Civeo Corp (CVEO) 2025 Q4 法說會逐字稿

Greetings and welcome to the Civeo Corporation fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions). I will now turn the conference over to your host, Regan Nielsen, Vice President, Corporate Development and Investor relations. Please go ahead.

各位好，歡迎參加 Civeo 公司 2025 年第四季財報電話會議。目前，所有參與者均處於唯讀模式。正式演講結束後將進行問答環節。（操作說明）現在我將把會議交給主持人，企業發展和投資者關係副總裁雷根·尼爾森。請繼續。

Thank you and welcome to Civeo fourth quarter in full year 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.

謝謝大家，歡迎參加 Civeo 2025 年第四季及全年業績電話會議。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 in this conference call. We undertake no obligation to update or revise these forward-looking statements except as required by law.

在開始之前，我們想提醒聽眾一些前瞻性陳述。如果我們今天的發言包含任何歷史資訊以外的內容，請注意，我們依賴的是聯邦法律提供的安全港保護。這些前瞻性言論僅代表截至本次電話會議發布獲利報告之日的情況。除法律要求外，我們不承擔更新或修改這些前瞻性聲明的義務。

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 10k, 10Q, and other SEC filings. I'll now turn the call over to Bradley.

任何此類言論都應結合影響我們業務的諸多因素來解讀，包括我們在 10-K 表格、10-Q 表格和其他提交給美國證券交易委員會的文件中披露的風險和不確定性。現在我將把電話交給布拉德利。

Thank you, Regan, and thank you all for joining us today on our fourth quarter 2025 earnings call. I'll start with a few key takeaways for the quarter in the year and then summarize our consolidated and regional performance that company will provide further financial and segment level detail. And I'll conclude our prepared remarks with our initial guidance for 2026, along with the qualitative outlook by region then open the call up for questions.

謝謝雷根，也謝謝各位今天參加我們2025年第四季財報電話會議。我將首先介紹本季的一些關鍵要點，然後總結我們公司的綜合和區域業績，公司將提供更詳細的財務和業務部門層面的詳細資訊。最後，我將以我們對 2026 年的初步展望以及各地區的定性展望來結束我們準備好的發言，然後開放提問環節。

Here are the four key takeaways for the call today. One, significant progress on our share repurchase authorization, including repurchasing 17% of our common stock during 2025 alone, and subsequent to year end, we have repurchased an incremental approximately 500,000 shares, resulting in reaching 95% completion of our current buyback authorization.

以下是今天電話會議的四個主要要點。第一，我們在股票回購授權方面取得了重大進展，僅在 2025 年就回購了 17% 的普通股，並且在年末之後，我們又回購了約 50 萬股，使我們目前的回購授權完成了 95%。

Two, strong performance in Australia, driven by growth in our integrated services business and the contribution from our May 2025 village acquisition. Third key point, meaningful margin recovery in Canada as our cost reduction initiatives continue to bear fruit. And lastly, the fourth key point, we are entering 2026 with an improved cost structure and balance sheet stream, positioning CEO to capitalize on anticipated North American infrastructure development opportunities.

第二，我們在澳洲表現強勁，這得益於我們綜合服務業務的成長以及我們於 2025 年 5 月收購的村莊的貢獻。第三點，隨著我們的成本削減措施持續取得成效，加拿大的利潤率將顯著回升。最後，第四個關鍵點是，我們以改進的成本結構和資產負債表流進入 2026 年，這將使 CEO 能夠抓住預期的北美基礎設施發展機會。

Moving on to the content, I'll start with capital allocation. During 2025, we repurchased $2.3 million common shares for approximately $54 million representing 17% of our common shares outstanding at last year end and significant progress towards completing our authorization to repurchase 20% of our outstanding shares.

接下來進入正題，我將從資本配置開始。2025 年，我們以約 5,400 萬美元的價格回購了價值 230 萬股的普通股，佔去年年底已發行普通股的 17%，並在完成回購已發行股份 20% 的授權方面取得了重大進展。

Subsequent to year end, we were purchased another 500,000 shares, resulting in 95% completion of our current buyback authorization. As a reminder, our current capital application policy announced last April, phase one included a 20% repurchase authorization, which is now substantially complete. Today we also announced a new authorization to purchase up to 10% of our outstanding shares, which will come effective upon the completion of our existing authorization.

年末之後，我們又購入了 50 萬股，使我們目前的股票回購授權完成了 95%。提醒一下，我們目前的資本應用政策於去年四月公佈，第一階段包括 20% 的回購授權，目前已基本完成。今天，我們也宣布了一項新的授權，允許我們購買至多 10% 的已發行股份，該授權將在我們現有授權完成後生效。

As of December 31, 2025, our net leverage ratio is 1.9 times, and we're comfortable with that remain committed to completing our current buyback authorization as soon as practicable. Turning now to the operational results for the quarter and the full year. Overall, the fourth quarter and folio results reflect discipline execution in a challenging macro macroeconomic environment.

