Civeo CorpCVEO

Civeo Corp Revenue Disclosure

10-KFiled Feb 27, 20252 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, 2024, 2023 and 2022 (in thousands):
 202420232022
Australia   
Accommodation and other services revenues$196,684 $177,834 $152,714 
Food service and other services revenues230,272 158,929 125,538 
Total Australia revenues426,956 336,763 278,252 
Canada
Accommodation and other services revenues$214,774 $266,926 $279,455 
Mobile facility rental revenues1,523 61,899 96,400 
Food service and other services revenues28,790 23,970 20,142 
Total Canada revenues245,087 352,795 395,997 
Other
Other revenues$10,079 $11,247 $22,803 
Total other revenues10,079 11,247 22,803 
Total revenues$682,122 $700,805 $697,052 
 
Our payment terms vary by the type and location of our customer and the products or 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, 2024, 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,
 202520262027ThereafterTotal
Revenue expected to be recognized as of December 31, 2024$156,332 $116,652 $87,749 $204,065 $564,798 

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.

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.

Other Available Disclosures

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