$DNOW
DNOW Inc.

2022 Q1 Form 10-Q Financial Statement

#000095017022007607 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $473.0M $432.0M $361.0M
YoY Change 31.02% 35.42% -40.23%
Cost Of Revenue $366.0M $331.0M $286.0M
YoY Change 27.97% 20.8% -41.27%
Gross Profit $107.0M $101.0M $75.00M
YoY Change 42.67% 124.44% -35.9%
Gross Profit Margin 22.62% 23.38% 20.78%
Selling, General & Admin $84.00M $91.00M $79.00M
YoY Change 6.33% 12.35% -39.23%
% of Gross Profit 78.5% 90.1% 105.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.000M $5.000M $6.000M
YoY Change -33.33% 0.0% -40.0%
% of Gross Profit 3.74% 4.95% 8.0%
Operating Expenses $84.00M $91.00M $79.00M
YoY Change 6.33% 12.35% -39.23%
Operating Profit $23.00M $10.00M -$8.000M
YoY Change -387.5% -127.78% -97.6%
Interest Expense -$1.000M
YoY Change
% of Operating Profit
Other Income/Expense, Net $10.00M $8.000M -$1.000M
YoY Change -1100.0%
Pretax Income $33.00M $15.00M -$9.000M
YoY Change -466.67% -133.33% -97.3%
Income Tax $3.000M $3.000M $1.000M
% Of Pretax Income 9.09% 20.0%
Net Earnings $30.00M $12.00M -$10.00M
YoY Change -400.0% -127.27% -96.98%
Net Earnings / Revenue 6.34% 2.78% -2.77%
Basic Earnings Per Share $0.27 -$0.09
Diluted Earnings Per Share $0.27 $110.1K -$0.09
COMMON SHARES
Basic Shares Outstanding 110.6M 110.6M 110.1M
Diluted Shares Outstanding 110.8M 110.1M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $293.0M $313.0M $374.0M
YoY Change -21.66% -19.12% 85.15%
Cash & Equivalents $293.0M $313.0M $374.0M
Short-Term Investments
Other Short-Term Assets $16.00M $16.00M $16.00M
YoY Change 0.0% 14.29% -11.11%
Inventory $296.0M $250.0M $247.0M
Prepaid Expenses
Receivables $341.0M $304.0M $245.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $946.0M $883.0M $882.0M
YoY Change 7.26% 2.56% -13.53%
LONG-TERM ASSETS
Property, Plant & Equipment $106.0M $111.0M $89.00M
YoY Change 19.1% 13.27% -20.54%
Goodwill $67.00M $67.00M $7.000M
YoY Change 857.14%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $34.00M $34.00M $47.00M
YoY Change -27.66% -29.17% -24.19%
Total Long-Term Assets $216.0M $221.0M $144.0M
YoY Change 50.0% 50.34% -18.18%
TOTAL ASSETS
Total Short-Term Assets $946.0M $883.0M $882.0M
Total Long-Term Assets $216.0M $221.0M $144.0M
Total Assets $1.162B $1.104B $1.026B
YoY Change 13.26% 9.52% -14.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $279.0M $235.0M $200.0M
YoY Change 39.5% 36.63% -22.48%
Accrued Expenses $109.0M $112.0M $92.00M
YoY Change 18.48% 17.89% -22.69%
Deferred Revenue $32.00M $27.00M $17.00M
YoY Change 88.24% 42.11% -46.88%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $395.0M $369.0M $298.0M
YoY Change 32.55% 35.66% -22.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.000M $6.000M $36.00M
YoY Change -86.11% -50.0% 200.0%
Total Long-Term Liabilities $5.000M $6.000M $36.00M
YoY Change -86.11% -50.0% 200.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $395.0M $369.0M $298.0M
Total Long-Term Liabilities $5.000M $6.000M $36.00M
Total Liabilities $416.0M $392.0M $334.0M
YoY Change 24.55% 26.86% -21.96%
SHAREHOLDERS EQUITY
Retained Earnings -$1.173B -$1.203B
YoY Change -0.41%
Common Stock $2.064B $2.062B
YoY Change 0.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $746.0M $712.0M $692.0M
YoY Change
Total Liabilities & Shareholders Equity $1.162B $1.104B $1.026B
YoY Change 13.26% 9.52% -14.21%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income $30.00M $12.00M -$10.00M
YoY Change -400.0% -127.27% -96.98%
Depreciation, Depletion And Amortization $4.000M $5.000M $6.000M
YoY Change -33.33% 0.0% -40.0%
Cash From Operating Activities -$22.00M $2.000M -$4.000M
YoY Change 450.0% -96.43% -166.67%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$1.000M $1.000M
YoY Change -100.0% 0.0% -66.67%
Acquisitions $0.00 $6.000M
YoY Change -100.0%
Other Investing Activities -$2.000M $4.000M $0.00
YoY Change 0.0% -100.0%
Cash From Investing Activities $2.000M $3.000M -$7.000M
YoY Change -128.57% 0.0% -131.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.000M -3.000M -2.000M
YoY Change -50.0% 50.0% 0.0%
NET CHANGE
Cash From Operating Activities -22.00M 2.000M -4.000M
Cash From Investing Activities 2.000M 3.000M -7.000M
Cash From Financing Activities -1.000M -3.000M -2.000M
Net Change In Cash -20.00M 2.000M -13.00M
YoY Change 53.85% -96.49% -168.42%
FREE CASH FLOW
Cash From Operating Activities -$22.00M $2.000M -$4.000M
Capital Expenditures $0.00 -$1.000M $1.000M
Free Cash Flow -$22.00M $3.000M -$5.000M
YoY Change 340.0% -94.74% -266.67%

