AMSTERDAM, July 22, 2020 /PRNewswire/ -- Core Laboratories
N.V. (NYSE: "CLB US" and Euronext Amsterdam: "CLB NA") ("Core",
"Core Lab", or the "Company") reported that continuing operations
resulted in second quarter 2020 revenue of $115,700,000. The financial results
for the second quarter of 2020 include a charge of $13,300,000 associated with: 1) severance in
connection with on-going cost reduction initiatives, 2) a non-cash
inventory write-down, and 3) other non-cash charges. Core's
operating loss was $2,600,000, with a
loss per diluted share of $0.13, all
in accordance with U.S. generally accepted accounting principles
("GAAP"). Operating income, ex-items, a non-GAAP financial
measure, was $10,700,000, yielding
operating margins of 9.2% and earnings per diluted share ("EPS"),
ex-items, of $0.14. A full
reconciliation of non-GAAP financial measures is included in the
attached financial tables.
Core's Board of Supervisory Directors ("Board") and the
Company's Executive Management continue to focus on strategies that
maximize return on invested capital ("ROIC") and free cash flow
("FCF"), a non-GAAP financial measure defined as cash from
operations less capital expenditures, factors that have high
correlation to total shareholder return. Core's asset-light
business model and capital discipline promote capital efficiency
and are designed to produce more predictable and superior long-term
ROIC.
Cost Reduction Initiatives and Company Response to COVID-19
Pandemic
On 23 June 2020, the Company
announced Phase 2 of cost reduction measures in response to market
conditions and operational disruptions associated with COVID-19.
Combined, the Phase 1 and Phase 2 cost reduction initiatives
amount to reduced cash outflows of approximately $61,000,000, on an annualized basis, and in
excess of $15,000,000 on a quarterly
basis. Although substantially implemented throughout the
second quarter of 2020, the now expanded cost reduction plan will
be completed in the third quarter of 2020, further aligning Core
Lab's operations with client activity levels. As previously
announced, annual capital expenditures are expected to be reduced
by approximately 50%, as compared to 2019. The Company will
continue to monitor the outlook for the industry and evaluate
Core's cost structure accordingly.
The following table summarizes the projected impact to cash flow
associated with the actions described above. Compared to
2019, the forecast for 2020 shows reduced cash outflows totaling
$142,600,000.
(in $
millions)
|
|
2019
|
|
|
Forecast
2020
|
|
|
Reduced
Cash
Outflows
vs
2019
|
|
|
Annualized
Reduced
Cash
Outflows
|
|
Dividend
Payout1
|
|
$
|
97.7
|
|
|
$
|
12.4
|
|
|
$
|
(85.3)
|
|
|
$
|
(95.9)
|
|
Capital
Expenditures1
|
|
|
22.3
|
|
|
|
11.0
|
|
|
|
(11.3)
|
|
|
|
(11.3)
|
|
Cost Reduction
Initiatives1
|
|
|
—
|
|
|
|
(46.0)
|
|
|
|
(46.0)
|
|
|
|
(61.0)
|
|
Reduced Cash
Outflows
|
|
$
|
120.0
|
|
|
$
|
(22.6)
|
|
|
$
|
(142.6)
|
|
|
$
|
(168.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Reduced
dividend policy and reduced 2020 capital expenditure plan announced
16 March 2020. Cost reduction initiatives - Phase 1, announced 22
April 2020, Phase 2, announced 23 June 2020.
|
|
The Company continues to operate as an essential business with
timely delivery of products and services to its clients during the
COVID-19 global pandemic. The risks and uncertainties
associated with COVID-19 continue to potentially have a material
impact to both the Company's and its clients' operations.
Liquidity, Free Cash Flow, Dividends and Share
Repurchases
During the second quarter of 2020, Core continued to generate
FCF, with cash from operations of $27,000,000 and capital expenditures of
$3,100,000, yielding FCF of
$23,900,000. The second quarter
of 2020 marks the 75th
consecutive quarter that the Company generated positive FCF,
despite the challenging market and industry conditions. Free
cash was almost entirely focused towards reducing the Company's
debt, as net debt was reduced by $23,000,000 during the second quarter 2020, and
by $29,000,000 during the first half
of 2020. Core will continue applying its excess free cash
flow towards debt reduction for the foreseeable future.
As previously announced on 23 June
2020, in response to the economic events associated with
COVID-19 and the related downturn in oil and gas industry activity,
Core Lab successfully negotiated an amendment to the Company's
Credit Facility (the "Amendment"). The Amendment provides an
increase to the maximum leverage ratio (calculated as total net
debt divided by trailing twelve months adjusted EBITDA) permitted
under the Credit Facility, among other things.
As of 30 June 2020, the Company
has $73,000,000 of excess capacity
under its $225,000,000 Credit
Facility, and anticipates it will continue to generate positive
cash flow and reduce net debt, while maintaining ample
liquidity.
On 28 April 2020, the Board
announced a quarterly cash dividend of $0.01 per share of common stock, which was paid
on 19 May 2020 to shareholders of
record on 8 May 2020. Dutch
withholding tax was deducted from the dividend at a rate of
15%.
On 17 July 2020, the Board
announced a quarterly cash dividend of $0.01 per share of common stock, payable on
10 August 2020 to shareholders of
record on 27 July 2020. Dutch
withholding tax will be deducted from the dividend at a rate of
15%.
Reservoir Description
Reservoir Description revenue in the second quarter of 2020 was
$88,400,000, down 14% sequentially.
