All right, hello, everyone, and thank you all for joining us during the Lytham Partners 2024 investor select conference. My name is Robert Blum, Managing Partner of Lytham Partners. During this webcast, we welcome Civeo, ticker symbol of CVEO on the New York Stock Exchange. Joining us today from the company is Bradley Dodson, the company's Chief Executive Officer, and Carolyn Stone, the company's Chief Financial Officer. Before we begin, I just want to remind everyone that management is available for one-on-one meetings throughout the conference here. If you've not already signed up for a one-on-one and would like to do so, you can send me an email. That's Blum, B-L-U-M, @lythampartners.com, or you can visit the website lythampartners.com/select2024. From there, you can click on the Investor Registration tab and make your one-on-one selection there. So, with that, Bradley, Carolyn, the floor is yours.
Thank you, Robert, and thank you to Lytham for providing us this opportunity to present, and we're pleased to tell you about the company. I'm Bradley Dodson, President and CEO. In terms of our agenda today, we'd like to give you first a general update on the company for those that are more familiar with the story. And then we'll step back for those that are new to the story and give you a little bit of what we do, where we do it, and who we work for, to give you a feel for the company. And then I'll turn it over to Carolyn Stone, our CFO, who will provide an overview of our capital allocation priorities and our third quarter results. Excuse me. Turning to slide two, just some forward-looking statements.
We caution listeners, if we make statements that are forward-looking, please, read those in the context of the many factors that affect our business, including those disclosed in our SEC documents. On slide three, Civeo provides a full suite of hospitality services, where we take care of workers that are working in remote areas, where we provide the lodging, the food services, the housekeeping, and maintenance. We've been public since 2014. We currently have an equity value of approximately $325 million and an enterprise value of $420 million. We work for some of the largest producers of oil, metallurgical coal, LNG, iron ore, and other producing regions, both in Canada and Australia.
In terms of what drives our activity, ultimately is our customers' capital spending, as well as the turnaround and maintenance activity, in both regions. For the twelve months ended September 30th, 2023, we had approximately $690 million of revenue, fairly split between Canada and Australia, and then about $100 million of Adjusted EBITDA. Moving to slide four, some key investor themes. In our business, it is absolute mandatory that we operate safely, and that means keeping our people, our people safe, our communities safe, and our guests safe. We support core operations and generate strong cash flow from a diverse asset base, and have been returning capital to shareholders, most recently with a 25-cent quarterly dividend, as well as opportunistic share repurchases.
As we pivot, and we've, we'll talk a little bit about our history, we have paid down the debt, and we have a very strong balance sheet, and we'll be pivoting to both organic and inorganic growth opportunities in our two core markets. In terms of our operations, as we'll show, we have a diverse operations, where not more than 30% of our LTM gross profit was related to oil. We have strong cash flows. As we'll show, the guests that we take care of are primarily the day-to-day operating personnel, coupled with some expansionary activity. Continue to focus on free cash flow and diversifying our revenue base, across both Canada and Australia. Right now, Australia's having a very strong macroeconomic environment with some tailwinds there.
As we mentioned, our full-year free cash flow is fairly strong, with between $68 million and $78 million. And that would be, you know, a significant portion, 22%, free cash flow yield. As I mentioned, our leverage ratio is under 1x, with approximately $111 million of liquidity. We continue to focus on a strong balance sheet and returning capital to shareholders, but we'll be pivoting to growth here in 2024. Going to the next slide. Our primary areas of operation in Canada are the Alberta oil sands, and in British Columbia, supporting the LNG Canada, LNG project. In Australia, we support the Bowen Basin in Queensland, the Gunnedah Basin in New South Wales, and the Pilbara Basin in Western Australia. As I mentioned, the majority of our guests are the day-to-day personnel that are producing the natural resources.
While it's not immune to cyclical downturns, it is somewhat insulated, as these projects tend to focus on long-term operations and long-term natural resource development. We also support the maintenance and turnaround activities, which are typically in the second and third quarters, when productivity, particularly in Canada, is at its highest, as opposed to during the winter operations. Having been with the company for 25 years, there's been a major push to diversify operations from just oil and met coal to include iron ore and LNG. As you can see here, a much healthier mix, and we'll continue to look to diversify our operations, both geographically as well as to the end markets that we serve.
