回購授權方面取得的重大進展。

We capitalized on equity market softness earlier in the second quarter to repurchase 883,000 common shares, which is approximately 7% of Civeo's common shares outstanding. These repurchases made since the announcement of our new capital allocation plan equate to 30% of that new buyback authorization as of June 30, 2025.

我們利用第二季早期的股市疲軟回購了 883,000 股普通股，約佔 Civeo 已發行普通股的 7%。自我們宣布新的資本配置計畫以來進行的回購相當於截至 2025 年 6 月 30 日的新回購授權的 30%。

Civeo has now repurchased approximately 27% of its common shares outstanding since we began our share repurchase program in August of 2021. We believe that share repurchases represent a compelling use of capital, especially during broad market -- equity market volatility.

自 2021 年 8 月開始股票回購計畫以來，Civeo 現已回購了約 27% 的流通普通股。我們認為，股票回購代表著一種引人注目的資本使用方式，尤其是在廣泛的市場—股票市場波動期間。

Given the accelerated buybacks and the recently completed acquisition, we have now reached the upper end of our target net leverage ratio of 2 times. We are comfortable with that ratio as we continue to execute under our share repurchase program. We remain committed to completing the 20% share repurchase authorization as soon as practicable and intend to use no less than 100% of the annual free cash flow to achieve that goal.

鑑於加速回購和最近完成的收購，我們現在已經達到了目標淨槓桿率的上限，即 2 倍。由於我們將繼續執行股票回購計劃，因此我們對該比率感到滿意。我們仍然致力於盡快完成 20% 的股票回購授權，並打算使用不少於 100% 的年度自由現金流來實現該目標。

I'll now move to some comments on the regional results. In Australia, we remain focused on growing our integrated services business and integrating the recent acquisition. Revenue in the region increased 4% year-over-year or 7% on a constant currency basis, and adjusted EBITDA grew by 10% or 12% on a constant currency basis. Contributions from the newly acquired Bowen Basin Villages and growth in our integrated services business are driving the strong margins that we experienced in the second quarter.

我現在要對區域結果發表一些評論。在澳大利亞，我們仍然專注於發展我們的綜合服務業務並整合最近的收購。該地區的營收年增 4% 或以固定匯率計算成長 7%，調整後 EBITDA 成長 10% 或以固定匯率計算成長 12%。新收購的博文盆地村莊的貢獻以及我們綜合服務業務的成長推動了我們第二季度的強勁利潤率。

Based on current customer discussions and our base of contracted nights, we expect our current Australian occupancy levels to continue through the rest of the year despite weakening in met coal prices experienced recently. We completed the acquisition of four villages in May and began integrating them into our operations. Approximately two months of those results were included in our second quarter 2025 results. We are pleased with their early contributions, and we look to realize further margin leverage going forward.

根據目前客戶的討論和我們簽訂合約的晚數，儘管最近冶金煤價格有所走弱，但我們預計目前的澳洲入住率將在今年剩餘時間內持續下去。我們在五月完成了四個村莊的收購，並開始將它們納入我們的業務範圍。其中約兩個月的業績已納入我們的 2025 年第二季業績。我們對他們早期的貢獻感到滿意，並期待在未來實現進一步的利潤槓桿。

Additionally, we recently announced two contracts in Australia in the Bowen Basin. Our renewal of a contract with an existing customer, the renewal is a four-year take-or-pay agreement at our owned villages with expected revenues over the contract term of AUD250 million. The second contract previously announced as a three-year integrated services contract worth approximately AUD64 million in revenue. These awards validate our winning strategy and position us for continued momentum in growth in Australia.

此外，我們最近宣布了在澳洲博文盆地簽訂的兩份合約。我們與現有客戶續簽了合同，該續約合約是一份為期四年的照付不議協議，在我們擁有的村莊，合約期限內的預期收入為 2.5 億澳元。第二份合約先前已宣佈為為期三年的綜合服務合同，價值約為 6,400 萬澳元。這些獎項驗證了我們的成功策略，並為我們在澳洲繼續保持成長勢頭奠定了基礎。

In Canada, the second quarter saw the typical seasonal increase in occupancy relative to the first quarter, driven by turnaround activity in the core region of the core oil sands region. However, on a year-over-year basis, turnaround occupancy remains subdued.

在加拿大，第二季入住率相對於第一季出現了典型的季節性成長，這受到核心油砂地區扭虧為盈活動的推動。然而，與去年同期相比，週轉入住率仍然低迷。

Conditions in Canada remain challenging given the macroeconomic headwinds, which include loan on certain oil prices and our customers' fiscal conservatism. Customers remain steadfast in their singular focus on cost reductions in response to oil price and political uncertainty and investor pressure to return capital to shareholders. We remain focused on controlling what we can control.