Operating income for the second quarter of 2020 on a GAAP
basis was $13,500,000, while operating income, ex-items, was
$15,100,000, yielding operating
margins, ex-items, of 17%, up 200 BPS sequentially. The
decline in revenue on a sequential basis was attributable to
continued industry disruptions associated with COVID-19.
On-going efforts to align the Reservoir Description segment with
client activity levels helped to mitigate the impact to operating
margins.
Reservoir Description operations are heavily exposed to
international and offshore activity, with approximately 80% of its
revenue sourced from projects outside the U.S., where core,
reservoir fluid and derived product samples originate from
international project activity. For example, during the
second quarter of 2020, Core's Middle
East operations continued to receive new work on highly
specialized core and reservoir fluid projects throughout the
region. Core's network of laboratories in the Middle East include strategic locations in
Kuwait, United Arab Emirates, Kingdom of Saudi Arabia and Qatar. Earlier this year Core completed
the commissioning of a comprehensive reservoir fluids laboratory in
Doha, Qatar, adding to its
existing reservoir rock laboratory capabilities. This new fluids
laboratory includes Core's proprietary, full visualization,
high-pressure, high-temperature, pressure-volume-temperature
("PVT") cell instrumentation. These highly automated systems
are uniquely designed to measure phase behavior of reservoir fluids
with high concentrations of H2S and CO2 gases
commonly found in the region. Core expects continued demand
for its proprietary laboratory services in the Middle East as a result of several factors,
including the resumption of production from the Wafra oilfield,
located within the Partitioned Neutral Zone in southern
Kuwait, as well as the expansion
of the North gas field in Qatar. Core continues to evaluate
additional opportunities for laboratory expansion in the region to
meet client requests.
Also in the second quarter of 2020, industry adoption of Core's
proprietary, web-enabled data management system, Reservoir Applied
Petrophysical Integrated Data service ("RAPID™"), continued to
increase, as the RAPID™ platform was adopted by a national oil
company ("NOC") in the Middle
East. RAPID™ provides this NOC with centralized,
consistent, and easily accessible data in a secure format.
RAPID™ enables the client to quickly and efficiently
organize, archive, retrieve and analyze large quantities of
geological, petrophysical, reservoir engineering, and reservoir
fluids data, and will serve as the NOC's primary repository for
this reservoir data. The RAPID™ platform also allows
sophisticated database queries from a user-friendly interface.
Coupled with Core Lab's Worldwide Rock Catalog, Core's Relative
Permeability Toolkit, and other proprietary data tools,
RAPID™ can be used to search for reservoir analogs, predict
petrophysical and engineering parameters, and to integrate new
laboratory data being acquired as part of on-going analytical
programs. Core Lab continues its leadership role in the
digitization of the oilfield, connecting data analytics tools, data
lakes, and data mesh technologies. As the industry's pioneering
database for subsurface reservoir data, RAPID™ has evolved and
expanded over decades of commercial application, and has become the
primary data platform for a suite of independent, national and
international oil companies.
Production Enhancement
Production Enhancement operations, which are largely focused on
complex completions in unconventional, tight-oil reservoirs in the
U.S., as well as conventional offshore projects across the globe,
posted second quarter 2020 revenue of $27,300,000, falling 45% sequentially. By
comparison, the second quarter 2020 North American rig count and
U.S. land completion activity fell over 60% on a sequential basis.
Operating loss on a GAAP basis was $16,300,000, which includes non-cash charges of
$11,600,000, associated with
inventory write-downs, asset impairments and severance costs.
Operating loss, ex-items, was $4,600,000. These results were partially
mitigated by cost-control actions during the second quarter of
2020, limiting sequential quarterly decremental margins to
37%.
During the second quarter of 2020, Core's Plug-and-Abandonment
("PAC™") energetic technology continued to gain market acceptance
in the North Sea and Gulf of
Mexico ("GOM") regions. When a well reaches the end of its
economic life, an operator will determine a plug-and-abandonment
strategy. Core's PAC™ energetic system technology
penetrates a single casing string, or as many as four casing
strings, without penetrating the outer casing. This technique
enables the operator to establish circulation in the annular space
between casing strings, and set functional cement barriers prior to
abandoning the well. Compared with conventional section
milling, Core Lab's PAC™ perforating methodology enables
significant cost savings by reducing the number of rig days, saving
the operator $6,000,000 to
$8,000,000 per abandoned well.
PAC™ provides Core's clients with an effective and efficient
solution when executing multimillion-dollar
plug-and-abandonment programs and demonstrates Core's Production
Enhancement ballistic engineers' ability to adapt downhole
technological advances to diverse industry needs.
As a result of the client's success with the PAC™ energetic
system technology, Core Lab has been enlisted by additional NOC's
to design plug-and-abandonment energetic systems for use in high
cost, offshore environments. The Core Lab Engineering Testing
Solutions team is receiving upfront funding from its client to
design systems specific to each such operator's well design and
casing requirements.
During the second quarter of 2020, Core's SpectraStim™,
SpectraScan®, and PackScan® downhole imaging
technologies were utilized in a client's deepwater GOM well after a
screen-out did not occur during the well completion. Prior to
Core's client attempting a remediation program, Core's downhole
imaging diagnostics were utilized to determine if an effective
formation frac and annular pack, with ample proppant reserve above
the top of the downhole sand control screen, had been
achieved. Sufficient proppant placement in the annulus is
required to restrict the migration of formation fines during
production, and to keep mobile sand particles from cutting screens,
damaging surface facilities, and filling the wellbore. To
reduce operator rig time, Core's engineering team processed the
diagnostic analysis within two hours of receiving downhole images
from the rig site.
