8-K/A
Core Laboratories Inc. /DE/ (CLB)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 31, 2024
CORE LABORATORIES INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-41695 | 98-1164194 |
|---|---|---|
| (State or other jurisdiction<br><br>of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| 6316 Windfern Road | ||
| Houston, TX | 77040 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s Telephone Number, Including Area Code: (713) 328-2673
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
|---|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
| Title of each class | Trading<br><br>Symbol(s) | Name of each exchange on which registered |
| --- | --- | --- |
| Common Stock (par value $0.01) | CLB | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Explanatory Note
This Current Report on Form 8-K/A (this “Amended Report”) amends and supplements the Current Report on Form 8-K of Core Laboratories Inc. (the “Company”), originally furnished by the Company to the Securities and Exchange Commission (the “SEC”) on January 31, 2024 (the “Initial 8-K”). The sole purpose for filing this Form 8-K/A is to correct certain unaudited financial information contained in Exhibit 99.1 to the Initial Form 8-K associated with the Company’s unaudited condensed consolidated balance sheet at December 31, 2023, condensed consolidated statements of operations for the quarter and year ended December 31, 2023, and condensed consolidated statement of cash flow for the year ended December 31, 2023, as described further below.
The information in this Amended Report and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly stated by specific reference in such filing.
Item 2.02 Results of Operations and Financial Condition.
The Initial Form 8-K included, as Exhibit 99.1 thereto, a copy of the Company’s press release that was issued on January 31, 2024 and that announced the financial results of the Company for the quarter and year ended December 31, 2023 (the “Earnings Release”). Subsequent to the Company’s fourth quarter earnings call on February 1, 2024 and during the preparation of its audited consolidated financial statements to be included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, the Company determined that estimated income tax expense for the quarter and year ended December 31, 2023 was understated by $4.3 million. In connection with the Company’s redomestication of the parent company from the Netherlands to the United States, the Company reassessed its ability to utilize foreign tax credits, which was completed subsequent to the Company’s fourth quarter earnings call on February 1, 2024 and was the primary component of the non-cash adjustment to deferred income taxes. The Company’s guidance for the first quarter of 2024 continues to assume an effective tax rate of 20%. As a result of the above, the Company’s calculation of ROIC using Bloomberg's formula has been revised in the Earnings Release from 13.4% to 12.0%.
The adjustment to income tax expense did not have any impact on, or result in any change to, consolidated revenue, operating income, income before tax, or cash from operations as presented in the Earnings Release.
Revised versions of the condensed consolidated balance sheets, condensed consolidated statement of operations, and condensed consolidated statements of cash flows, as well as the non-GAAP reconciliation of net income and diluted earnings per share attributable to Core Laboratories Inc. appearing in the Earnings Release are attached hereto as Exhibit 99.1. The following tables summarizes the revisions:
Revised Condensed Consolidated Statement of Operations Items (Unaudited) (in thousands, except per share data)
| Quarter ended December 31, 2023 | As Presented in Earnings Release | Adjustment | As Restated | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Income tax expense (benefit) | $ | 4,265 | $ | 4,264 | $ | 8,529 | |||
| Net income | $ | 6,698 | $ | (4,264 | ) | $ | 2,434 | ||
| Net income attributable to Core Laboratories Inc. | $ | 6,463 | $ | (4,264 | ) | $ | 2,199 | ||
| Diluted earnings per share | $ | 0.14 | $ | (0.09 | ) | $ | 0.05 | ||
| Diluted earnings per share attributable to Core Laboratories Inc. | $ | 0.14 | $ | (0.09 | ) | $ | 0.05 | ||
| Effective tax rate | 39 | % | 78 | % | |||||
| Year ended December 31, 2023 | As Presented in Earnings Release | Adjustment | As Restated | ||||||
| Income tax expense (benefit) | $ | (79 | ) | $ | 4,264 | $ | 4,185 | ||