鑑於宏觀經濟逆風，包括某些油價的貸款和我們客戶的財政保守主義，加拿大的情況仍然充滿挑戰。為了應對油價和政治不確定性以及投資者向股東返還資本的壓力，客戶始終堅定不移地專注於降低成本。我們仍然專注於控制我們能夠控制的事情。

We continue to take steps to optimize our cost structure in Canada and align our business with realities of the current environment without sacrificing our ability to capitalize on opportunities to diversify our business away from the oil sands region. Overall, we are excluding on our strategic priorities in each region. In Australia, our Australian business is hitting on all cylinders.

我們將繼續採取措施優化我們在加拿大的成本結構，使我們的業務與當前環境的現實保持一致，同時又不犧牲我們利用機會實現業務多元化、不再依賴油砂地區的能力。總體而言，我們正在排除每個地區的戰略重點。在澳大利亞，我們的澳洲業務正在全面發展。

And while the Canadian headwinds remain, we know this market well and we are working with our strategic partners to understand how we can continue to support them as we capitalize on the volume opportunities in the region. We are taking decisive action to apply our resources to position Civeo for long-term resilience and cash generation.

儘管加拿大的逆風仍然存在，但我們非常了解這個市場，並且我們正在與我們的戰略合作夥伴合作，了解如何在利用該地區的批量機會的同時繼續支持他們。我們正在採取果斷行動，利用我們的資源幫助 Civeo 實現長期的彈性和現金創造。

With that, I'll turn it over to Collin.

說完這些，我就把麥克風交給 Collin。

Thank you, Bradley. Thank you all for joining us this morning. Typically, I would first focus on expanding more on the underlying drivers of the results in the income statement. However, the real story for this quarter relates to the balance sheet and the impact of our recent capital allocation.

謝謝你，布拉德利。感謝大家今天上午參加我們的活動。通常，我會先集中精力進一步闡述損益表中結果的根本驅動因素。然而，本季的真正情況與資產負債表和我們最近的資本配置的影響有關。

As Bradley mentioned, we made significant progress on our buyback authorization, completing 30% of the program in the second quarter. In addition, we executed on accretive growth through our acquisition in Australia. As a result, our net debt increased by $95 million in the second quarter, primarily driven by $65 million deployed for our recent Australian acquisition and $19 million deployed for share buybacks. Consequently, our net debt was $154 million as of June 30, 2025, resulting in a net leverage ratio of 2 times.

正如布拉德利所提到的，我們在回購授權方面取得了重大進展，第二季完成了 30% 的計畫。此外，我們也透過在澳洲的收購實現了增值成長。因此，我們的淨債務在第二季度增加了 9,500 萬美元，主要原因是我們最近為澳洲收購部署了 6,500 萬美元，為股票回購部署了 1,900 萬美元。因此，截至 2025 年 6 月 30 日，我們的淨債務為 1.54 億美元，淨槓桿率為 2 倍。

Turning to the income statement. Today, we reported total revenues in the second quarter of $162.7 million with a net loss of $3.3 million or $0.25 per diluted share. During the second quarter, we generated adjusted EBITDA of $25 million and negative operating cash flow of $2.3 million.

轉向損益表。今天，我們報告第二季總營收為 1.627 億美元，淨虧損為 330 萬美元，即每股 0.25 美元。第二季度，我們的調整後 EBITDA 為 2,500 萬美元，營運現金流量為負 230 萬美元。

Our free cash flow was burdened by working capital build in the quarter and the expected payment of Australian income taxes, which included a large payment related to the prior year. The decrease in adjusted EBITDA in the second quarter of 2025 compared to the year ago period was primarily due to the decreased build rooms at the Canadian lodges.

我們的自由現金流受到本季營運資本累積和預期支付的澳洲所得稅（其中包括與上一年相關的一大筆付款）的拖累。2025 年第二季調整後 EBITDA 與去年同期相比有所下降，主要是由於加拿大旅館的建造客房數量減少。

We expect this lower level of customer spending to continue as producers in the region remain keenly focused on reducing costs.

我們預計，由於該地區的生產商仍然熱衷於降低成本，因此這種較低的客戶支出水準將持續下去。

As we mentioned, we are taking action to cut costs and streamline the business and identifying additional opportunities across the region. Second quarter revenues from our Australian segment were $112.7 million, up 4% from $108.6 million in the second quarter of 2024. Adjusted EBITDA was $23.7 million, up 10% from $21.6 million in the second quarter of 2024.