Core's conclusion from the diagnostic analysis was that the well
did not require a top-off treatment. After discussions
between the Production Enhancement engineering team and client, it
was unanimously agreed that an effective frac and competent annular
pack with ample proppant reserve had been obtained. Thus, a
remedial top-off treatment costing more than $1,000,000 was not required, nor would it have
been operationally successful if attempted. The client acknowledged
the quality of Core's diagnostic analysis and the timeliness of
execution.
Return On Invested Capital
The Company and its Board believe that ROIC is a leading
long-term performance metric used by shareholders to determine the
relative investment value of publicly traded companies.
Further, the Company and its Board believe that shareholders
will benefit if Core consistently performs at high levels of ROIC
relative to its Comp Group. Core Lab's commitment to capital
stewardship is driven in part by the Company's continuing
philosophy of having a low capital-intensive business.
Events associated with the COVID-19 global pandemic have caused
significant disruptions in global markets and economies, with
adverse effects throughout the energy sector. These adverse
effects have triggered significant asset impairments for goodwill,
intangible assets, inventory and other fixed assets, which further
distort underlying financial performance and performance metrics,
such as ROIC.
The Company's Board has established an internal performance
metric of demonstrating superior ROIC performance relative to the
oilfield service companies listed as Core's Comp Group by
Bloomberg. Core Lab recorded $122
million in non-cash charges associated with the impairment
of goodwill and intangible assets. Excluding these non-cash
asset impairments, Bloomberg's calculation of Core's ROIC was 8.5%,
which continues to be higher than the Company's Weighted Average
Cost of Capital ("WACC"). Under the current circumstances and
considering the magnitude of the asset and goodwill impairment
charges incurred across the energy industry, it is difficult to
appropriately determine the underlying relative performance across
the Bloomberg Comp Group as compared with Core Lab.
Industry and Core Lab Outlook
Although crude-oil prices improved from the lows seen in May,
E&P companies further reduced their 2020 capital expenditure
plans, especially in the U.S., as witnessed by a steep decline in
the frac spread index and an over 60% decline in completion
activity. As the third quarter of 2020 began, U.S. land
activity improved slightly from the lows experienced during the
middle of the second quarter. In addition, travel
restrictions and supply chain disruptions associated with COVID-19
continue to delay international project activity.
Core continues to project international activity to be down
approximately 10 – 15% year-over-year. The pace and
breadth of recovery from COVID-19 restrictions remains highly
uncertain, making it difficult to forecast the level and timing of
client activity. Therefore, Core is unable to provide
meaningful quantitative quarterly guidance. From a
qualitative perspective, the Company expects project work and
international shipment of products to improve somewhat during
the second half of 2020 from the lows experienced mid-second
quarter 2020.
For Reservoir Description, we expect reservoir fluids analysis,
which accounts for more than 65% of this segment's revenue, to be
more resilient given this work is not solely tied to drilling and
completion of new wells.
Production Enhancement has a wide range of innovative product
offerings with on-going projects unrelated to drilling and
completion, including a large international plug and abandonment
and well remediation program. Production Enhancement should
track or outperform future improvements in U.S. land
completions.
Earnings Call Scheduled
The Company has scheduled a conference call to discuss Core's
second quarter 2020 earnings announcement. The call will
begin at 7:30 a.m. CDT / 2:30 p.m. CEST on Thursday, 23 July 2020.
To listen to the call, please go to Core's website at
www.corelab.com.
Core Laboratories N.V. is a leading provider of proprietary and
patented reservoir description and production enhancement services
and products used to optimize petroleum reservoir
performance. The Company has over 70 offices in more than 50
countries and is located in every major oil-producing province in
the world. This release, as well as other statements we make,
includes forward-looking statements regarding the future revenue,
profitability, business strategies and developments of the Company
made in reliance upon the safe harbor provisions of Federal
securities law. The Company's outlook is subject to various
important cautionary factors, including risks and uncertainties
related to the oil and natural gas industry, business conditions,
international markets, international political climates, public
health crises, such as the COVID-19 pandemic, and any related
actions taken by businesses and governments, and other factors as
more fully described in the Company's most recent Forms 10-K, 10-Q
and 8-K filed with or furnished to the U.S. Securities and Exchange
Commission. These important factors could cause the Company's
actual results to differ materially from those described in these
forward-looking statements. Such statements are based on
current expectations of the Company's performance and are subject
to a variety of factors, some of which are not under the control of
the Company. Because the information herein is based solely
on data currently available, and because it is subject to change as
a result of changes in conditions over which the Company has no
control or influence, such forward-looking statements should not be
viewed as assurance regarding the Company's future
performance. The Company undertakes no obligation to publicly
update or revise any forward-looking statement to reflect events or
circumstances that may arise after the date of this press release,
except as required by law.
Visit the Company's website at www.corelab.com. Connect with
Core Lab on Facebook, LinkedIn and YouTube.
CORE LABORATORIES
N.V. & SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(amounts in
thousands, except per share data)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
%
Variance
|
|
|
|
|
June 30, 2020
|
|
|
March 31,
2020
|
|
|
June 30, 2019
|
|
|
vs.
Q1-20
|
|
|
vs.
