Company Quick10K Filing
⚲
Civeo
Financials
Price1.35 EPS-0
Shares170 P/E-6
MCap229 P/FCF7
Net Debt385 EBIT-34
TEV614 TEV/EBIT-18
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-09-30 Filed 2020-10-28
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-10-29
10-Q 2019-06-30 Filed 2019-07-29
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-07-27
10-Q 2018-03-31 Filed 2018-04-27
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-03-13
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-13
10-Q 2014-03-31 Filed 2014-06-18
Reports
8-K 2020-11-19
8-K 2020-10-28
8-K 2020-09-03
8-K 2020-07-29
8-K 2020-06-09
8-K 2020-05-07
8-K 2020-04-14
8-K 2020-03-27
8-K 2020-02-27
8-K 2019-11-27
8-K 2019-11-15
8-K 2019-10-25
8-K 2019-09-30
8-K 2019-07-29
8-K 2019-06-26
8-K 2019-05-16
8-K 2019-04-26
8-K 2019-03-27
8-K 2019-02-26
8-K 2018-10-31
8-K 2018-10-31
8-K 2018-07-27
8-K 2018-05-10
8-K 2018-04-27
8-K 2018-03-28
8-K 2018-03-22
8-K 2018-03-15
8-K 2018-02-28
8-K 2018-02-22
8-K 2018-02-16

CVEO 10Q Quarterly Report

Content
Part I - - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
Exhibits
EX-10.2 a102civeoalschoening.htm
EX-31.1 cveoexhibit311.htm
EX-31.2 cveoexhibit312.htm
EX-32.1 cveoexhibit321.htm
EX-32.2 cveoexhibit322.htm

Civeo Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
2.41.91.41.00.50.02014201620182020
Assets, Equity
 0.30.20.1-0.1-0.2-0.32014201620182020
Rev, G Profit, Net Income
 0.20.1-0.0-0.2-0.3-0.42014201620182020
Ops, Inv, Fin
cveo-20200930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  
 For the transition period from _________________________ to _________________________
Commission file number: 001-36246
Civeo Corporation
(Exact name of registrant as specified in its charter)
British Columbia, Canada98-1253716
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
  
Three Allen Center, 333 Clay Street, Suite 4980,
77002
Houston, Texas
(Zip Code)
(Address of principal executive offices) 
(713) 510-2400
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Shares, no par valueCVEONew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes☒No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "accelerated filer," "large accelerated filer," "smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer☐Accelerated Filer
 ☒
Emerging Growth Company
 ☐
   
Non-Accelerated Filer ☐Smaller Reporting Company
 ☒
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes☐No☒

The Registrant had 170,582,021 common shares outstanding as of October 23, 2020.


CIVEO CORPORATION
INDEX
Page No.
Part I -- FINANCIAL INFORMATION
Item 1. Financial Statements:
Consolidated Financial Statements
Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and 2019 
Unaudited Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2020 and 2019
Consolidated Balance Sheets – as of September 30, 2020 (unaudited) and December 31, 2019
Unaudited Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2020 and 2019
Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019 
Notes to Unaudited Consolidated Financial Statements
Cautionary Statement Regarding Forward-Looking Statements
Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.   Quantitative and Qualitative Disclosures About Market Risk
Item 4.   Controls and Procedures
Part II -- OTHER INFORMATION
Item 1.     Legal Proceedings
Item 1A.  Risk Factors
Item 6.     Exhibits
(a) Index of Exhibits
Signature Page