正如我們所提到的，我們正在採取行動削減成本、精簡業務並在整個地區尋找更多機會。我們澳洲分部第二季的營收為 1.127 億美元，較 2024 年第二季的 1.086 億美元成長 4%。調整後 EBITDA 為 2,370 萬美元，較 2024 年第二季的 2,160 萬美元成長 10%。

The increase in revenues and adjusted EBITDA was primarily driven by the recently completed acquisition of four owned villages as well as margin improvement in the integrated services business. Year-over-year increase was offset by the impact of a weakened Australian dollar relative to the US dollar, which decreased revenues and EBITDA by $3.2 million and $0.7 million, respectively.

收入和調整後 EBITDA 的成長主要得益於最近完成的四個自有村莊的收購以及綜合服務業務利潤率的提高。年成長被澳元兌美元走弱的影響所抵消，導致收入和 EBITDA 分別減少 320 萬美元和 70 萬美元。

Australian-owned village build rooms in the quarter were 690,000 rooms, up 10% from the second quarter of 2024, primarily due to our recently completed acquisition. Our daily room rate for Australian owned villages in U.S. dollars was $76, which decreased from $78 in the second quarter of 2024, primarily due to the weakening of the Australian dollar.

本季澳洲自有鄉村飯店客房數量為 69 萬間，較 2024 年第二季成長 10%，主要歸功於我們最近完成的收購。我們澳洲村莊的每日房價（以美元計算）為 76 美元，低於 2024 年第二季的 78 美元，主要原因是澳元走弱。

Turning to Canada. We reported revenues of $50 million compared to revenues of $79.5 million in the second quarter of 2024. Adjusted EBITDA for the segment was $7.5 million, a decrease from $17.3 million in the second quarter of 2024.

轉向加拿大。我們報告的收入為 5000 萬美元，而 2024 年第二季的收入為 7950 萬美元。該部門的調整後 EBITDA 為 750 萬美元，低於 2024 年第二季的 1,730 萬美元。

As noted, the year-over-year revenue and adjusted EBITDA decreases were driven by lower build rooms as our customers focused on cost and head count reductions as well as the loss of Fort Hills related occupancy from the sale of our McClelland Lake lodge. During the second quarter, billed rooms in our Canadian lodges totaled 450,000, which was down from 752,000 in the second quarter of 2024.

如上所述，收入和調整後 EBITDA 的同比下降是由於我們的客戶注重成本和員工數量的減少，以及由於出售麥克萊蘭湖旅館而導致的 Fort Hills 相關入住率的損失。第二季度，我們加拿大旅館的已計費客房總數為 45 萬間，低於 2024 年第二季的 75.2 萬間。

Our daily room rate for the Canadian segment in US dollars was $94, which decreased from $96 in the second quarter of 2024, primarily due to the weakening of the Canadian dollar.

我們加拿大部分的每日房價（以美元計算）為 94 美元，低於 2024 年第二季的 96 美元，主要原因是加元走弱。

Looking at our capital structure. As mentioned earlier, Civeo's net debt as of June 30 was $154 million, a $95 million increase since March 31, 2025 attributable to our recent acquisition as well as significant progress made on our share repurchase authorization in the quarter. Our net leverage ratio for the quarter was 2 times, with total liquidity of approximately $73 million.

看看我們的資本結構。如前所述，截至 6 月 30 日，Civeo 的淨債務為 1.54 億美元，自 2025 年 3 月 31 日以來增加了 9,500 萬美元，這歸因於我們最近的收購以及本季股票回購授權的重大進展。本季我們的淨槓桿率為 2 倍，總流動資金約為 7,300 萬美元。

Given the accelerated buybacks and recently completed acquisitions, as mentioned, we have now reached the high end of our targeted leverage ratio at 2 times. We have allocated $22.5 million to share repurchases in the first half of 2025 and assuming current valuations, we expect to utilize free cash flow to remain active repurchasing shares in the back half of the year. We will target a year-ending leverage ratio of approximately 2 times.

鑑於加速回購和最近完成的收購，如上所述，我們現在已經達到了目標槓桿率的高端，即 2 倍。我們已撥款 2,250 萬美元用於 2025 年上半年的股票回購，假設當前估值，我們預計將利用自由現金流在下半年繼續積極回購股票。我們的目標是年底槓桿率達到約2倍。

Turning to capital allocation. I'll start with CapEx. On a consolidated basis, Capital expenditures for the second quarter of 2025 were $4.5 million, down from $5.3 million during the second quarter of 2024. Capital expenditures in both periods were predominantly related to maintenance spending on our lodges and villages. As noted during the second quarter of 2025, we repurchased approximately 883,000 shares through our share repurchase program for a total cost of approximately $19.1 million.