Q2-19
|
|
|
REVENUE
|
|
$
|
115,736
|
|
|
$
|
152,400
|
|
|
$
|
169,038
|
|
|
(24.1)%
|
|
|
(31.5)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of services and
sales
|
|
|
90,680
|
|
|
|
115,131
|
|
|
|
124,451
|
|
|
(21.2)%
|
|
|
(27.1)%
|
|
|
General and
administrative expense
|
|
|
9,221
|
|
|
|
19,567
|
|
|
|
9,801
|
|
|
(52.9)%
|
|
|
(5.9)%
|
|
|
Depreciation and
amortization
|
|
|
5,425
|
|
|
|
5,441
|
|
|
|
5,786
|
|
|
(0.3)%
|
|
|
(6.2)%
|
|
|
Inventory write-down
and impairments
|
|
|
9,932
|
|
|
|
122,204
|
|
|
|
—
|
|
|
(91.9)%
|
|
|
NM
|
|
|
Other (income)
expense, net
|
|
|
3,045
|
|
|
|
(970)
|
|
|
|
992
|
|
|
NM
|
|
|
207.0%
|
|
|
Total operating
expenses
|
|
|
118,303
|
|
|
|
261,373
|
|
|
|
141,030
|
|
|
(54.7)%
|
|
|
(16.1)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(LOSS)
|
|
|
(2,567)
|
|
|
|
(108,973)
|
|
|
|
28,008
|
|
|
NM
|
|
|
NM
|
|
|
Interest
expense
|
|
|
3,369
|
|
|
|
3,411
|
|
|
|
3,714
|
|
|
(1.2)%
|
|
|
(9.3)%
|
|
|
Income (loss) from
continuing operations
before
income tax expense
|
|
|
(5,936)
|
|
|
|
(112,384)
|
|
|
|
24,294
|
|
|
NM
|
|
|
NM
|
|
|
Income tax expense
(benefit)
|
|
|
(261)
|
|
|
|
(4,046)
|
|
|
|
4,808
|
|
|
NM
|
|
|
NM
|
|
|
Income (loss) from
continuing operations
|
|
|
(5,675)
|
|
|
|
(108,338)
|
|
|
|
19,486
|
|
|
NM
|
|
|
NM
|
|
|
Income (loss) from
discontinued
operations, net of income taxes
|
|
|
—
|
|
|
|
—
|
|
|
|
7,971
|
|
|
NM
|
|
|
NM
|
|
|
Net income
(loss)
|
|
|
(5,675)
|
|
|
|
(108,338)
|
|
|
|
27,457
|
|
|
NM
|
|
|
NM
|
|
|
Net income (loss)
attributable to non-
controlling interest
|
|
|
41
|
|
|
|
83
|
|
|
|
43
|
|
|
(50.6)%
|
|
|
(4.7)%
|
|
|
Net income (loss)
attributable to Core
Laboratories N.V.
|
|
$
|
(5,716)
|
|
|
$
|
(108,421)
|
|
|
$
|
27,414
|
|
|
NM
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS (loss
per share) from continuing
operations
|
|
$
|
(0.13)
|
|
|
$
|
(2.44)
|
|
|
$
|
0.43
|
|
|
NM
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS (loss
per share) attributable to Core
Laboratories N.V.
|
|
$
|
(0.13)
|
|
|
$
|
(2.44)
|
|
|
$
|
0.61
|
|
|
NM
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted common
shares
outstanding
|
|
|
44,470
|
|
|
|
44,447
|
|
|
|
44,815
|
|
|
0.1%
|
|
|
(0.8)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
|
(4)
|
%
|
|
|
(4)
|
%
|
|
|
20
|
%
|
|
NM
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT
INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reservoir
Description
|
|
$
|
88,442
|
|
|
$
|
102,702
|
|
|
$
|
105,649
|
|
|
(13.9)%
|
|
|
(16.3)%
|
|
|
Production
Enhancement
|
|
|
27,294
|
|
|
|
49,698
|
|
|
|
63,389
|
|
|
(45.1)%
|
|
|
(56.9)%
|
|
|
Total
|
|
$
|
115,736
|
|
|
$
|
152,400
|
|
|
$
|
169,038
|
|
|
(24.1)%
|
|
|
(31.5)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reservoir
Description
|
|
$
|
13,534
|
|
|
$
|
11,062
|
|
|
$
|
15,878
|
|
|
22.3%
|
|
|
(14.8)%
|
|
|
Production
Enhancement
|
|
|
(16,324)
|
|
|
|
(121,299)
|
|
|
|
10,424
|
|
|
NM
|
|
|
NM
|
|
|
Corporate and
Other
|
|
|
223
|
|
|
|
1,264
|
|
|
|
1,706
|
|
|
NM
|
|
|
NM
|
|
|
Total
|
|
$
|
(2,567)
|
|
|
$
|
(108,973)
|
|
|
$
|
28,008
|
|
|
NM
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
"NM" means not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORE LABORATORIES
N.V. & SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(amounts in
thousands, except per share data)
|
(Unaudited)
|
|
|
Six Months
Ended
|
|
|
%
Variance
|
|
|
|
|
June 30, 2020
|
|
|
June 30, 2019
|
|
|
|
|
|
|
REVENUE
|
|
$
|
268,136
|
|
|
$
|
338,232
|
|
|
(20.7)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of services and
sales
|
|
|
205,811
|
|
|
|
251,834
|
|
|
(18.3)%
|
|
|
General and
administrative expense
|
|
|
28,788
|
|
|
|
27,238
|
|
|
5.7%
|
|
|
Depreciation and
amortization
|
|
|
10,866
|
|
|
|
11,373
|
|
|
(4.5)%
|
|
|
Inventory write-down
and impairments
|
|
|
132,136
|
|
|
|
—
|
|
|
NM
|
|
|
Other (income)
expense, net
|
|
|
2,075
|
|
|
|
3,365
|
|
|
(38.3)%
|
|
|
Total operating
expenses
|
|
|
379,676
|
|
|
|
293,810
|
|
|
29.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(LOSS)
|
|
|
(111,540)
|
|
|
|
44,422
|
|
|
NM
|
|
|
Interest
expense
|
|
|
6,780
|
|
|
|
7,440
|
|
|
(8.9)%
|
|
|
Income (loss) from
continuing operations before income tax expense
|
|
|
(118,320)
|
|
|
|
36,982
|
|
|
NM
|
|
|
Income tax expense
(benefit)
|
|
|
(4,307)
|
|
|
|
(22,802)
|
|
|
NM
|
|
|
Income (loss) from
continuing operations
|
|
|
(114,013)
|
|
|
|
59,784
|
|
|
NM
|
|
|
Income (loss) from
discontinued operations, net of income taxes
|
|
|
—
|
|
|
|
8,230
|
|
|
NM
|
|
|
Net income
(loss)
|
|
|
(114,013)
|
|
|
|
68,014
|
|
|
NM
|
|
|
Net income (loss)
attributable to non-controlling interest
|
|
|
124
|
|
|
|
90
|
|
|
37.8%
|
|
|
Net income (loss)
attributable to Core Laboratories N.V.