3

PART I -- FINANCIAL INFORMATION
ITEM 1. Financial Statements

CIVEO CORPORATION
 
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2020201920202019
Revenues:    
Service and other$136,523 $140,349 $375,928 $353,147 
Rental3,217 6,942 13,261 21,057 
Product3,117 872 7,162 4,662 
 142,857 148,163 396,351 378,866 
Costs and expenses:
Service and other costs92,147 93,642 267,051 243,945 
Rental costs3,131 5,072 11,559 16,579 
Product costs2,156 766 5,270 3,826 
Selling, general and administrative expenses13,462 14,334 38,889 42,960 
Depreciation and amortization expense24,820 31,196 72,527 92,974 
Impairment expense— — 144,120 5,546 
Other operating expense 51 277 755 109 
135,767 145,287 540,171 405,939 
Operating income (loss)7,090 2,876 (143,820)(27,073)
Interest expense(3,646)(7,315)(13,095)(20,670)
Loss on extinguishment of debt(383)— (383)— 
Interest income— 17 20 66 
Other income4,542 2,849 17,209 6,882 
Income (loss) before income taxes7,603 (1,573)(140,069)(40,795)
Income tax (expense) benefit(180)6,629 8,509 13,963 
Net income (loss)7,423 5,056 (131,560)(26,832)
Less: Net income attributable to noncontrolling interest434 60 914 60 
Net income (loss) attributable to Civeo Corporation6,989 4,996 (132,474)(26,892)
Less: Dividends attributable to Class A preferred shares472 464 1,411 1,384 
Net income (loss) attributable to Civeo common shareholders$6,517 $4,532 $(133,885)$(28,276)
Per Share Data (see Note 8)
Basic net income (loss) per share attributable to Civeo Corporation common shareholders$0.03 $0.02 $(0.79)$(0.17)
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders$0.03 $0.02 $(0.79)$(0.17)
Weighted average number of common shares outstanding:
Basic169,924 167,640 169,420 166,842 
Diluted170,544 168,282 169,420 166,842 
The accompanying notes are an integral part of these financial statements.

4

CIVEO CORPORATION
 
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In Thousands)
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2020201920202019
Net income (loss)$7,423 $5,056 $(131,560)$(26,832)
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustment, net of zero taxes
11,131 (12,096)(8,025)(5,633)
Total other comprehensive income (loss), net of taxes11,131 (12,096)(8,025)(5,633)
Comprehensive income (loss)18,554 (7,040)(139,585)(32,465)
Less: Comprehensive income attributable to noncontrolling interest462 60 928 60 
Comprehensive income (loss) attributable to Civeo Corporation
$18,092 $(7,100)$(140,513)$(32,525)
The accompanying notes are an integral part of these financial statements.

5

CIVEO CORPORATION
 
CONSOLIDATED BALANCE SHEETS
(In Thousands, Excluding Share Amounts)
 
 September 30, 2020December 31, 2019
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$6,938 $3,331 
Accounts receivable, net92,754 99,493 
Inventories5,775 5,877 
Prepaid expenses9,369 7,247 
Other current assets7,737 7,904 
Assets held for sale— 7,589 
Total current assets122,573 131,441 
Property, plant and equipment, net481,394 590,309 
Goodwill8,086 110,173 
Other intangible assets, net98,907 111,837 
Operating lease right-of-use assets20,426 24,876 
Other noncurrent assets1,550 1,276 
Total assets$732,936 $969,912 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$37,116 $36,971 
Accrued liabilities22,229 21,755 
Income taxes379 328 
Current portion of long-term debt32,978 35,080 
Deferred revenue7,801 7,165 
Other current liabilities6,353 8,741 
Total current liabilities106,856 110,040 
Long-term debt, less current maturities236,876 321,792 
Deferred income taxes— 9,452 
Operating lease liabilities18,035 21,231 
Other noncurrent liabilities17,557 16,592 
Total liabilities379,324 479,107 
Commitments and contingencies (Note 11)
Shareholders’ Equity:
Preferred shares (Class A Series 1, no par value; 50,000,000 shares authorized, 9,042, shares issued and outstanding, respectively; aggregate liquidation preference of $95,039 and $93,627 as of September 30, 2020 and December 31, 2019)
59,540 58,129 
Common shares (no par value; 550,000,000 shares authorized, 173,746,532 shares and 171,656,039 shares issued, respectively, and 170,582,021 shares and 169,556,403 shares outstanding, respectively)
— — 
Additional paid-in capital1,577,053 1,572,249 
Accumulated deficit(905,475)(771,590)
Common shares held in treasury at cost, 3,164,511 and 2,099,636 shares, respectively
(6,930)(5,472)
Accumulated other comprehensive loss(371,212)(363,173)
Total Civeo Corporation shareholders’ equity352,976 490,143 
Noncontrolling interest636 662 
Total shareholders’ equity353,612 490,805 
Total liabilities and shareholders’ equity$732,936 $969,912 
The accompanying notes are an integral part of these financial statements.
6

