$DNOW
DNOW Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024057616 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $633.0M $563.0M $584.0M
YoY Change 6.57% -3.6% 23.47%
Cost Of Revenue $495.0M $434.0M $447.0M
YoY Change 7.61% -2.91% 22.13%
Gross Profit $138.0M $129.0M $137.0M
YoY Change 2.99% -5.84% 28.04%
Gross Profit Margin 21.8% 22.91% 23.46%
Selling, General & Admin $105.0M $101.0M $102.0M
YoY Change 7.14% -0.98% 21.43%
% of Gross Profit 76.09% 78.29% 74.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.000M $7.000M $6.000M
YoY Change 50.0% 16.67% 50.0%
% of Gross Profit 6.52% 5.43% 4.38%
Operating Expenses $105.0M $101.0M $102.0M
YoY Change 7.14% -0.98% 21.43%
Operating Profit $33.00M $28.00M $35.00M
YoY Change -8.33% -20.0% 52.17%
Interest Expense $1.000M
YoY Change
% of Operating Profit 3.57%
Other Income/Expense, Net $0.00 $1.000M $0.00
YoY Change -100.0% -100.0%
Pretax Income $33.00M $29.00M $35.00M
YoY Change -5.71% -17.14% 6.06%
Income Tax $8.000M $8.000M $3.000M
% Of Pretax Income 24.24% 27.59% 8.57%
Net Earnings $24.00M $21.00M $31.00M
YoY Change -29.41% -32.26% 3.33%
Net Earnings / Revenue 3.79% 3.73% 5.31%
Basic Earnings Per Share $0.21 $0.20 $0.28
Diluted Earnings Per Share $0.21 $0.19 $0.28
COMMON SHARES
Basic Shares Outstanding 106.8M 106.2M 110.3M
Diluted Shares Outstanding 107.6M 107.3M 111.2M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $197.0M $188.0M $168.0M
YoY Change -2.96% 11.9% -42.66%
Cash & Equivalents $197.0M $188.0M $168.0M
Short-Term Investments
Other Short-Term Assets $24.00M $19.00M $29.00M
YoY Change -22.58% -34.48% 81.25%
Inventory $399.0M $428.0M $406.0M
Prepaid Expenses
Receivables $403.0M $410.0M $422.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.023B $1.045B $1.025B
YoY Change -4.84% 1.95% 8.35%
LONG-TERM ASSETS
Property, Plant & Equipment $139.0M $137.0M $121.0M
YoY Change 6.92% 13.22% 14.15%
Goodwill $192.0M $192.0M $119.0M
YoY Change 36.17% 61.34% 77.61%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $47.00M $49.00M $41.00M
YoY Change 9.3% 19.51% 20.59%
Total Long-Term Assets $540.0M $549.0M $304.0M
YoY Change 56.52% 80.59% 40.74%
TOTAL ASSETS
Total Short-Term Assets $1.023B $1.045B $1.025B
Total Long-Term Assets $540.0M $549.0M $304.0M
Total Assets $1.563B $1.594B $1.329B
YoY Change 10.07% 19.94% 14.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $278.0M $339.0M $323.0M
YoY Change -23.63% 4.95% 15.77%
Accrued Expenses $123.0M $112.0M $118.0M
YoY Change 38.2% -5.08% 8.26%
Deferred Revenue $34.00M $30.00M $34.00M
YoY Change -15.0% -11.76% 6.25%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $412.0M $462.0M $447.0M
YoY Change -17.76% 3.36% 13.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $20.00M $20.00M $12.00M
YoY Change -51.22% 66.67% 140.0%
Total Long-Term Liabilities $20.00M $20.00M $12.00M
YoY Change -51.22% 66.67% 140.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $412.0M $462.0M $447.0M
Total Long-Term Liabilities $20.00M $20.00M $12.00M
Total Liabilities $464.0M $515.0M $485.0M
YoY Change -15.02% 6.19% 16.59%
SHAREHOLDERS EQUITY
Retained Earnings -$783.0M -$807.0M -$1.044B
YoY Change -22.48% -22.7% -11.0%
Common Stock $2.029B $2.032B $2.037B
YoY Change -0.05% -0.25% -1.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.000M
YoY Change
Treasury Stock Shares $244.6K
Shareholders Equity $1.095B $1.076B $841.0M
YoY Change
Total Liabilities & Shareholders Equity $1.563B $1.594B $1.329B
YoY Change 10.07% 19.94% 14.37%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $24.00M $21.00M $31.00M
YoY Change -29.41% -32.26% 3.33%
Depreciation, Depletion And Amortization $9.000M $7.000M $6.000M
YoY Change 50.0% 16.67% 50.0%
Cash From Operating Activities $21.00M $81.00M -$6.000M
YoY Change -75.29% -1450.0% -72.73%
INVESTING ACTIVITIES
Capital Expenditures $3.000M $1.000M $5.000M
YoY Change -50.0% -80.0%
Acquisitions $185.0M $0.00
YoY Change
Other Investing Activities $3.000M $2.000M $0.00
YoY Change -109.38% -100.0%
Cash From Investing Activities $0.00 -$188.0M -$5.000M
YoY Change -100.0% 3660.0% -350.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.00M -4.000M -34.00M
YoY Change -15.38% -88.24% 3300.0%
NET CHANGE
Cash From Operating Activities 21.00M 81.00M -6.000M
Cash From Investing Activities 0.000 -188.0M -5.000M
Cash From Financing Activities -11.00M -4.000M -34.00M
Net Change In Cash 10.00M -111.0M -44.00M
YoY Change -70.59% 152.27% 120.0%
FREE CASH FLOW
Cash From Operating Activities $21.00M $81.00M -$6.000M
Capital Expenditures $3.000M $1.000M $5.000M
Free Cash Flow $18.00M $80.00M -$11.00M
YoY Change -77.22% -827.27% -50.0%

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CY2023Q1 us-gaap Profit Loss