|
|
$
|
(114,137)
|
|
|
$
|
67,924
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS (loss
per share) from continuing operations
|
|
$
|
(2.57)
|
|
|
$
|
1.33
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS (loss
per share) attributable to Core Laboratories N.V.
|
|
$
|
(2.57)
|
|
|
$
|
1.51
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted common shares outstanding
|
|
|
44,459
|
|
|
|
44,848
|
|
|
(0.9)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
|
(4)
|
%
|
|
|
(62)
|
%
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT
INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reservoir
Description
|
|
$
|
191,144
|
|
|
$
|
208,941
|
|
|
(8.5)%
|
|
|
Production
Enhancement
|
|
|
76,992
|
|
|
|
129,291
|
|
|
(40.5)%
|
|
|
Total
|
|
$
|
268,136
|
|
|
$
|
338,232
|
|
|
(20.7)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reservoir
Description
|
|
$
|
24,596
|
|
|
$
|
22,057
|
|
|
11.5%
|
|
|
Production
Enhancement
|
|
|
(137,623)
|
|
|
|
20,336
|
|
|
NM
|
|
|
Corporate and
Other
|
|
|
1,487
|
|
|
|
2,029
|
|
|
NM
|
|
|
Total
|
|
$
|
(111,540)
|
|
|
$
|
44,422
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
"NM" means not
meaningful
|
CORE LABORATORIES
N.V. & SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEET
|
(amounts in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Variance
|
|
|
ASSETS:
|
|
June 30,
2020
|
|
|
March 31,
2020
|
|
|
June 30,
2019
|
|
|
vs.
Q1-20
|
|
|
vs.
Q2-19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
20,958
|
|
|
$
|
13,890
|
|
|
$
|
12,546
|
|
|
50.9%
|
|
|
67.0%
|
|
|
Accounts receivable,
net
|
|
|
101,464
|
|
|
|
126,872
|
|
|
|
134,900
|
|
|
(20.0)%
|
|
|
(24.8)%
|
|
|
Inventory
|
|
|
41,528
|
|
|
|
52,263
|
|
|
|
49,311
|
|
|
(20.5)%
|
|
|
(15.8)%
|
|
|
Other current
assets
|
|
|
27,443
|
|
|
|
26,682
|
|
|
|
28,476
|
|
|
2.9%
|
|
|
(3.6)%
|
|
|
Total Current
Assets
|
|
|
191,393
|
|
|
|
219,707
|
|
|
|
225,233
|
|
|
(12.9)%
|
|
|
(15.0)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
119,866
|
|
|
|
123,112
|
|
|
|
125,699
|
|
|
(2.6)%
|
|
|
(4.6)%
|
|
|
Right-of-use
assets
|
|
|
70,147
|
|
|
|
74,943
|
|
|
|
76,290
|
|
|
(6.4)%
|
|
|
(8.1)%
|
|
|
Intangibles, goodwill
and other long-term assets, net
|
|
|
233,035
|
|
|
|
228,847
|
|
|
|
354,296
|
|
|
1.8%
|
|
|
(34.2)%
|
|
|
Total
assets
|
|
$
|
614,441
|
|
|
$
|
646,609
|
|
|
$
|
781,518
|
|
|
(5.0)%
|
|
|
(21.4)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
23,693
|
|
|
$
|
37,054
|
|
|
$
|
41,995
|
|
|
(36.1)%
|
|
|
(43.6)%
|
|
|
Short-term operating
lease obligations
|
|
|
12,028
|
|
|
|
12,583
|
|
|
|
12,968
|
|
|
(4.4)%
|
|
|
(7.2)%
|
|
|
Other current
liabilities
|
|
|
63,563
|
|
|
|
58,810
|
|
|
|
69,863
|
|
|
8.1%
|
|
|
(9.0)%
|
|
|
Total current
liabilities
|
|
|
99,284
|
|
|
|
108,447
|
|
|
|
124,826
|
|
|
(8.4)%
|
|
|
(20.5)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt,
net
|
|
|
286,610
|
|
|
|
302,420
|
|
|
|
290,022
|
|
|
(5.2)%
|
|
|
(1.2)%
|
|
|
Long-term operating
lease obligations
|
|
|
57,449
|
|
|
|
60,162
|
|
|
|
62,737
|
|
|
(4.5)%
|
|
|
(8.4)%
|
|
|
Other long-term
liabilities
|
|
|
104,951
|
|
|
|
105,506
|
|
|
|
111,441
|
|
|
(0.5)%
|
|
|
(5.8)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
|
66,147
|
|
|
|
70,074
|
|
|
|
192,492
|
|
|
(5.6)%
|
|
|
(65.6)%
|
|
|
Total liabilities and
equity
|
|
$
|
614,441
|
|
|
$
|
646,609
|
|
|
$
|
781,518
|
|
|
(5.0)%
|
|
|
(21.4)%
|
|
|
|
"NM" means not
meaningful
|
CORE LABORATORIES
N.V. & SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(amounts in
thousands)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
June 30, 2020
|
|
|
March 31,
2020
|
|
|
June 30, 2019
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
$
|
(5,675)
|
|
|
$
|
(108,338)
|
|
|
$
|