CIVEO CORPORATION
 
UNAUDITED CONSOLIDATED STATEMENTS OF
CHANGES IN SHAREHOLDERS’ EQUITY
(In Thousands)
 
Attributable to Civeo
Preferred
Shares		Common
Shares
AmountPar ValueAdditional
Paid-in
Capital		Accumulated
Deficit		Treasury
Shares		Accumulated
Other
Comprehensive
Income (Loss)		Noncontrolling
Interest		Total
Shareholders’
Equity
Balance, June 30, 2019$57,200 $— $1,567,162 $(744,058)$(5,472)$(364,786)$— $510,046 
Net income (loss)— — — 4,996 — — 60 5,056 
Currency translation adjustment— — — — — (12,096)— (12,096)
Dividends paid— — — — — — (60)(60)
Dividends attributable to Class A preferred shares464 — — (464)— — — — 
Share-based compensation— — 2,572 — — — — 2,572 
Balance, September 30, 2019$57,664 $— $1,569,734 $(739,526)$(5,472)$(376,882)$— $505,518 
Balance, June 30, 2020$59,068 $— $1,575,788 $(911,992)$(6,930)$(382,315)$624 $334,243 
Net income (loss)— — — 6,989 — — 434 7,423 
Currency translation adjustment— — — — — 11,103 28 11,131 
Dividends paid— — — — — — (450)(450)
Dividends attributable to Class A preferred shares472 — — (472)— — — — 
Share-based compensation— — 1,265 — — — — 1,265 
Balance, September 30, 2020$59,540 $— $1,577,053 $(905,475)$(6,930)$(371,212)$636 $353,612 
Balance, December 31, 2018$56,280 $— $1,562,133 $(710,551)$(1,189)$(371,249)$— $535,424 
Net income (loss)— — — (26,892)— — 60 (26,832)
Currency translation adjustment— — — — — (5,633)— (5,633)
Dividends paid— — — — — — (60)(60)
Cumulative effect of implementation of ASU 2014-09
— — — (699)— — — (699)
Dividends attributable to Class A preferred shares1,384 — — (1,384)— — — — 
Share-based compensation— — 7,601 — (4,283)— — 3,318 
Balance, September 30, 2019$57,664 $— $1,569,734 $(739,526)$(5,472)$(376,882)$— $505,518 
Balance, December 31, 2019$58,129 $— $1,572,249 $(771,590)$(5,472)$(363,173)$662 $490,805 
Net income (loss)— — — (132,474)— — 914 (131,560)
Currency translation adjustment— — — — — (8,039)14 (8,025)
Dividends paid— — — — — — (954)(954)
Dividends attributable to Class A preferred shares1,411 — — (1,411)— — — — 
Share-based compensation— — 4,804 — (1,458)— — 3,346 
Balance, September 30, 2020$59,540 $— $1,577,053 $(905,475)$(6,930)$(371,212)$636 $353,612 
 Preferred
Shares (in
thousands)		Common
Shares (in
thousands)
Balance, December 31, 20199,042 169,556 
Share-based compensation— 1,026 
Balance, September 30, 20209,042 170,582 
The accompanying notes are an integral part of these financial statements.
7