截至 2025 年 12 月 31 日，我們的淨槓桿率為 1.9 倍，我們對此感到滿意，並將繼續致力於盡快完成我們目前的股票回購授權。接下來來看本季和全年的營運表現。總體而言，第四季和投資組合績效反映了在充滿挑戰的宏觀經濟環境下嚴格的執行力。

On a consolidated basis, city of fourth quarter 2025 revenues were up 7% year over year with adjusted even do 90%. A testament to our cost reduction efforts in Canada and the successful integration of our May 2025 Australian acquisition. Moving to the segments in Australia, we delivered record annual revenues in 2025 $460 million reflecting growth in our integrated services business and the contribution from our May 2025 acquisition in the Bowen Basin. Revenue and adjusted dividend in Australia in the for the fourth quarter increased 9% year over year, driven primarily by the additional acquired villages and growth in our integrated services. Importantly, our integrated services business in Australia continues to scale and remains on track towards our goal of $500 million Australian in annual revenue by 2027.

綜合來看，2025 年第四季的該市營收年增 7%，經調整後甚至達到 90%。這證明了我們在加拿大降低成本的努力以及我們於 2025 年 5 月成功整合澳洲收購專案。再來看澳洲的業務板塊，我們在 2025 年實現了創紀錄的年度收入 4.6 億美元，這反映了我們綜合服務業務的成長以及我們在 2025 年 5 月收購 Bowen Basin 業務的貢獻。第四季度，澳洲的營收和調整後股息年增 9%，主要得益於新增收購的村莊和綜合服務的成長。重要的是，我們在澳洲的綜合服務業務持續擴大規模，並繼續朝著2027年實現5億澳元年收入的目標穩步邁進。

In Canada, while overall lodge occupancy remained under pressure from customer spending discipline in the oil sands, cost reduction initiatives undertaken in late 2024 and early 2025 drove substantial marginal improvement.

在加拿大，儘管油砂產業的顧客消費紀律導致整體旅館入住率持續承壓，但 2024 年末和 2025 年初採取的成本削減措施推動了入住率的顯著改善。

In the fourth quarter, Canadian revenues increased 4% year over year, while just as EBITDA improved from $5.4 million in the fourth quarter of 2024 to $3.4 million in the fourth quarter of 2025. This performance reflects the structural cost actions we implemented last year.

第四季度，加拿大營收年增 4%，而 EBITDA 從 2024 年第四季的 540 萬美元提高到 2025 年第四季的 340 萬美元。這項績效反映了我們去年實施的結構性成本控制措施。

Overall, we believe that we are executing on our strategic priorities in each region. Our Australian business continues to generate strong cash flow, supported by integrated services growth and expanded village footprint and our Canadian business is demonstrating improved profitability at current activity levels while position for anticipated demand from North American infrastructure projects. With that, I'll turn the call over to Collin.

總體而言，我們相信我們正在各個地區落實我們的戰略重點。在綜合服務成長和鄉村業務拓展的支持下，我們的澳洲業務持續產生強勁的現金流；同時，我們的加拿大業務在目前的業務活動水平下盈利能力有所提高，並為北美基礎設施項目的預期需求做好準備。接下來，我將把電話交給科林。

Thank you, Bradley, and thank you all for joining us this morning. Turning to the income statement, we reported total revenues in the fourth quarter of 2025 of $161.6 million compared to $151 million in the fourth quarter of 2024, an increase of 7%. The year over year increase in revenues was primarily driven by higher activity in Australia, including contributions from the May 2025 acquisition and growth in our integrated services business. That loss for the quarter of 2025, for the fourth quarter of 2025 was $6.5 million or $0.56 per diluted share compared to a net loss of $15.1 million or $1.10 per diluted share in the fourth quarter of 2024.

謝謝你，布拉德利，也謝謝各位今天早上收看我們的節目。再來看損益表，我們報告稱，2025 年第四季總收入為 1.616 億美元，而 2024 年第四季為 1.51 億美元，成長了 7%。營收年增率主要得益於澳洲業務的增加，包括 2025 年 5 月收購帶來的收益以及我們綜合服務業務的成長。2025 年第四季虧損 650 萬美元，即每股攤薄虧損 0.56 美元，而 2024 年第四季淨虧損 1,510 萬美元，即每股攤薄虧損 1.10 美元。

During the fourth quarter, Civeo generated adjusted EBITDA of $21.7 million compared to $11.4 million in the fourth quarter of 2024, an increase of 90%. This increase in adjusted EBITDA was primarily driven by significant marginal improvement in Canada, resulting from the structural cost actions implemented earlier in 2025, as well as contributions from the Australian acquisition and continued integrated services growth. Operating cash flow in the fourth quarter of 2025 was $19.3 million, compared to $9.5 million in the prior year quarter.