19,486
|
|
Income (loss) from
discontinued operations
|
|
|
—
|
|
|
|
—
|
|
|
|
7,971
|
|
Net Income
(loss)
|
|
$
|
(5,675)
|
|
|
$
|
(108,338)
|
|
|
$
|
27,457
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
2,865
|
|
|
|
10,530
|
|
|
|
3,245
|
|
Depreciation and
amortization
|
|
|
5,425
|
|
|
|
5,441
|
|
|
|
5,786
|
|
Deferred income
tax
|
|
|
(180)
|
|
|
|
(7,374)
|
|
|
|
(3,356)
|
|
Inventory write-down
and impairments
|
|
|
9,932
|
|
|
|
122,204
|
|
|
|
—
|
|
Gain on sale of
business
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,154)
|
|
Gain on sale of
discontinued operations
|
|
|
—
|
|
|
|
—
|
|
|
|
(8,808)
|
|
Accounts
receivable
|
|
|
24,288
|
|
|
|
4,784
|
|
|
|
(2,385)
|
|
Inventory
|
|
|
987
|
|
|
|
(2,285)
|
|
|
|
1,492
|
|
Accounts
payable
|
|
|
(12,343)
|
|
|
|
132
|
|
|
|
(399)
|
|
Other adjustments to
net income (loss)
|
|
|
1,697
|
|
|
|
(3,069)
|
|
|
|
(4,798)
|
|
Net cash provided
by operating activities
|
|
$
|
26,996
|
|
|
$
|
22,025
|
|
|
$
|
17,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
|
(3,066)
|
|
|
$
|
(3,340)
|
|
|
$
|
(7,047)
|
|
Proceeds from sale of
business
|
|
|
—
|
|
|
|
—
|
|
|
|
2,980
|
|
Proceeds from sale of
discontinued operations
|
|
|
—
|
|
|
|
—
|
|
|
|
16,642
|
|
Other investing
activities
|
|
|
(206)
|
|
|
|
(544)
|
|
|
|
(316)
|
|
Net cash provided
by (used in) investing activities
|
|
$
|
(3,272)
|
|
|
$
|
(3,884)
|
|
|
$
|
12,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of debt
borrowings
|
|
$
|
(26,000)
|
|
|
$
|
(20,000)
|
|
|
$
|
(36,000)
|
|
Proceeds from debt
borrowings
|
|
|
10,000
|
|
|
|
17,000
|
|
|
|
31,000
|
|
Dividends
paid
|
|
|
(445)
|
|
|
|
(11,111)
|
|
|
|
(24,395)
|
|
Repurchase of treasury
shares
|
|
|
(198)
|
|
|
|
(1,238)
|
|
|
|
(604)
|
|
Other financing
activities
|
|
|
(13)
|
|
|
|
6
|
|
|
|
—
|
|
Net cash used in
financing activities
|
|
$
|
(16,656)
|
|
|
$
|
(15,343)
|
|
|
$
|
(29,999)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CHANGE IN CASH
AND CASH EQUIVALENTS
|
|
|
7,068
|
|
|
|
2,798
|
|
|
|
(660)
|
|
CASH AND CASH
EQUIVALENTS, beginning of period
|
|
|
13,890
|
|
|
|
11,092
|
|
|
|
13,206
|
|
CASH AND CASH
EQUIVALENTS, end of period
|
|
$
|
20,958
|
|
|
$
|
13,890
|
|
|
$
|
12,546
|
|
CORE LABORATORIES
N.V. & SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(amounts in
thousands)
|
(Unaudited)
|
|
|
Six Months
Ended
|
|
|
|
June 30, 2020
|
|
|
June 30, 2019
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
$
|
(114,013)
|
|
|
$
|
59,784
|
|
Income (loss) from
discontinued operations
|
|
|
—
|
|
|
|
8,230
|
|
Net Income
(loss)
|
|
$
|
(114,013)
|
|
|
$
|
68,014
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
13,395
|
|
|
|
14,341
|
|
Depreciation and
amortization
|
|
|
10,866
|
|
|
|
11,373
|
|
Deferred income
tax
|
|
|
(7,554)
|
|
|
|
(35,116)
|
|
Inventory write-down
and impairments
|
|
|
132,136
|
|
|
|
—
|
|
Gain on sale of
business
|
|
|
—
|
|
|
|
(1,154)
|
|
Gain on sale of
discontinued operations
|
|
|
—
|
|
|
|
(8,808)
|
|
Accounts
receivable
|
|
|
29,072
|
|
|
|
(6,321)
|
|
Inventory
|
|
|
(1,298)
|
|
|
|
(2,915)
|
|
Accounts
payable
|
|
|
(12,211)
|
|
|
|
947
|
|
Other adjustments to
net income
|
|
|
(1,372)
|
|
|
|
1,875
|
|
Net cash provided
by operating activities
|
|
$
|
49,021
|
|
|
$
|
42,236
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
|
(6,406)
|
|
|
$
|
(12,230)
|
|
Proceeds from sale of
business
|
|
|
—
|
|
|
|
2,980
|
|
Proceeds from sale of
discontinued operations
|
|
|
—
|
|
|
|
16,642
|
|
Other investing
activities
|
|
|
(750)
|
|
|
|
(338)
|
|
Net cash provided
by (used in) investing activities
|
|
$
|
(7,156)
|
|
|
$
|
7,054
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Repayment of debt
borrowings
|
|
$
|
(46,000)
|
|
|
