10-Q Filing

CIVEO CORP CIK: 1590584 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001437749-15-008473`
Period End Date	20150331
Filing Date	20150430
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	cveo-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 47 Cash Flow Statement 50 Stockholders Equity 14 Comprehensive Income 12

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	550.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	550.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$264.75M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	106.72M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	107.35M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$263.31M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$224.13M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$279.80M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	107.32M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$128.25M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	106.72M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$160.25M	USD	Point-in-time
Inventories	`InventoryNet`	$9.84M	USD	Point-in-time
Inventories	`InventoryNet`	$13.23M	USD	Point-in-time
Treasury shares	`TreasuryStockShares`	0.00	shares	Point-in-time
Treasury shares	`TreasuryStockShares`	30,549.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$30.35M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$27.16M	USD	Point-in-time
Assets held for sale	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$8.66M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$463.96M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$456.88M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.25B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.13B	USD	Point-in-time
Goodwill, net	`Goodwill`	$45.26M	USD	Point-in-time
Goodwill, net	`Goodwill`	$44.55M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$45.07M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$50.88M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$20.13M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$20.63M	USD	Point-in-time
Total assets	`Assets`	$1.69B	USD	Point-in-time
Total assets	`Assets`	$2.20B	USD	Point-in-time
Total assets	`Assets`	$1.83B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$36.28M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$27.75M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$22.51M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$16.39M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$61.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$29.06M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$19.38M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$18.54M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$12.24M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$21.68M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$21.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$118.44M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$107.10M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtNoncurrent`	$755.62M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtNoncurrent`	$745.94M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$55.50M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$53.38M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$37.46M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$39.49M	USD	Point-in-time
Total liabilities	`Liabilities`	$969.05M	USD	Point-in-time
Total liabilities	`Liabilities`	$943.88M	USD	Point-in-time
Common stock ($0.01 par value, 550,000,000 shares authorized, 107,352,538 shares and 106,721,483 shares issued, respectively, and 107,321,989 shares and 106,721,483 shares outstanding, respectively)	`CommonStockValue`	$1.07M	USD	Point-in-time
Common stock ($0.01 par value, 550,000,000 shares authorized, 107,352,538 shares and 106,721,483 shares issued, respectively, and 107,321,989 shares and 106,721,483 shares outstanding, respectively)	`CommonStockValue`	$1.07M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.30B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.30B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-244.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-244.63M	USD	Point-in-time
Common stock held in treasury at cost, 30,549 and zero shares, respectively	`TreasuryStockValue`	$118.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-309.33M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-198.49M	USD	Point-in-time
Total Civeo Corporation stockholders equity	`StockholdersEquity`	$748.75M	USD	Point-in-time
Total Civeo Corporation stockholders equity	`StockholdersEquity`	$858.00M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$2.11M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$2.17M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.67B	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$860.11M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.59B	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$750.92M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.83B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.69B	USD	Point-in-time