| Net income | $ | 41,289 | $ | (4,264 | ) | $ | 37,025 | ||
| Net income attributable to Core Laboratories Inc. | $ | 40,939 | $ | (4,264 | ) | $ | 36,675 | ||
| Diluted earnings per share | $ | 0.87 | $ | (0.09 | ) | $ | 0.78 | ||
| Diluted earnings per share attributable to Core Laboratories Inc. | $ | 0.86 | $ | (0.09 | ) | $ | 0.77 | ||
| Effective tax rate | (0 | )% | 10 | % |
Revised Condensed Consolidated Balance Sheet Items (Unaudited) (in thousands)
| As of December 31, 2023 | As Presented in Earnings Release | Adjustment | As Restated | ||||
|---|---|---|---|---|---|---|---|
| Assets: | |||||||
| Other current assets | $ | 26,791 | $ | 171 | $ | 26,962 | |
| Total current assets | $ | 222,965 | $ | 171 | $ | 223,136 | |
| Intangibles, goodwill and other long-term assets, net | $ | 216,165 | $ | (6,374 | ) | $ | 209,791 |
| Total Assets | $ | 592,598 | $ | (6,203 | ) | $ | 586,395 |
| Liabilities and Equity: | |||||||
| Other current liabilities | $ | 43,791 | $ | 625 | $ | 44,416 | |
| Total current liabilities | $ | 87,472 | $ | 625 | $ | 88,097 | |
| Other long-term liabilities | $ | 65,845 | $ | (2,564 | ) | $ | 63,281 |
| Total equity | $ | 234,071 | $ | (4,264 | ) | $ | 229,807 |
| Total liabilities and equity | $ | 592,598 | $ | (6,203 | ) | $ | 586,395 |
Revised Condensed Consolidated Statements of Cash Flows Items (Unaudited) (in thousands)
| Year ended December 31, 2023 | As Presented in Earnings Release | Adjustment | As Restated | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||
| Net Income | $ | 41,289 | $ | (4,264 | ) | $ | 37,025 | ||
| Deferred income taxes | $ | (14,623 | ) | $ | 3,812 | $ | (10,811 | ) | |
| Other adjustments to net income | $ | (3,160 | ) | $ | 452 | $ | (2,708 | ) | |
| Net cash provided by operating activities | $ | 24,789 | $ | — | $ | 24,789 |
Revised Non-GAAP Information (Unaudited) (in thousands, except per share data)
| Net Income Attributable to Core Laboratories Inc., excluding specific items | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Quarter ended December 31, 2023 | As Presented in Earnings Release | Adjustment | As Restated | ||||||
| GAAP reported | $ | 6,463 | $ | (4,264 | ) | $ | 2,199 | ||
| Reversal of net deferred tax liabilities and effect of higher (lower) tax rate | $ | 2,072 | $ | 4,264 | $ | 6,336 | |||
| Excluding specific items | $ | 8,909 | $ | — | $ | 8,909 | |||
| Diluted Earnings Per Share Attributable to Core Laboratories Inc., excluding specific items | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Quarter ended December 31, 2023 | As Presented in Earnings Release | Adjustment | As Restated | ||||||
| GAAP reported | $ | 0.14 | $ | (0.09 | ) | $ | 0.05 | ||
| Reversal of net deferred tax liabilities and effect of higher (lower) tax rate | $ | 0.04 | $ | 0.09 | $ | 0.13 | |||
| Excluding specific items | $ | 0.19 | $ | — | $ | 0.19 | |||
| Year ended December 31, 2023 | |||||||||
| GAAP reported | $ | 0.86 | $ | (0.09 | ) | $ | 0.77 | ||
| Reversal of net deferred tax liabilities and effect of higher (lower) tax rate | $ | (0.17 | ) | $ | 0.09 | $ | (0.08 | ) | |
| Excluding specific items | $ | 0.80 | $ | — | $ | 0.80 |
Revised Return on Invested Capital (in millions)
| Quarter ended December 31, 2023 | As Presented in Earnings Release | Adjustment | As Restated | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Net operating profit after tax | $ | 51.9 | $ | (5.7 | ) | $ | 46.2 | ||
| Average total invested capital | $ | 387.0 | $ | (1.8 | ) | $ | 385.2 | ||
| Return on invested capital | 13.4 | % | 12.0 | % |
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits |
|---|
99.1 Revised financial information in the Earnings Release *
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
* This exhibit is intended to be furnished and shall not be deemed "filed" for purposes of the Exchange Act.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Core Laboratories Inc. | ||
|---|---|---|
| Dated: February 14, 2024 | By | /s/ Christopher S. Hill |
| Christopher S. Hill | ||
| Chief Financial Officer |
EX-99.1
Exhibit 99.1
Revised Financial Information
On January 31, 2024, Core Laboratories, Inc. (the “Company”) issued a press release that reported the Company’s financial results of the Company for the quarter and year ended December 31, 2023 (the “Earnings Release”). A copy of the Earnings Release was attached as Exhibit 99.1 to the Company’s Current Report on Form 8-K that was furnished to the Securities and Exchange Commission (the “SEC”) on January 31, 2024.