$
|
(68,000)
|
|
Proceeds from debt
borrowings
|
|
|
27,000
|
|
|
|
68,000
|
|
Dividends
paid
|
|
|
(11,556)
|
|
|
|
(48,769)
|
|
Repurchase of treasury
shares
|
|
|
(1,436)
|
|
|
|
(1,091)
|
|
Other financing
activities
|
|
|
(7)
|
|
|
|
—
|
|
Net cash used in
financing activities
|
|
$
|
(31,999)
|
|
|
$
|
(49,860)
|
|
|
|
|
|
|
|
|
|
|
NET CHANGE IN CASH
AND CASH EQUIVALENTS
|
|
|
9,866
|
|
|
|
(570)
|
|
CASH AND CASH
EQUIVALENTS, beginning of period
|
|
|
11,092
|
|
|
|
13,116
|
|
CASH AND CASH
EQUIVALENTS, end of period
|
|
$
|
20,958
|
|
|
$
|
12,546
|
|
Non-GAAP Information
Management believes that the exclusion of certain income and
expenses enables it to evaluate more effectively the Company's
operations period-over-period and to identify operating trends that
could otherwise be masked by the excluded Items. For this
reason, we use certain non-GAAP measures that exclude these Items;
and we feel that this presentation provides a clearer comparison
with the results reported in prior periods. The non-GAAP financial
measures should be considered in addition to, and not as a
substitute for, the financial results prepared in accordance with
GAAP, as more fully discussed in the Company's financial statement
and filings with the Securities and Exchange Commission.
Reconciliation of
Operating Income, Income from Continuing Operations and Earnings
Per Diluted Share from Continuing Operations
|
(amounts in
thousands, except per share data)
|
(Unaudited)
|
|
|
Operating Income
(loss) from Continuing Operations
|
|
|
Three Months
Ended
|
|
|
June 30, 2020
|
|
March 31,
2020
|
|
June 30, 2019
|
GAAP
reported
|
|
$
|
(2,567)
|
|
$
|
(108,973)
|
|
$
|
28,008
|
Inventory write-down
and impairments 1
|
|
|
9,932
|
|
|
122,204
|
|
|
—
|
Cost reduction and
other charges
|
|
|
3,415
|
|
|
1,155
|
|
|
2,977
|
Stock compensation
2
|
|
|
—
|
|
|
6,750
|
|
|
—
|
Gain on sale of
business
|
|
|
—
|
|
|
—
|
|
|
(1,154)
|
Foreign exchange
losses (gains)
|
|
|
(98)
|
|
|
(576)
|
|
|
(218)
|
Excluding specific
items
|
|
$
|
10,682
|
|
$
|
20,560
|
|
$
|
29,613
|
|
|
Income (loss) from
Continuing Operations
|
|
|
Three Months
Ended
|
|
|
June 30, 2020
|
|
March 31,
2020
|
|
June 30, 2019
|
GAAP
reported
|
|
$
|
(5,675)
|
|
$
|
(108,338)
|
|
$
|
19,486
|
Inventory write-down
and impairments 1
|
|
|
9,495
|
|
|
113,181
|
|
|
—
|
Cost reduction and
other charges
|
|
|
3,265
|
|
|
924
|
|
|
2,381
|
Debt issuance cost
write-off
|
|
|
328
|
|
|
—
|
|
|
—
|
Stock compensation
2
|
|
|
—
|
|
|
6,750
|
|
|
—
|
Gain on sale of
business
|
|
|
—
|
|
|
—
|
|
|
(1,154)
|
Impact of higher
(lower) tax rate 3
|
|
|
(1,208)
|
|
|
1,663
|
|
|
181
|
Foreign exchange
losses (gains)
|
|
|
(79)
|
|
|
(461)
|
|
|
(174)
|
Excluding specific
items
|
|
$
|
6,126
|
|
$
|
13,719
|
|
$
|
20,720
|
|
|
Earnings (Loss)
Per Diluted Share from Continuing Operations
|
|
|
Three Months
Ended
|
|
|
June 30, 2020
|
|
March 31,
2020
|
|
June 30, 2019
|
GAAP
reported
|
|
$
|
(0.13)
|
|
$
|
(2.44)
|
|
$
|
0.43
|
Inventory write-down
and impairments 1
|
|
|
0.21
|
|
|
2.53
|
|
|
—
|
Cost reduction and
other charges
|
|
|
0.07
|
|
|
0.02
|
|
|
0.06
|
Debt issuance cost
write-off
|
|
|
0.01
|
|
|
—
|
|
|
—
|
Stock compensation
2
|
|
|
—
|
|
|
0.15
|
|
|
—
|
Gain on sale of
business
|
|
|
—
|
|
|
—
|
|
|
(0.03)
|
Impact of higher
(lower) tax rate 3
|
|
|
(0.02)
|
|
|
0.04
|
|
|
—
|
Impact on assuming
dilution
|
|
|
—
|
|
|
0.02
|
|
|
—
|
Foreign exchange
losses
|
|
|
—
|
|
|
(0.01)
|
|
|
—
|
Excluding specific
items
|
|
$
|
0.14
|
|
$
|
0.31
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Three months ended
June 30, 2020 includes inventory write-down charge of $9.9 million;
Three months ended March 31, 2020 includes goodwill
impairment charge of $114 million.