第四季度，Civeo 的調整後 EBITDA 為 2,170 萬美元，而 2024 年第四季為 1,140 萬美元，成長了 90%。調整後 EBITDA 的成長主要得益於加拿大業務的顯著邊際改善，這得益於 2025 年初實施的結構性成本控制措施，以及澳洲收購和持續的綜合服務成長帶來的貢獻。2025 年第四季經營現金流為 1,930 萬美元，去年同期為 950 萬美元。

For the full year 2025, we generated revenues of $638.8 million and adjusted even do $88.2 million. Compared to revenues of $682.1 million and adjusted EBITDA of $79.9 million in 2024. The year to year revenue decline was primarily driven by lower activity levels in Canada, partially offset by Australian growth, including the contribution from the Bowen Basin acquisition, despite the revenue decline, sorry, despite the revenue decline, the adjusted EBITDA increase of 10% is primarily driven by the cost reduction initiatives in Canada.

2025 年全年，我們創造了 6.388 億美元的收入，經調整後為 8,820 萬美元。相較之下，2024 年的營收為 6.821 億美元，調整後 EBITDA 為 7,990 萬美元。年度收入下降主要是由於加拿大業務活動水準降低所致，部分被澳洲業務成長所抵消，其中包括收購博文盆地業務的貢獻。儘管收入下降，但調整後的 EBITDA 成長 10%，這主要是由於加拿大的成本削減措施所致。

Turning to our segments, I want to first point out the change. Prior to the fourth quarter of 2025, corporate SG&A included corporate IT expenses managed on a worldwide basis that were not allocated to individual segments in Australia and Canada. To better align segment results to the profitability measure used by management, these S&A costs are now allocated to Australia and Canada, beginning with the fourth quarter and year ended December 31, 2025. For any period for any prior period results discussed on this call, we have adjusted financial figures to conform to the updated 2025 presentation.

接下來談談我們的節目環節，我首先想指出其中的變化。2025 年第四季之前，公司銷售、一般及行政費用包括在全球範圍內管理的、未分配給澳洲和加拿大各部門的公司 IT 費用。為了更好地將分部業績與管理層使用的獲利能力指標保持一致，這些銷售和管理費用現在從截至 2025 年 12 月 31 日的第四季和年度開始分配給澳洲和加拿大。對於本次電話會議中討論的任何先前期間的業績，我們已調整財務數據，以符合更新後的 2025 年業績報告。

In Australia, fourth quarter revenues were $119.5 million, up 9% from $110 million in the fourth quarter of 2024. Adjusted EBITDA was $22.4 million up 9% from $20.6 million in the prior year quarter. The year to year increase in revenues, primarily driven by the contribution from the four owned villages acquired in May 2025, and continued growth in our integrated services business.

在澳大利亞，第四季營收為 1.195 億美元，比 2024 年第四季的 1.1 億美元成長了 9%。經過調整後的 EBITDA 為 2,240 萬美元，比去年同期的 2,060 萬美元成長了 9%。營收逐年成長，主要得益於 2025 年 5 月收購的四個自有村莊的貢獻，以及我們綜合服務業務的持續成長。

These gains were partially offset by modest softness and portions of the legacy-owned village portfolio. This softness is reflected reflective of the sub $200 net co pricing environment that our customers were experiencing the majority of the back half of 2025. The increase in adjusted EBITDA reflects the incremental contribution from the acquired villages and continued integrated services growth. Australian build rooms in the fourth quarter totaled approximately 705,000 compared to approximately 637,000 in the fourth quarter of 2024. Average daily rates were $76 compared to $77 in the prior year quarter.

這些收益部分被輕微疲軟的市場環境以及部分遺留的村莊投資組合所抵消。這種疲軟反映了我們的客戶在 2025 年下半年大部分時間所經歷的低於 200 美元的淨合作定價環境。調整後 EBITDA 的成長反映了收購的村莊帶來的增量貢獻以及持續的綜合服務成長。澳洲第四季的建築工地總數約為 705,000 間，而 2024 年第四季約為 637,000 間。平均每日房價為 76 美元，去年同期為 77 美元。

For the four year 2025, Australian revenues were $460.3 million compared to $427 million in 2024. Turning to Kyoda fourth quarter revenues were $42.1 million compared to $40.7 million in the fourth quarter of 2024, an increase of 4%. Adjusted EBITDA was $3.4 million compared to $-5.4 million in the prior year quarter. The year to year increase in revenues was primarily driven by higher average daily rates due to improved occupancy mix, as build rooms were essentially flat year over year.