Our customers are some of the, the largest multinational, resource developers, folks like, Imperial Oil, which is the Canadian arm of, of ExxonMobil, Suncor, Syncrude, TC Energy, ConocoPhillips in Australia, BHP, Stanmore, Fortescue, Anglo. And our customers are getting blocks of rooms for the, the, term of their projects to... And we're being paid on a per-person, per-day basis. We strive for take-or-pay contracts where available, and if we can't, negotiate for take-or-pay contracts, we look for exclusivity, where we are the sole third-party provider of accommodations to the customers. We have a now substantial services business, particularly in Western Australia, where we get paid on a per-person, per-day basis, where the customer owns the asset, and we provide all the hospitality services.
To give, To step back, our facilities provide all of the amenities that people would expect from an urban hotel. So we have a check-in, convenience stores. In these cases, there aren't restaurants nearby, so we provide the three meals a day, a hot breakfast, a sack lunch to take to work, and a hot dinner. And then each, we have workout facilities and leisure facilities as well. You can see, we have fine dining rooms, a nice room, well made up, and full workout facilities for our guests. One of the things we introduced, the historical expectation was buffet-style eating.
We've introduced what we call the EDI System, where a customer can swipe their room key and select from usually 25-30 entrees every night, including putting in what kind of sides they want or any sort of dietary restrictions they might have. And then within six to eight minutes, we will have their meal ready for them. And it's pretty amazing, the fact that you can move 800-1,200 people through the dining room in 1 hour-1.5 hours, and everyone can select their own meals and have them ready inside of 10 minutes. Some more pictures of the amenities, recreational facilities, movie rooms, et cetera. In Australia, the service delivery is identical. The climate is slightly more accommodating, so we have more landscaping in Australia, but the service delivery is identical, including having lap pools and outdoor workout facilities. With that, I'll turn it over to Carolyn.
Thanks, Bradley. I'd like to move now to Slide 17, where we can touch on our new capital allocation priorities, as well as provide a little bit of history on how we got here. Since 2019, and even prior to that, our primary capital allocation priority has been debt reduction. We've significantly reduced our debt over the past few years and have reached our target leverage range of 1-1.25 times. In 2021, we initiated our share repurchase program to return capital to our shareholders as a secondary capital allocation focus, and since then, we've repurchased the equivalent of 2.2 million common shares for approximately $59 million.
Due to our strong balance sheet position, our solid cash flow outlook, and continued prioritization of returning capital to shareholders, we recently initiated a $0.25 per share quarterly dividend. As we look ahead, we expect continued solid cash flow, which will be sufficient to support our core operations, return capital to shareholders, and, as Bradley alluded to, fund growth opportunities while continuing to maintain a prudent leverage ratio. On Slide 18, we provide an illustrative breakdown of our annual excess cash flow after maintenance CapEx and regular dividend payments to emphasize the flexibility we have to maintain our financial strength, fund growth, and continue to return capital to shareholders.
The only additional point I'll make is that as we shift more of our capital allocation focus toward growth, we believe it is prudent to allow for flexibility to increase our Net Leverage Ratio up to 2x to pursue those accretive growth opportunities as warranted. So moving on to Slide 20, I'll turn to a quick summary of our third quarter results. As Bradley mentioned, our number one priority is always to protect the health and wellbeing of our employees, our guests, and our contractors. The third quarter financial results exceeded our expectations, with strong operational execution in both regions where we operate, and year-over-year growth in Australia. A few key highlights that we mentioned on our third quarter conference call, we reported revenues of $183.6 million, Adjusted EBITDA of $32.9 million, and a 0.9x Net Leverage Ratio as of September 30th, 2023.
We increased the lower and upper end of our revenue and Adjusted EBITDA guidance ranges, resulting in full-year ranges of $675 million-$685 million for revenue, and $95 million-$100 million for Adjusted EBITDA. We also maintained our full-year 2023 capital expenditure guidance, which was $35 million-$40 million. And all of that boils down to our Free Cash Flow guidance, which we increased based on that increase to Adjusted EBITDA, as well as some expected net cash proceeds related to our McClelland Lake demobilization and sale, which approximated $20 million net, resulting in a full-year range of $68 million-$78 million. And finally, during the third quarter, we repurchased 62,000 common shares, or approximately $1.3 million.
Turning to the regional updates, our Canadian segment in the third quarter had a decrease in revenues and Adjusted EBITDA from the third quarter of 2022, which was primarily due to a decline in mobile camp activity as pipeline construction continues to wind down, coupled with a weakened Canadian dollar relative to the U.S. dollar. In regards to the McClelland Lake Lodge that I just mentioned, we have secured the transportation contract for the assets, and the demobilization and transportation work is well underway. Moving on to Australia, this segment had a year-over-year increase in revenues and Adjusted EBITDA of $14.1 million and $1.9 million respectively from the same period in 2022. The increase was largely driven by increased occupancy at our own villages, as well as higher activity for our integrated services business related to some new contracts.