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OtherComprehensiveIncomeLossNetOfTax
1000000
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
692000000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
712000000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
30000000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2000000
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2000000
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
746000000
CY2022Q1 dnow Number Of Geographic Markets
NumberOfGeographicMarkets
80
CY2022Q1 dnow Number Of Vendor Distributed Countries
NumberOfVendorDistributedCountries
40
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported and contingent amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p>
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
163000000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
160000000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
106000000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
111000000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
24000000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
25000000
CY2022Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
32000000
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
27000000
CY2022Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
11000000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
6000000
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
269000000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
271000000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
28000000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
35000000
CY2022Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
32000000
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
27000000
CY2022Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
10000000
CY2021Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
12000000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
15000000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
15000000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
24000000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
23000000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
109000000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
112000000
CY2021Q4 us-gaap Line Of Credit Facility Initiation Date1
LineOfCreditFacilityInitiationDate1
2021-12-14
CY2021Q4 dnow Senior Secured Revolving Credit Facility Commitment
SeniorSecuredRevolvingCreditFacilityCommitment
500000000
CY2021Q4 us-gaap Line Of Credit Facility Increase Decrease For Period Net
LineOfCreditFacilityIncreaseDecreaseForPeriodNet
250000000
CY2021Q4 dnow Minimum Amount Of Credit Facility Required To Maintain Coverage Ratio
MinimumAmountOfCreditFacilityRequiredToMaintainCoverageRatio
25000000
CY2021Q4 us-gaap Line Of Credit Facility Description
LineOfCreditFacilityDescription
The Company will be required to maintain a fixed charge coverage ratio of at least 1.00:1.00 as of the end of each fiscal quarter if excess availability under the Credit Facility falls below the greater of 10% of the borrowing base or $40 million.
CY2021Q4 dnow Line Of Credit Facility Covenant Terms Fixed Charge Coverage Ratio
LineOfCreditFacilityCovenantTermsFixedChargeCoverageRatio
1.00
CY2021Q4 dnow Minimum Amount Of Credit Facility Required To Maintain Coverage Ratio Percentage
MinimumAmountOfCreditFacilityRequiredToMaintainCoverageRatioPercentage
0.10
CY2022Q1 dnow Minimum Amount Of Credit Facility Required To Maintain Coverage Ratio
MinimumAmountOfCreditFacilityRequiredToMaintainCoverageRatio
40000000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
473000000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
361000000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
23000000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-8000000
CY2022Q1 dnow Effective Tax Rate Continuing Operations
EffectiveTaxRateContinuingOperations
0.091
CY2021Q1 dnow Effective Tax Rate Continuing Operations
EffectiveTaxRateContinuingOperations
-0.055
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4000000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6000000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
30000000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-10000000
CY2022Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0
CY2021Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
30000000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10000000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
110602943
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
110071365
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
219574
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
110822517
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
110071365
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.27
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.27
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2000000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2000000
CY2022Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
12000000
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
13000000
CY2022Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset1
13000000

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