SEGMENT AND RELATED INFORMATION

9 Months Ended

Sep. 30, 2025

We report segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of our reportable segments. Our Chief Executive Officer is the chief operation decision maker. We have identified two reportable segments, Australia and Canada, which represent our strategic focus on hospitality services and workforce accommodations.

Prior to the fourth quarter of 2024, we presented segment operating income (loss) to include an allocation of corporate overhead expenses. To better align segment operating income (loss) to the profitability measure used by our chief operating decision maker, we have excluded this allocation. Prior periods have been updated to be consistent with the presentation for the three and nine months ended September 30, 2025.

Financial information by business segment for each of the three and nine months ended September 30, 2025 and 2024 is summarized in the following table (in thousands):


Three Months Ended September 30, 2025	Australia		Canada		Corporate, other and eliminations		Total
Revenues	$	124,460	$	46,031	$	—	$	170,491
Cost of sales and services	91,024		35,660		20		126,704
Revenues less cost of sales and services	33,436		10,371		(20)		43,787

Selling, general and administrative expenses (1)	7,205		3,746		7,156		18,107
Depreciation and amortization expense	9,929		10,057		26		20,012
Other operating expense (income) (2)	(363)		(1,072)		137		(1,298)
Operating income (loss)	16,665		(2,360)		(7,339)		6,966

Reconciliation to income (loss) before income taxes
Other loss (3)							(3,384)
Income before income taxes							$	3,582

Capital expenditures	$	4,786	$	825	$	—	$	5,611
Total assets	$	278,736	$	198,884	$	13,447	$	491,067


Three Months Ended September 30, 2024	Australia		Canada		Corporate, other and eliminations		Total
Revenues	$	116,622	$	57,736	$	1,980	$	176,338
Cost of sales and services	87,067		50,052		1,423		138,542
Revenues less cost of sales and services	29,555		7,684		557		37,796

Selling, general and administrative expenses (1)	7,158		4,717		7,760		19,635
Depreciation and amortization expense	8,086		9,264		90		17,440
Other operating expense (income) (2)	(7)		179		505		677
Operating income (loss)	14,318		(6,476)		(7,798)		44

Reconciliation to income (loss) before income taxes
Other loss (3)							(1,471)
Loss before income taxes							$	(1,427)

Capital expenditures	$	3,889	$	3,558	$	29	$	7,476
Total assets	$	218,733	$	244,458	$	14,445	$	477,636


Nine Months Ended September 30, 2025	Australia		Canada		Corporate, other and eliminations		Total
Revenues	$	340,778	$	136,451	$	—	$	477,229
Cost of sales and services	250,221		112,342		287		362,850
Revenues less cost of sales and services	90,557		24,109		(287)		114,379

Selling, general and administrative expenses (1)	20,329		12,175		24,258		56,762
Depreciation and amortization expense	26,783		27,228		81		54,092
Other operating expense (income) (2)	(432)		(990)		697		(725)
Operating income (loss)	43,877		(14,304)		(25,323)		4,250

Reconciliation to income (loss) before income taxes
Other loss (3)							(7,135)
Loss before income taxes							$	(2,885)

Capital expenditures	$	10,182	$	5,198	$	—	$	15,380
Total assets	$	278,736	$	198,884	$	13,447	$	491,067


Nine Months Ended September 30, 2024	Australia		Canada		Corporate, other and eliminations		Total
Revenues	$	316,967	$	204,423	$	9,781	$	531,171
Cost of sales and services	234,217		166,158		9,446		409,821
Revenues less cost of sales and services	82,750		38,265		335		121,350

Selling, general and administrative expenses (1)	18,426		14,053		23,229		55,708
Depreciation and amortization expense	23,018		27,912		339		51,269
Other operating expense (income) (2)	5,844		(5,783)		2,937		2,998
Operating income (loss)	35,462		2,083		(26,170)		11,375

Reconciliation to income (loss) before income taxes
Other loss (3)							(5,174)
Income before income taxes							$	6,201

Capital expenditures	$	12,059	$	6,300	$	46	$	18,405
Total assets	$	218,733	$	244,458	$	14,445	$	477,636

(1)Corporate, other and eliminations selling, general and administrative expenses includes corporate information technology (IT) expenses managed on a worldwide basis that are not allocated to individual segments in Australia and Canada. During the three months ended September 30, 2025 and 2024, we recognized IT expenses at corporate not allocated of $1.8 million and $2.3 million, respectively. During the nine months ended September 30, 2025 and 2024, we recognized IT expenses at corporate not allocated of $5.8 million and $6.8 million, respectively.

(2)Other operating expense (income) for each reportable segment primarily includes other operating income and expenses for the three and nine months ended September 30, 2025 and 2024. Canada includes (Gain) loss on sale of McClelland Lake Lodge assets, net for the three and nine months ended September 30, 2024. In addition, other operating expense (income) includes impairment expense in Canada and the U.S. for the nine months ended September 30, 2024.

(3)Other income (loss) is primarily related to interest expense, interest income and other income.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Civeo Corp 10-Q