As noted on this slide, our plan to counter inflationary pressures in the Australian integrated services business has started to show tangible results, and we expect to see more of those benefits from the team's effort in the fourth quarter of 2023, as well as into 2024. Continuing to slide 23, as we discussed earlier, this slide highlights our success over the last few years in both reducing our aggregate leverage, as well as our net leverage ratio. In summary, Civeo is a global workforce hospitality company with a diverse exposure to Canada and Australia, and varying global commodities.
Bradley spoke to these points earlier, but I wanted to end the presentation by reiterating that we continue to place the highest priority on safety, our diverse asset base and contract coverage provides stability for our business, and the stability of that core business, as well as our positive financial outlook, allows us to continue to return capital to shareholders while also pursuing new growth opportunities. Well, thank you for your interest in Civeo, and I will turn it back over to Robert to wrap things up.
Perfect, thank you, both for that very comprehensive presentation there. Just a couple of points maybe to expand on there. From a growth perspective here, you've increased guidance. You sort of see this sort of steady improvement taking place within Australia. Canada kind of has some ebbs and flows.
Right.
How do you think about growth within the business sort of as a whole, and then maybe sort of breaking it down either by end market or by geography there?
Sure. So in, in Canada, 2024 will be a down year, largely because of the project work in British Columbia that's coming to a close. But we benefit from the fact that Australia is having a really, a strong year. In the Bowen Basin, our two largest facilities at Coppabella and Moranbah are effectively at 100% occupancy. We're seeing some additional growth in the Bowen- in the Gunnedah Basin. And then our services business in Western Australia is really growing very strongly. I mean, we, we bought that business back in 2019. It had about $40 million of top line growth... or top line at the time, and, and we should do, you know, over $200 million in top line in 2023, and expect further growth in 2024.
So we've got some as I alluded to in the presentation, we've got some tailwinds in Australia, and in Canada we're looking to, you know. The McClelland situation was one that really opened our eyes to the value of assets in North America. And we're marketing our Alberta assets outside of Western Canada, and looking to diversify into Eastern Canada, particularly Ontario and Quebec. We've got a little small project we're working on in Labrador. And so, you know, I think there's. It's gonna take us some time to rebuild the earnings out of Canada, but there are some promising opportunities there.
Okay. And then maybe just finally, in the last couple of minutes that we have here, you went into great detail on the capital allocation plans here, I think. But you know, breaking down each one of these areas, right? Sort of debt reduction, which you've done, dividend payments, share repurchases, maybe looking at acquisitions. Is it sort of a steady mixture of each of these going forward? Will you be opportunistic on an acquisition that may pull away from some of the other strategies? How do you sort of balance all of those on a go-forward basis?
Well, we're gonna remain committed to returning capital to shareholders-
Uh-huh
... through the dividend and through opportunistic buybacks. But we do need to start pivoting, and it will take some capital to grow the business. There's some organic work that we can do, but there's some tuck-in properties that we'd like to acquire. There's some tuck-in companies we'd like to acquire, that are right down the fairway of what we're doing now, that will give us broader exposure. And so, you know, when I look at it, you know, there's gonna be 30%-40% of the Free Cash Flow going back to shareholders, and through the dividend and the buyback, and then you've got the rest of it. In the interim, on timing of growth opportunities, might be to pay down debt, but then that will be timing in terms of then when we're able to execute on the growth opportunities.
Right. Right. Okay, that's perfect. Well, I guess any sort of final takeaways that you want investors to take home from the presentation here before we end things?
I think we've got a really strong balance sheet now. We've done a lot of good work. We're returning capital to shareholders, and we're pivoting to growth, and so that's the story we want people to take away.
Fantastic. All right, we'll leave it there. Bradley, Carolyn, thank you so much as always for your time during our events here. Again, I continue to find it informative, and I think investors are as well. Just two kind of quick reminders before we wrap things up. If you've not already selected your one-on-one meetings and would like to do so, again, shoot me an email, blum@lythampartners.com. Visit the website. You can go to lythampartners.com/select2024 and go through the registration process there. And then finally, there are a number of additional webcasted fireside chats and presentations coming up here today throughout the day. You can visit that website again, click on Presentations, and we'll get you taken care of from a number of companies that are participating here today. So Bradley, Carolyn, thank you again. Greatly appreciate it.
Robert, thank you.
Conference.
Thank you.