2025 年的四年間，澳洲的營收為 4.603 億美元，而 2024 年為 4.27 億美元。轉而關注 Kyoda，該公司第四季營收為 4,210 萬美元，而 2024 年第四季為 4,070 萬美元，成長了 4%。調整後 EBITDA 為 340 萬美元，而去年同期為 -540 萬美元。營收年增率主要得益於入住率提高，從而帶動了平均每日房價上漲，因為客房數量基本上與上年持平。

Significant improvement and adjusted EBITDA was driven by structural cost reduction initiatives implemented earlier in 2025, including overhead reductions, large rationalization, and field level cost alignment.

2025 年初實施的結構性成本削減措施推動了顯著改善和調整後 EBITDA，包括降低管理費用、大規模合理化和現場成本調整。

Canadian build rooms in the fourth quarter total approximately $359,000 compared to approximately $360,000 in the fourth quarter of 2024. Average daily rates for $100 compared to $94 in the prior quarter.

加拿大第四季建築房間總價值約為 359,000 美元，而 2024 年第四季約為 36 萬美元。平均每日房價為 100 美元，而上一季為 94 美元。

For the full year 2025, Canadian revenues were $178.6 million compared to $245.1 million in 2024. Full year Canadian adjusted EBITDA was $17.1 million compared to $18.2 million in 2024. The decrease in revenues and adjusted EBITDA were primarily driven by lower oil sales activity, with the adjusted EBITDA decline mitigated by the impact of cost reduction initiatives implemented in 2025. Looking at our capital structure, as of December 31, 2025, total liquidity was $90.4 million, total debt was $182.8 million, and net debt was $168.4 million. Our net leverage ratio was 1.9 x at year end.

2025 年全年，加拿大收入為 1.786 億美元，而 2024 年為 2.451 億美元。2024 年全年加拿大調整後 EBITDA 為 1,710 萬美元，而 2024 年為 1,820 萬美元。收入和調整後 EBITDA 的下降主要是由於石油銷售活動減少所致，而 2025 年實施的成本削減措施緩解了調整後 EBITDA 的下降。從我們的資本結構來看，截至 2025 年 12 月 31 日，總流動資金為 9,040 萬美元，總負債為 1.828 億美元，淨負債為 1.684 億美元。年末淨槓桿率為 1.9 倍。

Finally, capital allocation. Capital expenditures for the full year 2025 or $20.2 million compared to $26.1 million in 2024. Capital expenditures in both periods were primarily related to planned maintenance spending on our lodges and villages. Specifically, in 2025, $11.2 million was associated with maintenance cap acts, and $9 million was related to growth projects, including the reactivation of our buffalo lodge in Canada and Wi FY infrastructure improvements in Australia.

最後，是資本配置。2025 年全年資本支出為 2,020 萬美元，而 2024 年為 2,610 萬美元。這兩個時期的資本支出主要與我們對旅館和村莊的計畫維護支出有關。具體來說，2025 年，1,120 萬美元與維護上限法案有關，900 萬美元與成長項目有關，包括重新啟用我們在加拿大的野牛旅館和在澳洲的 Wi FY 基礎設施改進。

During 2025 we repurchased approximately $2.3 million shares for approximately $54 million reducing our share count by approximately 17% during the year. As Bradley mentioned, as of today we have repurchased approximately 500,000 additional common shares year-to-date in 2026, resulting in 95% completion of our current authorization. We will look to complete the current authorization as soon as practicable, at which time we will be able to to transition into our new share repurchase authorization for up to 10% of our outstanding shares. With that, I'll turn the call back over to Bradley.

2025 年，我們以約 5,400 萬美元的價格回購了約 230 萬股股票，使當年的股票數量減少了約 17%。正如布拉德利所提到的，截至今天，我們在 2026 年已回購了約 50 萬股普通股，使我們目前的授權完成了 95%。我們將盡快完成目前的授權，屆時我們將能夠過渡到新的股份回購授權，回購至多占我們已發行股份的 10%。這樣，我就把電話轉回給布拉德利了。

Thank you, Collin. I'd like to to now turn to our outlook for 2026 for the full year 2026, we expect revenues of between $650million to $700 million. Adjusted EBITDA of $85 million to $90 million. We are also giving initial capEx guidance for 2026 of $25million to $30 million.