轉向資本配置。我將從資本來源開始。從合併數據來看，2025 年第二季的資本支出為 450 萬美元，低於 2024 年第二季的 530 萬美元。這兩個時期的資本支出主要與我們的旅館和村莊的維護支出有關。如 2025 年第二季所述，我們透過股票回購計畫回購了約 883,000 股，總成本約為 1,910 萬美元。

With our recently increased share repurchase authorization and commitment to accelerating the return of capital to shareholders, we continue to believe that repurchasing share -- Civeo shares presents a value-enhancing opportunity. Second quarter market softness gave us an excellent buyback opportunity. We've made great progress on our current share repurchase authorization, and we will continue to opportunistically execute on our plan moving forward.

隨著我們最近增加股票回購授權並致力於加速向股東返還資本，我們仍然相信回購股票——Civeo 股票帶來了增值機會。第二季的市場疲軟為我們提供了絕佳的回購機會。我們在目前的股票回購授權方面取得了很大進展，我們將繼續抓住機會執行我們的計劃。

With that, I'll turn it back over to Bradley.

說完這些，我將把麥克風交還給布拉德利。

Thank you, Collin. I would now like to turn our discussion over to the full-year 2025 guidance on a consolidated basis, including our underlying macroeconomic and regional assumptions. We are maintaining our full year 2025 revenue and adjusted EBITDA guidance. We continue to look for revenue this year to be in a range of $640 million to $670 million and adjusted EBITDA to be in the range of $86 million to $96 million. We're also maintaining our full year capital expenditure guidance, which was a range of $20 million to $25 million.

謝謝你，科林。現在，我想將我們的討論轉向合併後的 2025 年全年指導，包括我們的基本宏觀經濟和區域假設。我們維持 2025 年全年收入和調整後 EBITDA 指引。我們繼續預計今年的營收將在 6.4 億美元至 6.7 億美元之間，調整後的 EBITDA 將在 8,600 萬美元至 9,600 萬美元之間。我們也維持全年資本支出指導價，即 2,000 萬美元至 2,500 萬美元的範圍。

I'll now provide the regional outlook and corresponding underlying assumptions. In Australia, customer activity in our owned villages remains very strong. Three of our Bowen Basin villages continue to be effectively -- continue to operate effectively at full capacity and we are seeing strong occupancy across the remainder of our owned-village portfolio. Despite weakening met coal prices in the first half of the year, we continue -- we expect continued strength in our owned-villages throughout the balance of the year.

我現在將提供區域展望和相應的基本假設。在澳大利亞，我們所擁有的村莊的客戶活動仍然非常活躍。我們在博文盆地的三個村莊繼續有效地——繼續滿載有效地運作，我們看到我們擁有的其餘村莊的入住率很高。儘管今年上半年冶金煤價格走弱，但我們預計，我們所屬村莊的煤炭價格在今年餘下時間仍將保持強勁。

As it relates to our Integrated Services business, we are encouraged by the top line growth as well as the year-over-year margin improvement experienced in the first half of the year and we'll continue to focus on executing on cost -- executing cost effectively as we are on our recent contract awards. We expect to build on this through the remainder of 2025 and beyond as we work towards our goal of achieving AUD500 million of Australian integrated services revenues by 2027.

就我們的綜合服務業務而言，我們對上半年的營收成長以及同比利潤率的提高感到鼓舞，我們將繼續專注於成本執行——像我們最近的合約授予一樣有效地執行成本。我們期望在 2025 年剩餘時間及以後繼續努力，努力實現 2027 年澳洲綜合服務收入達到 5 億澳元的目標。

In Canada, we continue to navigate the difficult operating environment in the oil sands and lower demand for temporary turnaround activity, which has exacerbated -- has been exacerbated by broader macroeconomic uncertainty. We expect billed rooms in the second half of the year to be more in line with the second half of 2024. There are more balanced between the third and fourth quarters.

在加拿大，我們繼續應對油砂開採中艱難的經營環境和暫時扭虧為盈活動的需求下降，而更廣泛的宏觀經濟不確定性又加劇了這一情況。我們預計今年下半年的已計費客房數量將與 2024 年下半年基本持平。第三季和第四季之間更加平衡。

Lastly, we do not currently foresee any meaningful near-term rebound in upstream oil sands spending. As a result, our focus remains squarely on managing what we can control, executing on our cost reduction initiatives, enhancing operational efficiency and aligning our resource base with demand realities.

最後，我們目前預期上游油砂支出短期內不會出現任何有意義的反彈。因此，我們的重點仍然是管理我們能夠控制的事情、執行我們的成本削減計劃、提高營運效率以及使我們的資源基礎與需求現實保持一致。

During the second quarter, we took steps to streamline our large footprint, including cold closure of 2 lodges, we are actively working with a third-party consulting partner to identify additional opportunities to lower our cost structure in Canada. While 2025 is clearly a transitional year for our Canadian segment, we believe we are executing the decisive actions that will orient the business to capitalize on growth opportunities and position it for long-term growth and improved cash flow generation.