Income Statement 47 line items

Line Item	Tag	Value	Unit	Period
Service and other	`SalesRevenueServicesNet`	$238.86M	USD	1 Quarter
Service and other	`SalesRevenueServicesNet`	$168.13M	USD	1 Quarter
Product	`SalesRevenueGoodsNet`	$2.85M	USD	1 Quarter
Product	`SalesRevenueGoodsNet`	$13.94M	USD	1 Quarter
SalesRevenueNet	`SalesRevenueNet`	$170.99M	USD	1 Quarter
SalesRevenueNet	`SalesRevenueNet`	$252.80M	USD	1 Quarter
Service and other costs	`CostOfServices`	$131.38M	USD	1 Quarter
Service and other costs	`CostOfServices`	$99.84M	USD	1 Quarter
Product costs	`CostOfGoodsSold`	$12.13M	USD	1 Quarter
Product costs	`CostOfGoodsSold`	$3.07M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$16.14M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$16.69M	USD	1 Quarter
Spin-off and formation costs	`CostsIncurredDevelopmentCosts`	$573.00K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$39.60M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$42.45M	USD	1 Quarter
Impairment expense	`ImpairmentOfLongLivedAssetsToBeDisposedOf`	$2.74M	USD	1 Quarter
Other operating expense	`OtherOperatingIncomeExpenseNet`	$-1.33M	USD	1 Quarter
Other operating expense	`OtherOperatingIncomeExpenseNet`	$-112.00K	USD	1 Quarter
OperatingExpenses	`OperatingExpenses`	$166.11M	USD	1 Quarter
OperatingExpenses	`OperatingExpenses`	$199.94M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$52.86M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$4.88M	USD	1 Quarter
Interest expense to affiliates	`InterestExpenseRelatedParty`	$4.29M	USD	1 Quarter
Interest expense to third-parties, net of capitalized interest	`InterestExpense`	$5.61M	USD	1 Quarter
Interest expense to third-parties, net of capitalized interest	`InterestExpense`	$841.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$939.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.12M	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$998.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$238.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$48.91M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.39M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.16M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$12.31M	USD	1 Quarter
Net income	`ProfitLoss`	$36.60M	USD	1 Quarter
Net income	`ProfitLoss`	$230.00K	USD	1 Quarter
Less: Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$357.00K	USD	1 Quarter
Less: Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$246.00K	USD	1 Quarter
Net income (loss) attributable to Civeo Corporation.	`NetIncomeLoss`	$-16.00K	USD	1 Quarter
Net income (loss) attributable to Civeo Corporation.	`NetIncomeLoss`	$36.24M	USD	1 Quarter
Basic net income (loss) per share attributable to Civeo Corporation common stockholders (in Dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic net income (loss) per share attributable to Civeo Corporation common stockholders (in Dollars per share)	`EarningsPerShareBasic`	$0.34	USD	1 Quarter
Diluted net income (loss) per share attributable to Civeo Corporation common stockholders. (in Dollars per share)	`EarningsPerShareDiluted`	$0.34	USD	1 Quarter
Diluted net income (loss) per share attributable to Civeo Corporation common stockholders. (in Dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	106.29M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	106.46M	shares	1 Quarter
Diluted. (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	106.46M	shares	1 Quarter
Diluted. (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	106.46M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$36.60M	USD	1 Quarter
Net income	`ProfitLoss`	$230.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$39.60M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$42.45M	USD	1 Quarter
Impairment charge	`AssetImpairmentCharges`	$2.74M	USD	1 Quarter
Inventory write-down	`InventoryWriteDown`	$1.01M	USD	1 Quarter
Deferred income tax provision (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-801.00K	USD	1 Quarter
Deferred income tax provision (benefit)	`DeferredIncomeTaxExpenseBenefit`	$5.18M	USD	1 Quarter
Non-cash compensation charge	`EmployeeBenefitsAndShareBasedCompensation`	$1.62M	USD	1 Quarter
Non-cash compensation charge	`EmployeeBenefitsAndShareBasedCompensation`	$1.22M	USD	1 Quarter
Losses (gains) on disposals of assets	`GainLossOnDispositionOfAssets1`	$-1.19M	USD	1 Quarter
Losses (gains) on disposals of assets	`GainLossOnDispositionOfAssets1`	$341.00K	USD	1 Quarter
Provision for loss on receivables, net of recoveries	`ProvisionForDoubtfulAccounts`	$91.00K	USD	1 Quarter
Provision for loss on receivables, net of recoveries	`ProvisionForDoubtfulAccounts`	$730.00K	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-845.00K	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-297.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-19.84M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$8.13M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-6.14M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.26M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$9.44M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-10.68M	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-6.40M	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-6.48M	USD	1 Quarter
Other current assets and liabilities, net	`IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet`	$3.11M	USD	1 Quarter
Other current assets and liabilities, net	`IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet`	$-5.09M	USD	1 Quarter
Net cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$48.90M	USD	1 Quarter
Net cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$90.71M	USD	1 Quarter
Capital expenditures, including capitalized interest	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.70M	USD	1 Quarter
Capital expenditures, including capitalized interest	`PaymentsToAcquirePropertyPlantAndEquipment`	$63.52M	USD	1 Quarter
Proceeds from disposition of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.13M	USD	1 Quarter
Proceeds from disposition of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$230.00K	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-9.57M	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-63.30M	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$500.00K	USD	1 Quarter
Contributions from Oil States	`ProceedsFromContributionsFromAffiliates`	$20.19M	USD	1 Quarter
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$20.19M	USD	1 Quarter
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$500.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-6.99M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-23.34M	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$40.62M	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$16.48M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$264.75M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$263.31M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$224.13M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$279.80M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$264.75M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$263.31M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$224.13M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$279.80M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.67B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$860.11M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.59B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$750.92M	USD	Point-in-time
Net income (loss)	`ProfitLoss`	$36.60M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$230.00K	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-111.02M	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$13.08M	USD	1 Quarter
Stock-based compensation.	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.61M	USD	1 Quarter
Net transfers from Oil States International, Inc.	`InvestmentsInAndAdvancesToAffiliatesAtFairValuePeriodIncreaseDecrease`	$22.87M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.67B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$860.11M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.59B	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$750.92M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$36.60M	USD	1 Quarter
Net income	`ProfitLoss`	$230.00K	USD	1 Quarter
Foreign currency translation adjustment, net of taxes of $2.4 million and zero, respectively	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-111.02M	USD	1 Quarter
Foreign currency translation adjustment, net of taxes of $2.4 million and zero, respectively	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$13.08M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$13.08M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-111.02M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-110.79M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$49.67M	USD	1 Quarter
Comprehensive (income) loss attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-292.00K	USD	1 Quarter
Comprehensive (income) loss attributable to noncontrolling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-60.00K	USD	1 Quarter
Comprehensive income (loss) attributable to Civeo Corporation.	`ComprehensiveIncomeNetOfTax`	$-110.85M	USD	1 Quarter
Comprehensive income (loss) attributable to Civeo Corporation.	`ComprehensiveIncomeNetOfTax`	$49.38M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.