Civeo Q2 2021 revenue $154.2M, net loss $0.5M, adjusted EBITDA $32.2M, maintains FY21 guidance

Civeo Corp

2021-Q2 EPS reported -$0.73 revenue$279,606,000

Revenue $154.2M (+34% YoY from $114.7M); net loss $0.5M ($0.03/sh) vs net income $6.1M ($0.37/sh) in Q2 2020.
Adjusted EBITDA $32.2M (up from $28.1M); operating cash flow $16.5M; free cash flow $13.7M (down from $25.1M).
Canada segment revenue $83.3M (+57% YoY); billed rooms in oil sands lodges up 76% on customer activity recovery.
Australia segment revenue $64.0M; operating loss $2.7M from $7.9M asset impairments; adj. EBITDA $15.4M (-18% YoY).
Total debt $226.8M (-$11.2M from Q1); leverage ratio 2.0x; maintains FY21 revenue $555-580M and adj. EBITDA $90-100M; lowers capex guide to $15-20M.

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