在第二季度，我們採取了措施精簡我們的龐大業務範圍，包括關閉 2 家旅館，我們正在積極與第三方諮詢合作夥伴合作，尋找更多機會降低我們在加拿大的成本結構。雖然 2025 年對我們的加拿大分部來說顯然是一個過渡年，但我們相信我們正在採取果斷的行動，引導業務利用成長機會，並為長期成長和改善現金流創造做好準備。

I want to take a moment to thank the hard working Civeo team for their continued focus on operational excellence. That together with disciplined capital deployment is what's driving long-term shareholder value creation.

我想花點時間感謝辛勤工作的 Civeo 團隊對卓越營運的持續關注。這與嚴格的資本配置相結合，推動了長期股東價值的創造。

With that we're happy to take questions.

我們很樂意回答您的問題。

(Operator Instructions) Dave Storms, Stonegate.

（操作員指示）戴夫·斯托姆斯（Dave Storms），Stonegate。

Just wanted to start with maybe some of the puts and takes on your guidance at a macro level. We've seen a couple of trade deals get announced in the US over the last couple of weeks. Do any of those deals give you confidence to maybe -- we look at that guidance? Is there a chance that it could be biased towards the upside or the downside?

我只是想從宏觀層面開始談談您的一些指導。過去幾週，我們看到美國宣布了幾項貿易協定。這些交易是否能給你信心──我們看看這個指引？它有可能偏向上行還是偏向下行嗎？

Just curious as to what your thoughts are relative to that.

只是好奇你對此有何想法。

We have been watching the trade -- the international trade situation very closely. Obviously, the - thus far to date, the impact of the trade uncertainty has not impacted our business either in Canada or Australia significantly although we watch it very closely where the impact primarily to food costs has been felt very -- in a very minor fashion in Canada.

我們一直密切關注貿易——國際貿易情勢。顯然，到目前為止，貿易不確定性的影響尚未對我們在加拿大或澳洲的業務產生重大影響，儘管我們密切關注這一問題，但主要對食品成本的影響在加拿大非常輕微。

We're keeping an eye on it to make sure that doesn't accelerate. Most of our focus has been on whether trade uncertainty or disruption will impact our customers and how that might influence their need for rooms or their spending. But thus far, we've not seen any material impact either previously or with recent announcements.

我們正在密切關注，以確保其不會加速。我們主要關注的是貿易不確定性或中斷是否會影響我們的客戶，以及這將如何影響他們的房間需求或支出。但到目前為止，我們還沒有看到之前或最近的公告產生任何實質影響。

Understood. That's very helpful. And then just want to turn to the acquisition that you completed in the quarter. I know you mentioned that you're expecting maybe a little bit of additional margin increase as you continue to integrate that. I did want to double check though about the $4.9 million in roughly 2 months.

明白了。這非常有幫助。然後我想談談您在本季完成的收購。我知道您提到過，隨著您繼續整合這一點，您預計利潤率可能會有一點額外的成長。我確實想在大約 2 個月內再次檢查一下 490 萬美元的情況。

Does the $30 million run rate sound fair for that property on the full year? Or are there other maybe synergies that could be squeezed out of that?

對於該房產而言，全年 3,000 萬美元的營運成本是否合理？或者是否有其他可能的協同效應可以從中產生？

On the run rate -- that's -- I mean originally, we had talked about $11 million of impact in 2025 in terms of EBITDA. We -- that was assuming we were going to close at the beginning of April, we closed at the beginning of May. So -- but the fundamentals of that are intact. Right now, we're not expecting -- so no change to our outlook at this point. Operationally, things are -- the team is doing the job of folding that into our operations with met coal prices being a little shaky here recently.

關於運行率 — — 也就是說 — — 我的意思是，我們最初談論的是 2025 年 EBITDA 的影響為 1100 萬美元。我們——假設我們將在四月初關閉，我們在五月初關閉了。所以——但其基本面是完好的。目前，我們還沒有預期——因此我們的前景目前沒有改變。從營運角度來看，由於最近煤炭價格有點不穩定，團隊正在將其納入我們的營運中。

I think it's too early to make a call for improvement.

我認為現在呼籲改進還為時過早。

Steve Ferazani, Sidoti & Company.

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

Bradley, your guide would seem to imply even if we add in the full six months of the four villages that the second half does look from a profit standpoint to be better than the first half. Can you walk through, is that better turnaround activity in 3Q? Is that more impact from the cost cuts? Can you get us to what gets the second half to at least be moderately better than your first half?

