Core Laboratories Inc. Files Q2 2024 10-Q
Ticker: CLB · Form: 10-Q · Filed: Jul 25, 2024 · CIK: 1958086
Sentiment: neutral
Topics: 10-Q, financials, oil-gas
TL;DR
Core Labs dropped their Q2 10-Q. Check financials.
AI Summary
Core Laboratories Inc. /DE/ filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and disclosures relevant to investors are included.
Why It Matters
This filing provides investors with the latest financial health and operational performance of Core Laboratories Inc., crucial for making informed investment decisions.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal risks related to market conditions, debt, or operational challenges.
Key Numbers
- 20240630 — End of Reporting Period (Indicates the specific quarter the financial data pertains to.)
- 20240725 — Filing Date (Shows when the report was officially submitted to the SEC.)
Key Players & Entities
- Core Laboratories Inc. /DE/ (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240725 (date) — Filing date
- 0000950170-24-086610 (other) — Accession Number
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the second quarter of 2024.
When was this 10-Q filed with the SEC?
The filing date (FILED AS OF DATE) is 20240725.
What is the company's Central Index Key (CIK)?
The Central Index Key for Core Laboratories Inc. is 0001958086.
What is the company's primary business sector?
The Standard Industrial Classification (SIC) code indicates the company is in OIL, GAS FIELD SERVICES, NBC [1389].
What was the former name of the company?
The former company name was Core Laboratories Luxembourg S.A., with a date of name change on 20221213.
Filing Stats: 4,408 words · 18 min read · ~15 pages · Grade level 13.9 · Accepted 2024-07-25 17:03:51
Key Financial Figures
- $0.01 — ch registered Common Stock (par value $0.01) CLB New York Stock Exchange Indi
Filing Documents
- clb-20240630.htm (10-Q) — 2446KB
- clb-ex31_1.htm (EX-31.1) — 14KB
- clb-ex31_2.htm (EX-31.2) — 15KB
- clb-ex32_1.htm (EX-32.1) — 7KB
- clb-ex32_2.htm (EX-32.2) — 7KB
- 0000950170-24-086610.txt ( ) — 8765KB
- clb-20240630.xsd (EX-101.SCH) — 1003KB
- clb-20240630_htm.xml (XML) — 1655KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION Page Item 1.
Financial Statements
Financial Statements Consolidated Balance Sheets at June 30, 2024 (Unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 ( Unaudited) 6 Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 7 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 9 Notes to the Interim Consolidated Financial Statements ( Unaudited) 10 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.
Controls and Procedures
Controls and Procedures 33
- OTHER INFORMATION
PART II - OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 34 Item 1A.
Risk Factors
Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Issuer Purchases of Equity Securities 34 Item 5. Other Information 34 Item 6. Exhibits 35 Signature 36
- FINANCI AL INFORMATION
PART I - FINANCI AL INFORMATION
Financi al Statements
Item 1. Financi al Statements CORE LABORATORIES INC. CONSOLIDATED B ALANCE SHEETS (In thousands, except share and per share data) June 30, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 17,695 $ 15,120 Accounts receivable, net of allowance for credit losses of $ 2,690 and $ 2,280 at 2024 and 2023, respectively 115,644 109,352 Inventories 69,898 71,702 Prepaid expenses 9,863 8,153 Income taxes receivable 15,087 13,716 Other current assets 5,341 5,093 TOTAL CURRENT ASSETS 233,528 223,136 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $ 317,654 and $ 315,796 at 2024 and 2023, respectively 98,510 99,626 RIGHT OF USE ASSETS 55,689 53,842 INTANGIBLES, net of accumulated amortization and impairment of $ 19,078 and $ 18,825 at 2024 and 2023, respectively 6,674 6,926 GOODWILL 99,445 99,445 DEFERRED TAX ASSETS, net 70,531 69,201 OTHER ASSETS 33,422 34,219 TOTAL ASSETS $ 597,799 $ 586,395 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 36,863 $ 33,506 Accrued payroll and related costs 21,972 18,791 Taxes other than payroll and income 4,957 5,939 Unearned revenues 5,500 4,755 Operating lease liabilities 11,045 10,175 Income taxes payable 8,240 7,280 Other current liabilities 9,021 7,651 TOTAL CURRENT LIABILITIES 97,598 88,097 LONG-TERM DEBT, net 147,621 163,134 LONG-TERM OPERATING LEASE LIABILITIES 42,616 42,076 DEFERRED COMPENSATION 30,678 30,544 DEFERRED TAX LIABILITIES, net 13,250 12,697 OTHER LONG-TERM LIABILITIES 20,342 20,040 COMMITMENTS AND CONTINGENCIES EQUITY: Preference stock, 6,000,000 shares authorized, $ 0.01 par value; none issued or outstanding — — Common stock, 200,000,000 shares authorized, $ 0.01 par value, 46,938,557 issued and 46,912,695 outstanding at 2024; 46,938,557 issued and 4