CIVEO CORPORATION
 
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
 
Nine Months Ended
September 30,
 20202019
Cash flows from operating activities:  
Net loss$(131,560)$(26,832)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization72,527 92,974 
Impairment charges144,120 5,546 
Loss on extinguishment of debt383 — 
Deferred income tax benefit(8,941)(14,732)
Non-cash compensation charge4,804 7,601 
Gains on disposals of assets(2,581)(4,095)
Provision (benefit) for loss on receivables, net of recoveries45 (39)
Other, net(2,730)2,530 
Changes in operating assets and liabilities:
Accounts receivable5,355 (30,227)
Inventories194 (1,175)
Accounts payable and accrued liabilities1,247 4,958 
Taxes payable51 345 
Other current and noncurrent assets and liabilities, net(2,239)(3,328)
Net cash flows provided by operating activities80,675 33,526 
Cash flows from investing activities:
Capital expenditures(6,244)(25,517)
Payments related to acquisitions, net of cash acquired— (16,439)
Proceeds from disposition of property, plant and equipment3,336 5,482 
Other, net4,619 1,762 
Net cash flows provided by (used in) investing activities1,711 (34,712)
Cash flows from financing activities:
Revolving credit borrowings324,611 340,494 
Revolving credit repayments(369,122)(310,946)
Term loan repayments(31,092)(26,085)
Debt issuance costs(2,583)(1,950)
Taxes paid on vested shares(1,458)(4,283)
Net cash flows used in financing activities(79,644)(2,770)
Effect of exchange rate changes on cash865 (344)
Net change in cash and cash equivalents3,607 (4,300)
Cash and cash equivalents, beginning of period3,331 12,372 
Cash and cash equivalents, end of period$6,938 $8,072 
Non-cash financing activities:
Preferred dividends paid-in-kind$1,411 $1,384 
The accompanying notes are an integral part of these financial statements.

8
CIVEO CORPORATION
 
NOTES TO UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS


1.DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
 
Description of the Business
 
We are a hospitality company servicing the natural resources industry in Canada, Australia and the U.S. We provide a full suite of hospitality services for our guests, including lodging, food service, housekeeping and maintenance at accommodation facilities that we or our customers own. In many cases, we provide services that support the day-to-day operations of accommodation facilities, such as laundry, facility management and maintenance, water and wastewater treatment, power generation, communication systems, security and logistics. We also offer development activities for workforce accommodation facilities, including site selection, permitting, engineering and design, manufacturing management and site construction, along with providing hospitality services once the facility is constructed. We primarily operate in some of the world’s most active oil, metallurgical (met) coal and iron ore producing regions, and our customers include major and independent oil and gas companies, mining companies, engineering companies and oilfield and mining service companies. We operate in three principal reportable business segments – Canada, Australia and the U.S.
 
Basis of Presentation
 
Unless otherwise stated or the context otherwise indicates: (i) all references in these consolidated financial statements to “Civeo,” “us,” “our” or “we” refer to Civeo Corporation and its consolidated subsidiaries; and (ii) all references in this report to “dollars” or “$” are to U.S. dollars.
 
The accompanying unaudited consolidated financial statements of Civeo have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP) has been condensed or omitted pursuant to those rules and regulations. The unaudited financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which Civeo considers necessary for a fair presentation of the results of operations for the interim periods covered and for the financial condition of Civeo at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year.
 
The preparation of consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. If the underlying estimates and assumptions upon which the financial statements are based change in future periods, actual amounts may differ from those included in the accompanying consolidated financial statements.
 
The financial statements included in this report should be read in conjunction with our audited financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2019.

2.RECENT ACCOUNTING PRONOUNCEMENTS
 
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the FASB), which are adopted by us as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards or other guidance updates, which are not yet effective, will not have a material impact on our consolidated financial statements upon adoption. 

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses” (ASU 2016-13). This new standard changes how companies measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 is effective for financial statements issued for reporting periods beginning after December 15, 2019 and interim periods within the reporting periods. We adopted ASU 2016-13 as of January 1, 2020. The adoption of this new standard did not have a material impact on our consolidated financial statements.

9
CIVEO CORPORATION
NOTES TO UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)

3.REVENUE
 
The following table disaggregates our revenue by our three reportable segments: Canada, Australia and the U.S., and major categories for the periods indicated (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2020201920202019
Canada    
Accommodation revenues$49,798 $79,939 $156,068 $203,774 
Mobile facility rental revenues13,135 3,048 21,715 5,648 
Food service and other services revenues8,852 8,084 26,336 25,507 
Manufacturing revenues— — — 1,014 
Total Canada revenues71,785 91,071 204,119 235,943 
Australia
Accommodation revenues$39,470 $33,056 $106,988 $92,473 
Food service and other services revenues25,215 14,687 63,881 14,687 
Total Australia revenues64,685 47,743 170,869 107,160 
U.S.
Accommodation revenues$394 $1,655 $1,892 $11,354 
Mobile facility rental revenues3,218 6,952 13,275 21,175 
Manufacturing revenues2,772 714 6,159 3,116 
Food service and other services revenues3 28 37 118 
Total U.S. revenues6,387 9,349 21,363 35,763 
Total revenues$142,857 $148,163 $396,351 $378,866 
 
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. We do not have significant financing components or significant payment terms.