布拉德利，你的指南似乎暗示，即使我們將四個村莊的整整六個月的情況加起來，從利潤的角度來看，下半年確實會比上半年更好。能否詳細說明一下，第三季的扭虧活動是否有改善？這是否是成本削減帶來的更大影響？您能否告訴我們，是什麼讓下半部至少比上半部稍微好？

Yes, I would say that -- in the second quarter, third quarter looks fairly stable overall, both on the top line and on the adjusted EBITDA line. We'll expect in Canada in the fourth quarter to have normal seasonal downtime for the holiday season.

是的，我想說——第二季和第三季整體看起來相當穩定，無論是營業收入還是調整後的 EBITDA。我們預計加拿大第四季將因假期而出現正常的季節性停工。

In Australia, the third quarter will be an improvement over second quarter one because of the full quarter of the four acquired villages. Two, because of the integrated services business that we won in the Bowen Basin that we announced and then continued strength in the base business, primarily the owned villages and the base level of integrated services.

在澳大利亞，由於收購的四個村莊全部恢復營業，第三季的業績將比第二季有所改善。二是因為我們宣布贏得了博文盆地的綜合服務業務，並在基礎業務方面繼續保持強勁，主要是自有村莊和基礎層面的綜合服務。

Great. That's helpful. Obviously, we're all looking at the met coal prices and thinking that would be a concern but then you announced a very large contract renewal for four years. We -- I mean, I don't want to ask you if you were surprised by that. But what's your gauge on your customers in Australia given what we've seen the extreme volatility in prices and recent weakness that you're getting those kind -- those lengthy extensions, particularly with larger customers.

偉大的。這很有幫助。顯然，我們都在關注煤炭價格，並認為這將是一個令人擔憂的問題，但隨後你們宣布續簽一份為期四年的大型合約。我們——我的意思是，我不想問你是否對此感到驚訝。但是，鑑於我們看到的價格劇烈波動和近期的疲軟，您對澳洲的客戶有何評價？您遇到的這些問題是什麼？長期的延期，特別是對於大客戶而言。

Well, I think it speaks to the service level, which is a combination of the field team doing a good job on food service and housekeeping coupled with an exceedingly strong safety record. That, coupled with a portfolio that can meet the customers' needs across several of their projects across several of our villages. And I think it's being close to the customer. And as they've grown over the last five years, we've been able to serve that growth consistently, effectively at an economic price for them.

嗯，我認為這體現了服務水平，這是現場團隊在食品服務和客房服務方面做得出色以及極其出色的安全記錄的結合。除此之外，我們還擁有一個投資組合，可以滿足客戶在我們多個村莊的多個項目上的需求。我認為這與客戶關係密切。隨著他們過去五年的發展，我們能夠以經濟實惠的價格持續有效地滿足他們的成長需求。

But I would say that your point is -- or your question implies something that's very valid, which is there is uncertainty in the market. And while that was -- is a great win, I would say that the -- it's relatively shaky. So with our contracted rooms base in Australia, we feel pretty good about the second half of 2025 going into 2026. But as it relates to customers, if they have -- as a hypothetical, they have a contracted minimum of 500 rooms. We have a handful of customers, several customers that are using more than their contracted minimums.

但我想說，你的觀點是——或者你的問題暗示了一些非常有效的事情，那就是市場存在不確定性。雖然這是一場偉大的勝利，但我想說的是，它相對來說不太穩定。因此，由於我們的簽約客房基地位於澳大利亞，我們對 2025 年下半年至 2026 年的前景充滿信心。但就客戶而言，如果他們有——假設，他們至少簽了 500 間客房。我們有幾個客戶，其中幾個客戶的用量超過了合約規定的最低限度。

What starts to get called into question is how much of that above the contracted minimums are they going to use? Are they going to start deferring maintenance projects that are starting to push things to the right? I think that in the met coal, the current met coal commodity price environment, that becomes a little bit more uncertain. So as we sit here today, we feel good about things, but the met coal price puts our antenna up and we got to pay attention.

人們開始質疑的是，他們將會使用超出合約最低限額的多少？他們是否會開始延後那些正在推動事情向好發展的維護項目？我認為，在冶金煤，即當前的冶金煤商品價格環境下，情況變得更加不確定。因此，今天我們坐在這裡，對事情感覺良好，但是冶金煤價格吸引了我們的注意，我們必須注意。

Got it. That's fair. If I can get one more in, just about free cash flow. Obviously, the first half, you've seen an outflow. You talked about using 100% or more of free cash flow for the share buyback.

