Civeo CorpCVEO

Civeo Corp Revenue Disclosure

10-KFiled Mar 3, 20262 min read
REVENUE
The following disaggregates our revenue by our two reportable segments (Australia and Canada) into major categories for the years ended December 31, 2025, 2024 and 2023 (in thousands):
 202520242023
Australia   
Accommodation and associated services revenues$211,761 $196,684 $177,834 
Integrated services and other services revenues248,534 230,272 158,929 
Total Australia revenues460,295 426,956 336,763 
Canada
Accommodation and associated services revenues$150,651 $214,774 $266,926 
Mobile facility rental and associated services revenues1,587 1,523 61,899 
Integrated services and other services revenues26,316 28,790 23,970 
Total Canada revenues178,554 245,087 352,795 
Other
Other revenues$— $10,079 $11,247 
Total other revenues— 10,079 11,247 
Total revenues$638,849 $682,122 $700,805 
 
Integrated services revenues are recognized where our clients own the accommodations and food services assets and Civeo provides the hospitality services including food service, housekeeping, janitorial, laundry, office cleaning.

Our payment terms vary by the type and location of our customer and the services offered. The term between invoicing and when our performance obligations are satisfied is not significant. Payment terms are generally within 30 days and in most cases do not extend beyond 60 days. We do not have significant financing components or significant payment terms.
 
As of December 31, 2025, for contracts that are greater than one year, the table below discloses the estimated revenues related to performance obligations that are unsatisfied (or partially unsatisfied) and when we expect to recognize the revenue. The table only includes revenue expected to be recognized from contracts where the quantity of service is certain (in thousands):
 For the years ending December 31,
 202620272028ThereafterTotal
Revenue expected to be recognized as of December 31, 2025$195,788 $146,281 $85,716 $198,277 $626,062 

We applied the practical expedient and do not disclose consideration for remaining performance obligations with an original expected duration of one year or less. In addition, we do not estimate revenues expected to be recognized related to unsatisfied performance obligations for contracts without minimum room commitments. The table above represents only a portion of our expected future consolidated revenues and it is not necessarily indicative of the expected trend in total revenues.
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Historical Timeline

Fiscal YearFiled
2025Mar 3, 2026Showing above
2024Feb 27, 2025
2023Feb 29, 2024
2022Mar 1, 2023
2021Feb 28, 2022
2020Feb 26, 2021
2019Feb 27, 2020
2018Feb 27, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

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