謝謝你，科林。現在我想談談我們對 2026 年的展望。對於 2026 年全年，我們預計收入將在 6.5 億美元至 7 億美元之間。調整後 EBITDA 為 8,500 萬美元至 9,000 萬美元。我們也給出了 2026 年的初步資本支出指導，為 2500 萬美元至 3000 萬美元。

Looking at the regions in Australia, metal coal prices weakened in the back half of 2025, contributing to modest activity softness in the fourth quarter of 2025 across our Bowen Basin owned village portfolio. Entering 2026, Met coal pricing has improved, creating a more constructive economic environment. If prices remain above $200 a ton through the upcoming producer budgeting season, we could see improved activity levels in the back half of the year.

從澳洲各地區來看，金屬煤價格在 2025 年下半年走弱，導致我們在鮑恩盆地擁有的村莊投資組合在 2025 年第四季的活動略有疲軟。進入 2026 年，冶金煤價格有所改善，創造了更具建設性的經濟環境。如果價格在即將到來的生產者預算季期間保持在每噸 200 美元以上，我們可能會看到下半年活動水準有所改善。

Base outlook assumes generally stable occupancy in our own villages with the full year impact of our May 2025 acquisition, largely offsetting potential softness in our legacy operations. Our integrated services business, we expect continued revenue growth as we advance towards our $500 million 2027 revenue goal.

基本展望假設我們自己的度假村入住率總體穩定，而我們 2025 年 5 月的收購將產生全年影響，這在很大程度上抵消了我們傳統業務可能出現的疲軟。我們預計，隨著我們朝著 2027 年 5 億美元的營收目標邁進，我們的綜合服務業務將持續實現營收成長。

In Canada, we expect oil sands activities to remain stable but at subdued levels by historical standards consistent with the spending discipline demonstrated by our customers throughout 2025. But importantly, we hit our 2026 with a structurally lower cost base, excuse me. Let me back up and say the key investor themes to watch for Civeo in 2026 are one, continued strong results in Australian business with occupancy upside in our own villages, and that coal sentiment continues to improve and organic growth, and we continue organic growth in our integrated services business.

在加拿大，我們預計油砂活動將保持穩定，但按歷史標準來看，其水準將較為低迷，這與我們的客戶在 2025 年所表現出的支出紀律相一致。但重要的是，到 2026 年，我們的成本基礎將結構性地降低，抱歉這麼說。讓我先回顧一下，2026 年 Civeo 的主要投資者關注點有三點：一是澳大利亞業務持續強勁增長，我們自有度假村的入住率有提升空間；二是煤炭市場情緒持續改善，實現有機增長；三是我們的綜合服務業務持續實現有機增長。

Two in Canada, continued stabilization and occupancy in our oil sands lodges upside from asset deployment from North American infrastructure construction, data centers in the US and LNG and power-related infrastructure in Canada. And lastly, continued return of capital shareholders through the buyback authorization.

在加拿大有兩個項目，我們在油砂營地的持續穩定和入住率，得益於北美基礎設施建設、美國資料中心以及加拿大液化天然氣和電力相關基礎設施的資產部署。最後，透過股票回購授權，繼續向股東返還資本。

We believe 2026 will be a year focused on positioning the company to capitalize on anticipated infrastructure development in Canada and accelerating data center construction activity. While we do not expect these projects to materially impact 2026 results, we believe we are well positioned to support this demand as it develops.

我們認為 2026 年將是公司重點定位以充分利用加拿大預期的基礎設施發展和加速資料中心建設活動的一年。雖然我們預計這些項目不會對 2026 年的業績產生實質影響，但我們相信，隨著需求的成長，我們已做好充分準備來滿足這項需求。

Overall, we expect 2026 to reflect continued solid performance from Australia, stable conditions in Canada, and meaningful progress, positioning business for potential infrastructure development growth beginning in 2027 and beyond. We'll now open the call for questions.

總體而言，我們預計 2026 年澳洲將繼續保持穩健的業績，加拿大將保持穩定，並取得實質進展，為 2027 年及以後潛在的基礎設施發展成長奠定基礎。現在開始接受提問。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions). And our first question will come from Stephen Gengaro, Stifle.

謝謝。接下來我們將進行問答環節。（操作說明）我們的第一個問題將來自 Stifle 的 Stephen Gengaro。

Thanks. Good morning, everybody.

謝謝。大家早安。

Morning, Stephen.

早安，史蒂芬。

A couple of things for me. The first on the Canadian cost cutting side, did you see the full impact of that in the back half of 25, or is there more that'll show up in the margins in 26?

對我來說，有兩件事。首先，關於加拿大削減成本方面，您是否在 2025 年下半年看到了全部影響，還是說 2026 年的利潤率還會有更多影響？

We saw most of it. They'll, there'll be some continued full year impact in the first half of, on a comparison basis in the first half of 2026, but the vast majority of it we had done by June 30 last year, so yeah.