|
(2)
|
Stock compensation
expense recognized pursuant to FASB ASC 718 "Stock Compensation"
associated with executives reaching eligible retirement age,
which is nondeductible in the U.S.
|
(3)
|
Includes
adjustments to reflect tax expense at a normalized rate of 20%.
Three months ended June 30, 2020 includes inventory
write-down charge; Three months ended March 31, 2020
includes impairment charge and stock compensation expense which are
partially deductible and nondeductible.
|
Segment
Information
|
(amounts in
thousands)
|
(Unaudited)
|
|
|
|
Operating Income
(Loss) from Continuing Operations
|
|
|
Three Months Ended
June 30, 2020
|
|
|
Reservoir
Description
|
|
Production
Enhancement
|
|
Corporate and
Other
|
GAAP
reported
|
|
$
|
13,534
|
|
$
|
(16,324)
|
|
$
|
223
|
Foreign exchange
losses
|
|
|
(98)
|
|
|
135
|
|
|
(135)
|
Cost reduction and
other charges
|
|
|
1,448
|
|
|
1,967
|
|
|
—
|
Inventory write-down
and impairments
|
|
|
265
|
|
|
9,667
|
|
|
—
|
Excluding specific
items
|
|
$
|
15,149
|
|
$
|
(4,555)
|
|
$
|
88
|
Return on Invested Capital
Return on Invested Capital ("ROIC") is based on Bloomberg's
calculation on the trailing four quarters from the most recently
reported quarter and the balance sheet of the most recent reported
quarter, and is presented based on our belief that this non-GAAP
measure is useful information to investors and management when
comparing our profitability and the efficiency with which we have
employed capital over time relative to other companies. ROIC is not
a measure of financial performance under GAAP and should not be
considered as an alternative to net income.
ROIC is defined by Bloomberg as Net Operating Profit (Loss)
("NOP") less Cash Operating Tax ("COT") divided by Total Invested
Capital ("TIC"), where NOP is defined as GAAP net income before
minority interest plus the sum of income tax expense, interest
expense, and pension expense less pension service cost and COT is
defined as income tax expense plus the sum of the change in net
deferred taxes, and the tax effect on interest expense and TIC is
defined as GAAP stockholder's equity plus the sum of net long-term
debt, allowance for doubtful accounts, net balance of deferred
taxes, income tax payable, and other charges.
Reconciliation of
ROIC
|
(amounts in millions,
except for ROIC and WACC data)
|
(Unaudited)
|
|
|
|
Bloomberg
|
|
|
Effect of non-cash
charges
|
|
Excluding non-cash
charges
|
|
Net operating
profit
|
|
$
|
(28.9)
|
|
|
$
|
122.2
|
|
$
|
93.3
|
|
Cash operating
taxes
|
|
|
50.1
|
|
|
|
(1.4)
|
|
|
48.7
|
|
Total invested
capital
|
|
|
418.7
|
|
|
|
104.1
|
|
|
522.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on invested
capital
|
|
|
(18.9)
|
%
|
|
NM
|
|
|
8.5
|
%
|
Weighted average cost
of capital
|
|
|
6.1
|
%
|
|
|
|
|
|
|
|
Free Cash Flow
Core uses the non-GAAP measure of free cash flow to evaluate its
cash flows and results of operations. Free cash flow is an
important measurement because it represents the cash from
operations, in excess of capital expenditures, available to operate
the business and fund non-discretionary obligations. Free cash flow
is not a measure of operating performance under GAAP, and should
not be considered in isolation nor construed as an alternative
consideration to operating income, net income, earnings per share,
or cash flows from operating, investing, or financing activities,
each as determined in accordance with GAAP. Free cash flow should
not be considered a measure of liquidity. Moreover, since free cash
flow is not a measure determined in accordance with GAAP and thus
is susceptible to varying interpretations and calculations, free
cash flow as presented may not be comparable to similarly titled
measures presented by other companies.
Computation of
Free Cash Flow
|
(amounts in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June 30, 2020
|
|
June 30, 2020
|
|
Net cash provided by
operating activities
|
|
$
|
26,996
|
|
$
|
49,021
|
|
Capital
expenditures
|
|
|
(3,066)
|
|
|
(6,406)
|
|
Free cash
flow
|
|
$
|
23,930
|
|
$
|
42,615
|
|
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SOURCE Core Laboratories N.V.