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CY2024Q1 dnow Number Of Vendor Distributed Countries
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<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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>
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CY2023Q4 us-gaap Accrued Liabilities Current
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CY2022Q4 us-gaap Line Of Credit Facility Initiation Date1
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2022-12-29
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CY2022Q4 dnow Minimum Amount Of Credit Facility Required To Maintain Coverage Ratio
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CY2022Q4 us-gaap Line Of Credit Facility Description
LineOfCreditFacilityDescription
The Company will be required to maintain a fixed charge coverage ratio (as defined in the Credit Facility) 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.
CY2022Q4 dnow Line Of Credit Facility Covenant Terms Fixed Charge Coverage Ratio
LineOfCreditFacilityCovenantTermsFixedChargeCoverageRatio
1
CY2022Q4 dnow Minimum Amount Of Credit Facility Required To Maintain Coverage Ratio Percentage
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CY2023Q3 dnow Minimum Amount Of Credit Facility Required To Maintain Coverage Ratio
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40000000
CY2022Q3 us-gaap Stock Repurchase Program Authorized Amount1
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80000000
CY2024Q1 dnow Percentage Of Excise Tax On Share Repurchases
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CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q1 us-gaap Operating Income Loss
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CY2024Q1 dnow Effective Tax Rate Continuing Operations
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0.276
CY2023Q1 dnow Effective Tax Rate Continuing Operations
EffectiveTaxRateContinuingOperations
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CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Net Income Loss
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CY2024Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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0
CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1209998
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q1 us-gaap Earnings Per Share Basic
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0.2
CY2023Q1 us-gaap Earnings Per Share Basic
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0.28
CY2024Q1 us-gaap Earnings Per Share Diluted
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0.19
CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2024Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2024Q1 us-gaap Loss Contingency Accrual At Carrying Value
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CY2024Q1 us-gaap Goodwill Purchase Accounting Adjustments
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53000000
CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
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30000000
CY2024Q1 us-gaap Acquisition Costs
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CY2024Q1 us-gaap Business Combination Consideration Transferred1
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CY2024Q1 dnow Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Other Than Cash
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120000000
CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
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CY2024Q1 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
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P10Y
CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
16000000
CY2024Q1 dnow Customer Relationships Weighted Average Useful Life
CustomerRelationshipsWeightedAverageUsefulLife
P15Y
CY2024Q1 dnow Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Customer Relationships
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14000000
CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities
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CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
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132000000
CY2024Q1 us-gaap Goodwill Acquired During Period
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53000000
CY2024Q1 us-gaap Business Acquisition Purchase Price Allocation Goodwill Expected Tax Deductible Amount
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53000000
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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