Revised versions of the condensed consolidated balance sheets, condensed consolidated statement of operations and condensed consolidated statements of cash flows, as well as the non-GAAP reconciliation of net income and diluted earnings per share attributable to Core Laboratories Inc. appearing in the Earnings Release are provided below (with the revised information identified by a “^”):
CORE LABORATORIES INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
| Quarter Ended | % Variance | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2023 | September 30, 2023 | December 31, 2022 | vs. Q3-2023 | vs. Q4-2022 | ||||||||
| REVENUE | $ | 128,210 | $ | 125,343 | $ | 127,571 | 2.3% | 0.5% | ||||
| OPERATING EXPENSES: | ||||||||||||
| Costs of services and product sales | 101,517 | 96,617 | 99,816 | 5.1% | 1.7% | |||||||
| General and administrative expense | 8,665 | 9,452 | 8,724 | (8.3)% | (0.7)% | |||||||
| Depreciation and amortization | 3,874 | 3,929 | 4,073 | (1.4)% | (4.9)% | |||||||
| Other (income) expense, net | (427 | ) | 673 | (660 | ) | NM | NM | |||||
| Total operating expenses | 113,629 | 110,671 | 111,953 | 2.7% | 1.5% | |||||||
| OPERATING INCOME | 14,581 | 14,672 | 15,618 | (0.6)% | (6.6)% | |||||||
| Interest expense | 3,618 | 3,147 | 3,081 | 15.0% | 17.4% | |||||||
| Income before income taxes | 10,963 | 11,525 | 12,537 | (4.9)% | (12.6)% | |||||||
| Income tax expense | 8,529 | ^ | 2,305 | 5,847 | 270.0% | 45.9% | ||||||
| Net income | 2,434 | ^ | 9,220 | 6,690 | (73.6)% | (63.6)% | ||||||
| Net income (loss) attributable to non-<br> controlling interest | 235 | (37 | ) | (61 | ) | NM | NM | |||||
| Net income attributable to Core <br> Laboratories Inc. | $ | 2,199 | ^ | $ | 9,257 | $ | 6,751 | (76.2)% | (67.4)% | |||
| Diluted earnings per share | $ | 0.05 | ^ | $ | 0.19 | $ | 0.14 | (73.7)% | (64.3)% | |||
| Diluted earnings per share attributable to Core Laboratories Inc. | $ | 0.05 | ^ | $ | 0.19 | $ | 0.14 | (73.7)% | (64.3)% | |||
| Diluted weighted average common shares outstanding | 47,557 | 47,604 | 46,826 | (0.1)% | 1.6% | |||||||
| Effective tax rate | 78 | % | ^ | 20 | % | 47 | % | NM | NM | |||
| SEGMENT INFORMATION: | ||||||||||||
| Revenue: | ||||||||||||
| Reservoir Description | $ | 84,628 | $ | 85,145 | $ | 78,124 | (0.6)% | 8.3% | ||||
| Production Enhancement | 43,582 | 40,198 | 49,447 | 8.4% | (11.9)% | |||||||
| Total | $ | 128,210 | $ | 125,343 | $ | 127,571 | 2.3% | 0.5% | ||||
| Operating income: | ||||||||||||
| Reservoir Description | $ | 12,259 | $ | 12,992 | $ | 6,817 | (5.6)% | 79.8% | ||||
| Production Enhancement | 2,195 | 1,544 | 7,904 | 42.2% | (72.2)% | |||||||
| Corporate and Other | 127 | 136 | 897 | NM | NM | |||||||
| Total | $ | 14,581 | $ | 14,672 | $ | 15,618 | (0.6)% | (6.6)% | ||||
| "NM" means not meaningful |
CORE LABORATORIES INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
| Year Ended December 31, | % Variance | ||
|---|---|---|---|
| 2023 | 2022 | ||
| REVENUE | 509,790 | $489,735 | 4.1% |
| OPERATING EXPENSES: | |||
| Costs of services and product sales | 399,957 | 393,655 | 1.6% |
| General and administrative expense | 40,259 | 38,117 | 5.6% |
| Depreciation and amortization | 15,784 | 17,161 | (8.0)% |
| Other (income) expense, net | (850) | (722) | NM |
| Total operating expenses | 455,150 | 448,211 | 1.5% |
| OPERATING INCOME | 54,640 | 41,524 | 31.6% |
| Interest expense | 13,430 | 11,570 | 16.1% |
| Income before income taxes | 41,210 | 29,954 | 37.6% |
| Income tax expense | 4,185 | 10,296 | (59.4)% |
| Net income | 37,025 | 19,658 | 88.3% |
| Net income attributable to non-controlling interest | 350 | 205 | NM |
