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

Issuer:     Civeo Corp (CVEO)
CIK:        0001590584
Form:       8-K
Filed at:   2024-02-29T23:59:59+00:00
Accession:  0001590584-24-000032
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Civeo Q4 net income $23M vs loss year ago; FY 2024 EBITDA guidance $80-90M down from $102M
--------------------------------------------------------------------------------

- Q4 revenue $170.8M (+5.3% YoY); net income $23.0M ($1.55 EPS) vs net loss $13.0M in Q4 2022.
- Australia Q4 Adj. EBITDA $21.5M (+64% YoY) on 23% higher billed rooms; Canada Adj. EBITDA $3.4M (-72% YoY) from LNG wind-down.
- Total debt cut $66.5M YoY to $65.6M; net leverage 0.6x. Quarterly dividend $0.25/sh declared.
- FY 2024 guidance: rev $625-700M, Adj. EBITDA $80-90M (down from $102M in 2023), capex $30-35M.
- Completed sale of McClelland Lake Lodge in Jan 2024; majority proceeds received in Q4 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1590584/000159058424000032/0001590584-24-000032-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1590584/000159058424000032/cveo-20240229.htm
  HTML page:      https://secwatch.observer/filing/0001590584-24-000032

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