As of September 30, 2020, 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 (in thousands):
 For the years ending December 31,
 202020212022ThereafterTotal
Revenue expected to be recognized as of September 30, 2020$33,002 $61,031 $29,120 $11,820 $134,973 

4.FAIR VALUE MEASUREMENTS
 
Our financial instruments consist of cash and cash equivalents, receivables, payables and debt instruments. We believe that the carrying values of these instruments on the accompanying consolidated balance sheets approximate their fair values.
 
As of September 30, 2020 and December 31, 2019, we believe the carrying value of our floating-rate debt outstanding under our term loans and revolving credit facilities approximates fair value because the terms include short-term interest rates and exclude penalties for prepayment. We estimated the fair value of our floating-rate term loan and revolving credit facilities using significant other observable inputs, representative of a Level 2 fair value measurement, including terms and credit spreads for these loans.
 
During the first quarter of 2020 and the second and fourth quarters of 2019, we wrote down certain long-lived assets to fair value. We also recorded goodwill impairment charges related to one of our reporting units during the first quarter of 2020 and one of our reporting units during the fourth quarter of 2019. Our estimates of fair value required us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future
10
CIVEO CORPORATION
NOTES TO UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)

circumstances that might directly impact each of the relevant asset groups’ operations in the future and are therefore uncertain. We estimated the fair value when conducting the goodwill impairment and long-lived asset impairment tests primarily using an income approach. The discount rates used to value our reporting units for the interim goodwill impairment test, as well as the Canadian and U.S. segments long-lived asset impairment analysis ranged between 10.5% and 14.0%. These assumptions with respect to future circumstances included future cash flows, oil, met coal and natural gas prices, anticipated spending by our customers, the cost of capital, and industry and/or local market conditions. During the fourth quarter of 2019, our estimate of fair value of corporate office space in Canada and during the second quarter of 2019, our estimate of fair value of land in Australia, were based on appraisals from third parties. See Note 6 – Impairment Charges for further information.
 
During the third quarter of 2019, we acquired Action Industrial Catering (Action) and recorded the assets acquired and liabilities assumed at fair value. Determining the fair value of these assets and liabilities required the exercise of significant judgment, including the amount and timing of expected future cash flows, long-term growth rates and discount rates. The cash flows employed in the valuation are based on our best estimates of future sales, earnings and cash flows after considering factors such as general market conditions, expected future customer orders, contracts with suppliers, labor costs, changes in working capital, long-term business plans and recent operating performance. See Note 7 – Acquisitions for further information.

5.DETAILS OF SELECTED BALANCE SHEET ACCOUNTS
 
Additional information regarding selected balance sheet accounts at September 30, 2020 and December 31, 2019 is presented below (in thousands):
 
 September 30, 2020December 31, 2019
Accounts receivable, net:  
Trade$68,848 $76,370 
Unbilled revenue21,819 23,041 
Other (1)2,357 335 
Total accounts receivable93,024 99,746 
Allowance for credit losses(270)(253)
Total accounts receivable, net$92,754 $99,493 

(1)As of September 30, 2020, Other accounts receivable includes a $2.4 million receivable related to the Canada Emergency Wage Subsidy (CEWS), a subsidy implemented by the Canadian government in response to the COVID-19 pandemic. Other income related to the CEWS during the three and nine months ended September 30, 2020 was $3.6 million and $9.7 million, respectively.
 September 30, 2020December 31, 2019
Inventories:  
Finished goods and purchased products$4,538 $3,982 
Work in process18 813 
Raw materials1,219 1,082 
Total inventories$5,775 $5,877 

11
CIVEO CORPORATION
NOTES TO UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)

 Estimated
Useful Life
(in years)		September 30, 2020December 31, 2019
Property, plant and equipment, net:     
Land   $47,049 $43,147 
Accommodations assets3—151,651,178 1,696,425 
Buildings and leasehold improvements7—2033,714 26,108 
Machinery and equipment4—