| Net income attributable to Core Laboratories Inc. | 36,675 | $19,453 | 88.5% |
| Diluted earnings per share | 0.78 | $0.42 | 85.7% |
| Diluted earnings per share attributable to Core Laboratories Inc. | 0.77 | $0.42 | 83.3% |
| Diluted weighted average common shares outstanding | 47,523 | 46,813 | 1.5% |
| Effective tax rate | 10% | 34% | NM |
| SEGMENT INFORMATION: | |||
| Revenue: | |||
| Reservoir Description | 333,345 | $307,691 | 8.3% |
| Production Enhancement | 176,445 | 182,044 | (3.1)% |
| Total | 509,790 | $489,735 | 4.1% |
| Operating income: | |||
| Reservoir Description | 41,039 | $22,902 | 79.2% |
| Production Enhancement | 12,519 | 16,351 | (23.4)% |
| Corporate and Other | 1,082 | 2,271 | (52.4)% |
| Total | 54,640 | $41,524 | 31.6% |
| "NM" means not meaningful |
All values are in US Dollars.
CORE LABORATORIES INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
| % Variance | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS: | December 31, 2023 | September 30, 2023 | December 31, 2022 | vs. Q3-2023 | vs. Q4-2022 | ||||
| Cash and cash equivalents | $ | 15,120 | $ | 16,616 | $ | 15,428 | (9.0)% | (2.0)% | |
| Accounts receivable, net | 109,352 | 104,053 | 106,913 | 5.1% | 2.3% | ||||
| Inventories | 71,702 | 75,060 | 60,445 | (4.5)% | 18.6% | ||||
| Other current assets | 26,962 | ^ | 32,815 | 28,916 | (17.8)% | (6.8)% | |||
| Total current assets | 223,136 | ^ | 228,544 | 211,702 | (2.4)% | 5.4% | |||
| Property, plant and equipment, net | 99,626 | 99,499 | 105,028 | 0.1% | (5.1)% | ||||
| Right of use assets | 53,842 | 53,101 | 52,379 | 1.4% | 2.8% | ||||
| Intangibles, goodwill and other long-term assets, net | 209,791 | ^ | 211,270 | 209,245 | (0.7)% | 0.3% | |||
| Total assets | $ | 586,395 | ^ | $ | 592,414 | $ | 578,354 | (1.0)% | 1.4% |
| LIABILITIES AND EQUITY: | |||||||||
| Accounts payable | $ | 33,506 | $ | 34,097 | $ | 45,847 | (1.7)% | (26.9)% | |
| Operating lease liabilities | 10,175 | 9,794 | 11,699 | 3.9% | (13.0)% | ||||
| Other current liabilities | 44,416 | ^ | 40,359 | 45,589 | 10.1% | (2.6)% | |||
| Total current liabilities | 88,097 | ^ | 84,250 | 103,135 | 4.6% | (14.6)% | |||
| Long-term debt, net | 163,134 | 177,863 | 172,386 | (8.3)% | (5.4)% | ||||
| Long-term operating lease liabilities | 42,076 | 40,903 | 38,305 | 2.9% | 9.8% | ||||
| Other long-term liabilities | 63,281 | ^ | 59,948 | 75,574 | 5.6% | (16.3)% | |||
| Total equity | 229,807 | ^ | 229,450 | 188,954 | 0.2% | 21.6% | |||
| Total liabilities and equity | $ | 586,395 | ^ | $ | 592,414 | $ | 578,354 | (1.0)% | 1.4% |
CORE LABORATORIES INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net income | $ | 37,025 | ^ | $ | 19,658 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Stock-based compensation | 13,971 | 7,756 | |||||
| Depreciation and amortization | 15,784 | 17,161 | |||||
| Deferred income taxes | (10,811 | ) | ^ | 433 | |||
| Accounts receivable | (2,618 | ) | (10,078 | ) | |||
| Inventories | (12,976 | ) | (14,860 | ) | |||
| Accounts payable | (12,878 | ) | 15,374 | ||||
| Other adjustments to net income | (2,708 | ) | ^ | (10,488 | ) | ||
| Net cash provided by operating activities | 24,789 | 24,956 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Capital expenditures | (10,579 | ) | (10,216 | ) | |||
| Net proceeds from life insurance policies and from insurance recovery | 3,375 | 4,260 | |||||
| Other investing activities | 552 | 2,100 | |||||
| Net cash used in investing activities | (6,652 | ) | (3,856 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Repayment of long-term debt | (211,000 | ) | (131,000 | ) | |||