我們看到了大部分。從比較的角度來看，2026 年上半年還會有一些持續的全年影響，但絕大部分工作我們在去年 6 月 30 日之前就已經完成了，所以是的。

Thanks. And then on the asset deployment potential for the for the assets that are available in in Canada and potentially in the US market, can you talk a little bit about, I guess two parts of the question. One is the types of conversations that are ongoing, and B, like when a decision is made, how long would it take to get assets deployed and start generating revenue and profits?

謝謝。那麼，關於加拿大和美國市場上現有資產的部署潛力，您能否談談這個問題的兩個部分？一是正在進行的對話類型，二是當做出決定時，需要多長時間才能部署資產並開始產生收入和利潤？

Once we so the status of the conversations are that we're providing detailed bidding proposals both in Canada and in the US. In Canada they're largely related to pipeline LNG infrastructure things like PRGT, site licenses, Cedar CGL phase 2 LNGC phase 2 and also Alaska LNG and then in the US, it's all about data centers.

目前的對話進展是，我們正在向加拿大和美國提供詳細的投標方案。在加拿大，它們主要與管道液化天然氣基礎設施有關，例如 PRGT、場地許可證、Cedar CGL 二期 LNGC 二期以及阿拉斯加液化天然氣專案；而在美國，它們則與資料中心有關。

And would there be.

真的會有嗎？

In terms of speed and speed to market, sorry, I was getting to the second part of your question in terms of speed to market, it depends on the asset deployment. If the asset deployment is from our mobile camp fleet, we can begin to have rooms up and running within 3 to 4 months on the first phase, and then phase in rooms, over time, so we could have first meals within 3 to 4 months, on the, if we're moving multi-story, I would say that's 9 to 12 months. To get the first from from getting the authorization to mobilize which includes a signed contract.

關於速度和上市速度，抱歉，我剛才說到你問題的第二部分，也就是上市速度，這取決於資產部署。如果資產部署來自我們的移動營地車隊，我們可以在第一階段的 3 到 4 個月內開始投入使用房間，然後隨著時間的推移逐步增加房間，這樣我們就可以在 3 到 4 個月內提供第一批餐食；如果我們要建造多層建築，我認為需要 9 到 12 個月。首先要獲得動員授權，其中包括簽署合約。

Great. No, that's helpful. And just one final one you you gave some of the CapEx levels and the EBITDA guide for 2026. Any big other moving pieces from a working capital perspective we should be thinking about when we're trying to calibrate free cash flow?

偉大的。不，這很有幫助。最後還有一個問題，您給出了 2026 年的資本支出水準和 EBITDA 指導值。從營運資本的角度來看，在調整自由現金流時，還有哪些重要的變動因素需要考慮？

I think the, I would say working capital is the plus or minus. I think the one thing in looking at free cash flow you have to remember is we've got about we have $20 million US of cash taxes to assume got about a $10 million of interest expense, so that should get you there and then working capital should be plus or minus off of that.

我認為，營運資金是決定成敗的關鍵因素。我認為在分析自由現金流時，必須記住的一點是，我們有大約 2000 萬美元的現金稅款，假設有大約 1000 萬美元的利息支出，那麼這些就足以得出結果，然後營運資本應該在此基礎上上下浮動。

Great. Thank you.

偉大的。謝謝。

Our next question comes from Steve Ferazani, Sidoti and Company.

我們的下一個問題來自 Sidoti and Company 的 Steve Ferazani。

Morning everyone appreciate all the detail on the call. I do want to follow-up the last questions just thinking about. How you're looking at capital allocation now that the the 20% share of purchases is essentially complete your net leverage still under 2 times as we think about cash generation at least until hopefully eventual ramp up on some of the mobile camp deployments.

各位早安，感謝電話會議中提供的所有細節。我確實想就最後幾個問題做個後續討論。現在，20% 的採購份額基本上完成，您如何看待資本配置？您的淨槓桿率仍然低於 2 倍，因為我們正在考慮現金流，至少在移動營地部署最終有望加速之前。

How do you think about cash flow generation? Does that go directly towards your 10% share repurchase authorization? Do you try to maintain 2 times that leverage? How are you going to balance that? And is the number one focus remaining share repurchases, or does that change as the initial, 20% is complete?

您如何看待現金流的產生？這筆錢會直接用於您授權的10%股票回購嗎？你是否嘗試維持兩倍的槓桿率？你打算如何平衡這兩方面？那麼，首要重點仍然是股票回購，還是隨著最初 20% 的回購完成而改變呢？

There's been no change to the capital allocation, framework that we laid out last April. We are completing phase one here shortly with the initial repurchase of 20%. We use more than 100% of free cash flow. I might note. Our leverage has been, has stayed in that 2, times range, and the second phase is to use no less than 75% of annual free cash flow to continue to buy back stock. The $1 million share authorization will allow us to do that and that would maintain leverage at that would maintain leverage at 2 times or less.