知道了。這很公平。如果我能再拿到一個，那就差不多是自由現金流了。顯然，上半年，你已經看到了資金流出。您談到使用 100% 或更多的自由現金流來回購股票。

But can you talk a little bit about how this trends over the next couple of quarters given the outflows from the first because I didn't hear you update the free cash flow guide?

但是，考慮到第一季的資金流出，您能否談談未來幾季的趨勢如何，因為我沒有聽到您更新自由現金流指南？

Yes. So as it relates -- I guess, if the underlying question is related, is it -- is the question related to the repurchase program or just free cash flow in general?

是的。因此，就其相關性而言——我想，如果潛在的問題是相關的，那麼——這個問題是否與回購計劃有關，還是僅僅與一般的自由現金流有關？

Well, I mean if you don't generate free cash flow, it's going to affect the buyback. So I guess at the core of the question is free cash flow going to be much stronger in the second half? Or how are you thinking about it?

嗯，我的意思是如果你不產生自由現金流，它就會影響回購。所以我猜問題的核心是下半年的自由現金流是否會更強勁？或者您對此有何看法？

Free cash flow will be stronger in the second half, yes. We had -- as you know having followed us for as long as you have, seasonally or just through history, the first half, free cash flow is always weak. We have a ramp-up in receivables as we come out of the holiday, slow period we have some structural things, including insurance and property taxes would typically hit in the first half of the year.

是的，下半年的自由現金流將會更加強勁。如您所知，只要您關注我們，無論是從季節性還是從歷史角度來看，上半年的自由現金流總是很弱。假期結束後，我們的應收帳款增加，在淡季，我們遇到了一些結構性問題，包括保險和財產稅通常會在上半年出現。

And then you throw on top of that, we're now a cash taxpayer in Australia that's started in earnest with the 2024 fiscal year. Those payments, as Collin noted, there was a big one this quarter that was related to 2024.

除此之外，我們現在是澳洲的現金納稅人，從 2024 財年起我們就開始認真繳稅了。正如科林所指出的，本季有一筆大額付款與 2024 年有關。

So free cash flow would be better in the second half. Just to remind everyone, our capital allocation plan is to spend no less than 100% of free cash flow on the buyback until we get our 20% buyback authorization. So we will continue to be active in the second half of the year on the buyback program. And so that's expected to --

因此下半年的自由現金流會更好。只是提醒大家，我們的資本配置計畫是將不少於 100% 的自由現金流用於回購，直到我們獲得 20% 的回購授權。因此，我們將在下半年繼續積極開展回購計畫。因此預計--

(Operator Instructions) Jawad Bhuiyan, Stifel.

（操作員說明）Jawad Bhuiyan，Stifel。

This is Jawad on for Stephen Gengaro. I just had a quick question on the Canadian occupancy. I guess given the continued weakness in billed rooms and then also covered with the turnaround activity that you've seen. I guess could you speak a little bit on what you're seeing so far in 3Q? And then maybe whether there's any signs of stabilization or improvements as we go into the second half of the year?

這是 Jawad 為 Stephen Gengaro 所做的報道。我只是想問一個關於加拿大佔領的問題。我想，鑑於已計費客房數量持續疲軟，並且還涵蓋了您所看到的扭虧為盈活動。我想您能否稍微談談您對第三季目前所看到的情況？那麼，進入下半年，是否會出現穩定或改善的跡象？

Sure. As it relates to Canadian occupancy in the second quarter and the third quarter, it always depends on turnaround activity. As we sit here today, third quarter has been a continuation of the second quarter in order to hit what's implied in guidance, we will need to see some turnaround -- expected turnaround activity come to fruition in Canada, particularly in the next couple of months.

當然。由於它與第二季和第三季的加拿大入住率有關，因此它始終取決於週轉活動。今天我們坐在這裡，第三季是第二季的延續，為了達到指導中所暗示的目標，我們需要看到一些轉機——預期的轉機活動在加拿大取得成果，特別是在接下來的幾個月裡。

And so if that does not come to fruition, we'll miss that part of guidance. But as of right now, it looks like we should see a pickup here July to August and August to September as it relates to Canadian occupancy. As always, turnaround activity is uncertain and could run longer into the fourth quarter. That's not currently contemplated in guidance. But I would say that generally speaking there is some stabilization in the Canadian occupancy.

因此，如果這一目標沒有實現，我們就會錯過這部分指引。但截至目前，就加拿大入住率而言，我們應該會看到 7 月至 8 月和 8 月至 9 月出現回升。與往常一樣，扭虧為盈的活動具有不確定性，並且可能會持續到第四季度。目前指南中尚未考慮到這一點。但我想說，整體而言，加拿大的佔領率已經趨於穩定。

John Daniel, Daniel Energy Partners.