| Proceeds from long-term debt | 202,000 | 116,000 | |||||
| Equity related transaction costs | (4,068 | ) | (411 | ) | |||
| Dividends paid | (1,868 | ) | (1,853 | ) | |||
| Repurchase of common stock | (2,202 | ) | (3,903 | ) | |||
| Other financing activities | (1,307 | ) | (2,208 | ) | |||
| Net cash used in financing activities | (18,445 | ) | (23,375 | ) | |||
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (308 | ) | (2,275 | ) | |||
| CASH AND CASH EQUIVALENTS, beginning of year | 15,428 | 17,703 | |||||
| CASH AND CASH EQUIVALENTS, end of year | $ | 15,120 | $ | 15,428 |
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, management uses certain non-GAAP measures that exclude these Items and believes 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 statements and filings with the Securities and Exchange Commission.
Reconciliation of Net Income and Diluted Earnings Per Share Attributable to Core Laboratories Inc.
(In thousands, except per share data)
(Unaudited)
| Net Income Attributable to Core Laboratories Inc. | |||
|---|---|---|---|
| Quarter Ended | |||
| December 31, 2023 | September 30, 2023 | December 31, 2022 | |
| GAAP reported | 2,199 | $9,257 | $6,751 |
| Stock compensation (1) | — | — | (1,494) |
| Loss on lease abandonment and assets write-down (2) | — | 505 | — |
| ATM termination costs (3) | — | 364 | — |
| Redomestication costs | — | — | 197 |
| Foreign exchange losses (gains) | 374 | 190 | 552 |
| Reversal of net deferred tax liabilities and effect of higher (lower) tax rate (5) | 6,336 | — | 3,341 |
| Excluding specific items | 8,909 | $10,316 | $9,347 |
All values are in US Dollars.
| Diluted Earnings Per Share Attributable to Core Laboratories Inc. | ||||
|---|---|---|---|---|
| Quarter Ended | Year ended | |||
| December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | |
| GAAP reported | 0.05 | $0.19 | $0.14 | 0.77 |
| Stock compensation (1) | — | — | (0.03) | 0.09 |
| Loss on lease abandonment and assets write-down (2) | — | 0.01 | — | 0.04 |
| ATM termination costs (3) | — | 0.01 | — | 0.01 |
| Gain on life insurance policies (4) | — | — | — | (0.03) |
| Redomestication costs | — | — | — | — |
| Foreign exchange losses (gains) | 0.01 | 0.01 | 0.02 | — |
| Reversal of net deferred tax liabilities and effect of higher (lower) tax rate (5) | 0.13 | — | 0.07 | (0.08) |
| Excluding specific items | 0.19 | $0.22 | $0.20 | 0.80 |
| (1) The year ended December 31, 2023 includes reversals of stock compensation expense previously recognized due to a change in probability of performance condition for certain executive's share awards and the acceleration of stock compensation expense associated with employees reaching eligible retirement age. The quarter ended December 31, 2022 includes adjustments associated with certain performance share awards that vested during the quarter. | ||||
| (2) Includes the write-down of right of use assets and leasehold improvements and other exit costs associated with consolidation of certain facilities. | ||||
| (3) Includes the write off of previously deferred costs upon termination of our "at-the-market offering" program ("ATM Program"). | ||||
| (4) Includes gain on life insurance policies death benefit proceeds. | ||||
| (5) The quarter and year ended December 31, 2023 includes the reversal of certain net deferred tax liabilities which will not be realized as a result of the Redomestication Transaction and the effect to reflect tax expense at a normalized rate of 20%. The quarter ended December 31, 2022 includes the effect to reflect tax expense at a normalized rate of 20%. |
All values are in US Dollars.