What is the primary purpose of this 8-K filing?

The primary purpose of this 8-K filing is to publicly disclose SLB's financial results for the first quarter of 2003, along with supplementary information such as a press release, a Q&A document, and a schedule of revenue and operating income from continuing operations. It also addresses the use of non-GAAP financial measures.

What non-GAAP financial measures does SLB highlight in this filing?

SLB highlights two key non-GAAP financial measures: 'net debt' (defined as gross debt less cash, short-term investments, and fixed income investments held to maturity) and 'net income excluding charges related to the financial/economic crisis in Argentina' (which adjusts for a $29 million charge recognized in the first quarter of 2002).

Why does SLB use these non-GAAP financial measures?

SLB believes these non-GAAP measures provide investors with a more effective view of the company's financial health and operational performance. 'Net debt' is considered useful for understanding the company's indebtedness in light of its liquid assets, while excluding the Argentina charges allows for better evaluation of period-over-period operations and identification of underlying trends.

Are these non-GAAP measures a substitute for GAAP financial results?

No, SLB explicitly states that these non-GAAP financial measures should be considered in addition to, not as a substitute for, or superior to, financial performance measures prepared in accordance with GAAP, such as total debt, net income, and cash flows. Investors should refer to the company's full financial statements and SEC filings for a comprehensive GAAP view.

SLB 8-K SEC Disclosure — Apr 23, 2003

Summary

This 8-K filing from SLB Limited/NV (SLB) on April 23, 2003, primarily discloses the company's first-quarter 2003 financial results and related information, as detailed in its press release (Exhibit 99.1) and a supplementary Q&A document (Exhibit 99.2). The filing also includes a schedule of revenue and pre-tax operating income from continuing operations (Exhibit 99.3). A key focus for investors is the company's use of non-GAAP financial measures, specifically "net debt" and "net income excluding charges related to the financial/economic crisis in Argentina." Management believes these alternative metrics offer valuable insights into the company's financial health and operational trends beyond traditional GAAP reporting.

Key Highlights

1SLB filed an 8-K on April 23, 2003, reporting on its first-quarter 2003 performance.
2The filing incorporates by reference SLB's First Quarter 2003 Press Release (Exhibit 99.1).
3A Question and Answer document (Exhibit 99.2) providing further context on the press release is also included.
4Revenue and Pre-Tax Operating Income from Continuing Operations (Exhibit 99.3) are detailed.
5The report emphasizes the use of non-GAAP financial measures, including 'net debt'.
6Net income excluding charges related to the 2002 Argentina financial/economic crisis is presented as a non-GAAP measure.
7The company asserts that these non-GAAP measures provide useful information for evaluating financial health and operational trends.

SLB LIMITED/NV 8-K Report (Apr 23, 2003)

Summary

Key Highlights

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