資本配置框架與我們去年四月制定的框架沒有任何變化。我們即將完成第一階段，首批回購股份佔總股數的 20%。我們使用了超過100%的自由現金流。我可能會記下來。我們的槓桿率一直維持在 2 倍左右，第二階段將至少 75% 的年度自由現金流用於繼續回購股票。100萬美元的股份授權將使我們能夠做到這一點，這將使槓桿率保持在2倍或以下。

Correct. Okay, that's helpful, thanks, Bradley. When we think about the CapEx for guidance for this year you only spent about $20 million, I think you said $11 million was maintenance CapEx you're guiding now for 25 to 30. Are there any larger projects that pushed out from last year? Or how should we think about where the spending is going on that 25 to 30 range?

正確的。好的，這很有幫助，謝謝你，布拉德利。當我們考慮今年的資本支出指導時，你們只花了大約 2000 萬美元，我想你說過 1100 萬美元是維護資本支出，你現在指導的金額是 2500 萬到 3000 萬美元。去年有哪些大型計畫被延後了？或者我們應該如何看待這 25 到 30 萬美元之間的消費支出？

Yeah, thanks, this is calling. I'll take that one, the $11 million in maintenance. This year is, I don't want to say a low water mark, but that's a pretty low number, for us, repeatability is aspirational we'll certainly try for that but and I would also offer that historically I think we try to at this stage of the year we line out what the what the capital plan looks like there's have to haves and then there's should do's and as the year goes on that list is refined and I think our track record is that that we we've done pretty well relevant to guidance on the capital side as we really dial in the the maintenance requirements throughout the year. So that's kind of the spirit behind the the increase but I would also say that the $11 million in maintenance that we spent last year, was largely driven by some pretty material cuts in Canada and we may have to, kind of get back to a normal run rate this year.

是啊，謝謝，這是來電。我接受這個，1100萬美元的維護費用。今年，我不想說是低谷，但這個數字確實很低。對我們來說，保持業績穩定是一個目標，我們當然會努力實現。而且，我想說的是，從歷史經驗來看，在每年的這個時候，我們都會制定資本計劃，包括必須完成的項目和應該完成的項目。隨著時間的推移，這份清單會不斷改進。我認為，我們的過往記錄表明，我們在資本方面做得相當不錯，因為我們全年都在不斷調整維護需求。所以這就是這次增長背後的精神，但我還要說，我們去年花費的 1100 萬美元維護費用，主要是由於加拿大方面的一些相當大的削減，我們今年可能不得不恢復到正常的運行速度。

And I will also point out that this time last year capEx has same rate.

我還想指出，去年同期資本支出成長率也相同。

That's right. Helpful, thank you. In terms of mobile camp opportunities versus where you stood three months ago, have you seen progress? Are you getting, are you having more conversations? Are we getting a little bit closer? Can provide some color.

這是正確的。很有幫助，謝謝。就移動營地機會而言，與三個月前相比，您認為是否有所進步？你是不是跟別人進行了更多的對話？我們是不是離目標更近了？可以提供一些色彩。

Conversations continue, say opportunities are increasing and, whether I would say for the most part. Well, in both markets, quite frankly, you're bidding on work that doesn't have full FID at the customer level yet, and so to a great degree the wait and see is now clarifications to your question, and we're completing those with our clients, but, moving on to waiting for them to get to ID.

對話仍在繼續，有人說機會正在增加，至於我是否認為大部分情況下是如此。坦白說，在這兩個市場中，你們競標的專案在客戶層面還沒有完全的最終投資決定 (FID)，因此在很大程度上，現在的等待是為了澄清你們的問題，我們正在與客戶一起完成這些問題，但接下來，我們將等待他們進行最終投資決定 (ID)。

Does that differ at all in terms of the data center progress where maybe that can happen a lot faster than some of these really large infrastructure projects that require pretty significant funding.

資料中心的發展進程是否有所不同？資料中心的發展速度可能比一些需要大量資金的大型基礎設施專案快得多。

As a general answer, yes, although there's potential that, infrastructure projects could move sooner rather than later.

總的來說，答案是肯定的，雖然存在這種可能性，但基礎設施項目可能會比預期更早啟動。

Yeah. Okay fair enough thanks guys.

是的。好的，謝謝各位。

Thank you. (Operator Instructions). And we'll go next to Dave Storms, Stonegate.

謝謝。（操作說明）接下來我們要介紹的是來自 Stonegate 的 Dave Storms。

Morning and thank you for taking my questions. Just want to start maybe with the Canadian market. There's been several geopolitical developments since we last spoke, that have impacted oil prices. How is this changing your conversations with customers? I know a lot of this is done after budgeting. Just curious as to, anything materially has changed or customers are looking through that.

