e Laboratories (US:CLB)2024-04-25 20:38Financial Performance - For the three months ended March 31, 2024, cash flows provided by operating activities improved to $5.5 million compared to cash used in operating activities of $3.2 million in the same period of 2023[119] - Free cash flow for the three months ended March 31, 2024 was $2.5 million, compared to negative $5.4 million for the same period in 2023[134] - Cash flows from operating activities for the three months ended March 31, 2024, were $5.5 million, a significant increase from a cash outflow of $3.2 million in the same period of 2023[127] - Free cash flow for the three months ended March 31, 2024, was $2.5 million, compared to negative $5.4 million for the same period in 2023, reflecting improved operational performance[134] Capital Expenditures and Investments - Cash flows used in investing activities for the three months ended March 31, 2024 were $1.7 million, primarily driven by capital expenditures of $3.1 million[131] - Cash flows used in investing activities for the three months ended March 31, 2024, were $1.7 million, primarily driven by capital expenditures of $3.1 million[131] Debt and Financing - As of March 31, 2024, total long-term debt was $163 million, a slight decrease from $166 million as of December 31, 2023[120] - Cash flows used in financing activities for the three months ended March 31, 2024 included a $3.0 million net reduction in long-term debt[132] - Cash flows used in financing activities for the three months ended March 31, 2024, included a $3.0 million net reduction in long-term debt and quarterly dividends of $0.5 million[132] - The company has a secured credit facility with an aggregate borrowing commitment of $135.0 million and an available borrowing capacity of approximately $72.2 million as of March 31, 2024[136] - The leverage ratio is reported at 1.76 and the interest coverage ratio is 6.27 for the period ended March 31, 2024, indicating compliance with all covenants[138] Dividends - The company continues to maintain a quarterly dividend of $0.01 per share[129] - The company continues to maintain a quarterly dividend of $0.01 per share[129] Market Conditions - The current global demand for crude oil and natural gas remains high, with expectations for continued growth in 2024 and 2025 according to the International Energy Agency[115] - Global oil inventories are low relative to historical levels, with supply expected to remain tight due to OPEC+ production restrictions[117] - Capital spending towards the exploration of crude oil and natural gas reached its highest level in over a decade in 2022 and 2023, with modest growth expected in 2024 and 2025[115] Company Overview - The company has over 70 offices in more than 50 countries and employs approximately 3,500 people worldwide[110] - As of March 31, 2024, $13.6 million of the company's cash was held by foreign subsidiaries, out of a total of $14.9 million[125] - The company has not experienced any material changes in market risk as of the latest reporting period[121] - The company will continue to monitor and evaluate the availability of debt and equity markets to support future financing needs[124]