約翰·丹尼爾，丹尼爾能源合作夥伴。

Bradley, I've got perhaps a basic question, so apologies for the ignorance. But as you look at Australia, today, you've got multiple US service companies there, Halliburton, Liberty HP, can you walk me through the -- just the longer-term opportunity set, I'm not looking for specific guidance per se, but just what the opportunity exists with supporting that segment of companies coming over there -- just give me that market update, if you don't mind?

布拉德利，我可能有一個基本問題，所以對於我的無知表示歉意。但是，當您看到今天的澳洲時，那裡有多家美國服務公司，哈里伯頓、Liberty HP，您能否向我介紹一下——只是長期機會集，我並不是在尋求具體的指導本身，而是在支持這部分公司進入那裡存在什麼機會——如果您不介意的話，請給我提供市場更新信息？

Yes. I mean, today, our Australian operations with the exception today and historically, our oil and gas exposure in Australia has been minimal to de minimis for us. Our exposure has been at our (technical difficulty) location, which from time to time has supported onshore and offshore LNG activity. As it relates to onshore land, oil and gas development, this goes back over 10 years. We did a little bit of work as it related to the Curtis Island LNG work in Queensland, but that's ongoing in terms of the opportunity for accommodations work.

是的。我的意思是，今天，除了今天和歷史上的例外，我們在澳洲的業務在澳洲的石油和天然氣業務對我們來說一直很小。我們的業務重點一直放在（技術難度）位置，該位置不時支援陸上和海上液化天然氣活動。就陸上土地、石油和天然氣開發而言，這可以追溯到 10 多年前。我們做了一些與昆士蘭州柯蒂斯島液化天然氣計畫相關的工作，但就住宿工作機會而言，這項工作仍在進行中。

So on a go-forward basis, as it relates to oil and gas opportunities in Australia, it would likely be a natural gas drilling project something similar to the Santos project in New South Wales, our Boggabri and Narrabri locations are well suited to support that should that move forward. There seems to be political momentum to support further natural gas drilling and that they're facing higher power, we're facing -- the whole country is facing higher power prices and are starting to get more comfortable with natural gas being an answer to what will be a electricity availability and cost issue.

因此，從未來來看，由於它與澳洲的石油和天然氣機會有關，它很可能是一個天然氣鑽探項目，類似於新南威爾斯州的桑托斯項目，如果該項目繼續推進，我們的博加布里和納拉布里工廠非常適合為該項目提供支持。似乎有政治動力支持進一步的天然氣鑽探，而且他們面臨著更高的電力，我們也面臨著——整個國家都面臨著更高的電價，並且開始更加放心地使用天然氣來解決電力供應和成本問題。

So nothing now but do you see -- I guess, how -- what do you think these companies are doing for accommodations for their workers because it is remote, isn't it?

所以現在沒有什麼，但是你看到了嗎——我想，你認為這些公司因為地處偏遠，會為他們的員工提供什麼住宿，不是嗎？

It is -- a lot of it is in a space that we don't currently play in, which is we do not have mobile camps in Australia. It's something we've looked at in the past and may -- and we'll continue to look at in the future. I don't see it as being a major driver for us, where I think the Australian business can grow is -- there are specific properties in our core business that would be additive if we were to acquire them.

是的——很多事情都發生在我們目前沒有開展過的地方，也就是說，我們在澳洲沒有移動營地。這是我們過去研究過的事情，也可能——我們將來還會繼續研究。我並不認為這會成為我們的主要驅動力，我認為澳洲業務能夠成長的地方在於——我們的核心業務中有一些特定的資產，如果我們收購它們，它們將會具有附加價值。

And then organic growth and potentially acquisition growth in the integrated services business. But again, we're very conscious of the fact that any capital project has to stack up against our cost of capital and the anticipated return from the buyback program.

然後是綜合服務業務的有機成長和潛在的收購成長。但同樣，我們非常清楚，任何資本項目都必須與我們的資本成本和回購計畫的預期回報相比較。

This now concludes our question-and-answer session. I would like to turn the floor back over to Bradley Dodson for closing comments.

我們的問答環節到此結束。我想把發言權交還給布拉德利·多德森，請他發表最後評論。

Thank you, Gerry, and thank you, everyone, for joining the call today. We appreciate your interest in Civeo. We look forward to speaking with you on the third-quarter earnings call, which we anticipate will be at the end of October.

謝謝你，格里，也謝謝大家今天參加電話會議。感謝您對 Civeo 的關注。我們期待在第三季財報電話會議上與您交談，預計電話會議將於 10 月底舉行。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。您可以斷開線路，享受美好的一天。