早上好，感謝您回答我的問題。或許可以先從加拿大市場開始。自從我們上次通話以來，地緣政治局勢發生了一些變化，對石油價格產生了影響。這將如何改變你與客戶的對話？我知道很多工作都是在預算編制之後進行的。只是好奇，是否有任何實質的變化，或者客戶是否正在關注這些變化。

I think it's too soon for customers to be making any material decisions based on the moving of oil. I don't expect them to do anything it's certainly Canada as a an oil producer. Certainly interesting in in times of geopolitical uncertainty, given the the security, of, that resource, so, if it is maintained over a longer period of time it could be positive, but in the short-term I don't expect any material changes.

我認為現在讓客戶根據石油運輸情況做出任何實質決定還為時過早。我不指望他們會採取什麼行動，畢竟加拿大是石油生產國。在當前地緣政治不確定時期，考慮到該資源的安全性，這當然很有意思。因此，如果能夠長期維持下去，可能會產生正面影響，但在短期內，我預計不會有任何實質的改變。

Understood thank you and sticking with Canada, you signed that contract in Ontario is this a playbook for more to come or was this an opportunistic one time contract? How would you characterize that?

明白了，謝謝。繼續留在加拿大，你在安大略省簽的那份合約是未來更多合作的策略，還是只是一次機會主義的一次性合約？你會如何描述這種情況？

Very pleased with the win in Ontario. It's our first work over there it's on the integrated services side, so adding a new geography, increasing the integrated services contributions in Canada or North America as a whole, and yes, we would like to build off of it excited by the first win. Excited what we can do with that opportunity and looking forward to to expanding further.

對在安大略省的勝利非常滿意。這是我們在那裡開展的第一項工作，涉及綜合服務方面，因此，增加一個新的地理區域，增加在加拿大或整個北美地區的綜合服務貢獻，是的，我們希望以此為基礎繼續發展，對第一次成功感到興奮。我們對能夠利用這個機會做的事情感到興奮，並期待進一步拓展業務。

Understood. Thank you. And then just one more for me, it sounds like you could be picking up some some momentum through 2026, especially if Metcole, stays above that 200 level cost cutting continues. Should we expect a similar seasonal trend as usual, or would you expect to see maybe a little bit more of a quarter over quarter maybe not quite quarter over quarter, but, a ramp going into 2027?

明白了。謝謝。最後再補充一點，聽起來你們可能會在 2026 年之前獲得一些發展勢頭，特別是如果 Metcole 的股價保持在 200 以上，並且成本削減繼續進行的話。我們是否應該預期會出現與往年類似的季節性趨勢，或者您是否預期會看到季度環比略有增長，也許不會完全是季度環比增長，但到 2027 年會出現增長勢頭？

But kind of two questions there if I'm hearing you correctly. One thing that we've kind of always been asked at this time of the year because Canadian turnaround season in particular is strongest in the second and third quarters. We typically had 60% to 65% of our annual EBITDA in the middle half if you will, the second and third quarters.

但如果我理解沒錯的話，你這裡其實有兩個問題。每年這個時候我們都會經常被問到這個問題，因為加拿大的復甦季尤其在第二季和第三季最為強勁。通常情況下，我們全年 EBITDA 的 60% 到 65% 都來自第二季和第三季。

I think that'll be slightly more muted. Second and third quarters will still generate the majority of the cash flow as opposed to the first and the fourth, but I don't believe it'll be as strong. So, a more smooth, even dot progression throughout the year.

我認為效果會稍微柔和一些。第二季和第三季仍將產生大部分現金流，而不是第一季和第四季度，但我認為不會像第一季和第四季那樣強勁。因此，全年點數的遞增會更加平滑均勻。

Dave, is there anything further?

戴夫，還有其他問題嗎？

Oh apologies, I was on mute. No, thank you for taking my questions and good luck in, this quarter.

哦，抱歉，我剛才靜音了。不，謝謝你回答我的問題，祝你這學期一切順利。

Thank you. Dave. Appreciate it.

謝謝。戴夫。謝謝。

And 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。現在我把發言權交還給布拉德利·多德森，讓他做總結發言。

Thanks, Carrie, and thank you everyone for joining the call today. We appreciate your interest in studio. We look forward to speaking to you on our first quarter earnings call plan for April.

謝謝凱莉，也謝謝今天參加電話會議的各位。感謝您對我們工作室的關注。我們期待在四月與您討論我們第一季的財報電話會議計劃。

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，感謝各位的參與。今天的電話會議到此結束。您可以斷開線路，祝您有美好的一天。