CORE LABORATORIES N V

CIK:0001000229|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES:
Revenue	$ 128,356	$ 115,300
OPERATING EXPENSES:
General and administrative expense, exclusive of depreciation expense shown below	16,331	12,545
Depreciation	3,939	4,384
Amortization	105	173
Other (income) expense, net	(28)	1,637
OPERATING INCOME (LOSS)	6,481	(391)
Interest expense	3,429	2,644
Income (loss) before income taxes	3,052	(3,035)
Income tax expense (benefit)	610	(1,196)
Net income (loss)	2,442	(1,839)
Net income (loss) attributable to non-controlling interest	69	49
Net income (loss) attributable to Core Laboratories N.V.	$ 2,373	$ (1,888)
EARNINGS (LOSS) PER SHARE INFORMATION:
Basic earnings (loss) per share	$ 0.05	$ (0.04)
Basic earnings (loss) per share attributable to Core Laboratories N.V.	0.05	(0.04)
Diluted earnings (loss) per share	0.05	(0.04)
Diluted earnings (loss) per share attributable to Core Laboratories N.V.	$ 0.05	$ (0.04)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic	46,634	46,298
Diluted	47,481	46,298
Service [Member]
REVENUES:
Revenue	$ 91,076	$ 84,723
OPERATING EXPENSES:
Cost of services and product sales exclusive of depreciation expense shown below	70,934	68,857
Product [Member]
REVENUES:
Revenue	37,280	30,577
OPERATING EXPENSES:
Cost of services and product sales exclusive of depreciation expense shown below	$ 30,594	$ 28,095

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 2,442	$ (1,839)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation	8,984	6,227
Depreciation and amortization	4,044	4,557
Changes in value of life insurance policies	(791)	1,911
Deferred income taxes	936	1,698
Other non-cash items	1,049	391
Changes in assets and liabilities:
Accounts receivable	(4,024)	(2,831)
Inventories	(7,126)	(2,498)
Prepaid expenses and other current assets	(3,399)	(3,952)
Other assets	1,746	(571)
Accounts payable	(7,078)	3,693
Accrued expenses	587	4,136
Unearned revenues	10	(163)
Other liabilities	(549)	(5,469)
Net cash provided by (used in) operating activities	(3,169)	5,290
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(2,208)	(2,297)
Patents and other intangibles	90	(13)
Proceeds from sale of assets	80	81
Proceeds from insurance recovery	0	583
Net proceeds on life insurance policies	0	2,074
Net cash provided by (used in) investing activities	(2,038)	428
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt	(16,000)	(14,000)
Proceeds from long-term debt	24,000	15,000
Dividends paid	(466)	(463)
Repurchase of common shares	(1)	(1,920)
Equity related transaction costs	(1,285)	0
Other financing activities	(184)	(1)
Net cash provided by (used in) financing activities	6,064	(1,384)
NET CHANGE IN CASH AND CASH EQUIVALENTS	857	4,334
CASH AND CASH EQUIVALENTS, beginning of period	15,428	17,703
CASH AND CASH EQUIVALENTS, end of period	16,285	22,037
Supplemental disclosures of cash flow information:
Cash payments for interest	2,956	2,508
Cash payments for income taxes	$ 1,541	$ 2,691

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 16,285	$ 15,428
Accounts receivable, net of allowance for credit losses of $2,436 and $2,214 at 2023 and 2022, respectively	110,699	106,913
Inventories	67,342	60,445
Prepaid expenses	13,197	15,665
Income taxes receivable	13,781	8,190
Other current assets	6,623	5,061
TOTAL CURRENT ASSETS	227,927	211,702
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $315,027 and $314,737 at 2023 and 2022, respectively	102,341	105,028
RIGHT OF USE ASSETS	56,663	52,379
INTANGIBLES, net of accumulated amortization and impairment of $17,650 and $17,475 at 2023 and 2022, respectively	7,268	7,483
GOODWILL	99,445	99,445
DEFERRED TAX ASSETS, net	67,025	68,570
OTHER ASSETS	32,948	33,747
TOTAL ASSETS	593,617	578,354
CURRENT LIABILITIES:
Accounts payable	38,366	45,847
Accrued payroll and related costs	23,484	23,431
Taxes other than payroll and income	3,690	4,822
Unearned revenues	5,952	5,942
Operating lease liabilities	11,073	11,699
Income taxes payable	5,133	3,034
Other current liabilities	7,926	8,360
TOTAL CURRENT LIABILITIES	95,624	103,135
LONG-TERM DEBT, net	180,440	172,386
LONG-TERM OPERATING LEASE LIABILITIES	43,793	38,305
DEFERRED COMPENSATION	29,772	31,814
DEFERRED TAX LIABILITIES, net	22,268	22,877
OTHER LONG-TERM LIABILITIES	21,569	20,883
COMMITMENTS AND CONTINGENCIES
EQUITY:
Preference shares, EUR 0.02 par value; 6,000,000 shares authorized, none issued or outstanding	0	0
Common shares, EUR 0.02 par value; 200,000,000 shares authorized, 46,701,102 issued and 46,634,027 outstanding at 2023 and 46,699,102 issued and 46,631,934 outstanding at 2022	1,194	1,194
Additional paid-in capital	111,235	102,254
Retained earnings	87,855	85,949
Accumulated other comprehensive income (loss)	(3,538)	(3,777)
Treasury shares (at cost), 67,075 at 2023 and 67,168 at 2022	(1,360)	(1,362)
Total Core Laboratories N.V. shareholders' equity	195,386	184,258
Non-controlling interest	4,765	4,696
TOTAL EQUITY	200,151	188,954
TOTAL LIABILITIES AND EQUITY	$ 593,617	$ 578,354