secwatch.observer — SEC 8-K summary
======================================

Issuer:     Civeo Corp (CVEO)
CIK:        0001590584
Form:       8-K
Filed at:   2023-07-28T23:59:59+00:00
Accession:  0001590584-23-000101
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Civeo Q2 net income $4.5M ($0.30/diluted) vs $9.1M ($0.54) YoY; Australia up 35% adj. EBITDA
--------------------------------------------------------------------------------

- Revenue $178.8M, down 3.4% YoY from $185.0M; net income $4.5M vs $9.1M.
- Adjusted EBITDA $31.6M vs $37.1M YoY; free cash flow $12.9M vs $17.6M.
- Australian segment revenue up 22% to $82.5M, Adj. EBITDA +35% to $19.6M, highest village occupancy since 2014.
- Repurchased ~212k shares for $4.2M; reduced debt $6.5M to $136.1M; net leverage 1.2x.
- FY 2023 guidance revised: revenue raised lower end to $640-650M, Adj. EBITDA $90-95M; capex reduced to $35-40M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1590584/000159058423000101/0001590584-23-000101-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1590584/000159058423000101/cveo-20230728.htm
  HTML page:      https://secwatch.observer/filing/0001590584-23-000101

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer