$DNOW
DNOW Inc.

2015 Q2 Form 10-Q Financial Statement

#000156459015006153 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $750.0M $952.0M
YoY Change -21.22% -11.03%
Cost Of Revenue $626.0M $759.0M
YoY Change -17.52% -13.16%
Gross Profit $124.0M $193.0M
YoY Change -35.75% -1.53%
Gross Profit Margin 16.53% 20.27%
Selling, General & Admin $151.0M $45.00M
YoY Change 235.56% 12.5%
% of Gross Profit 121.77% 23.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.000M $6.000M
YoY Change 50.0% 100.0%
% of Gross Profit 7.26% 3.11%
Operating Expenses $151.0M $150.0M
YoY Change 0.67% 275.0%
Operating Profit -$27.00M $43.00M
YoY Change -162.79% -18.87%
Interest Expense -$2.000M $0.00
YoY Change -100.0%
% of Operating Profit 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income -$29.00M $43.00M
YoY Change -167.44% -21.82%
Income Tax -$10.00M $16.00M
% Of Pretax Income 37.21%
Net Earnings -$19.00M $27.00M
YoY Change -170.37% -18.18%
Net Earnings / Revenue -2.53% 2.84%
Basic Earnings Per Share -$0.18 $0.25
Diluted Earnings Per Share -$0.18 $0.25
COMMON SHARES
Basic Shares Outstanding 107.0M 107.1M
Diluted Shares Outstanding 107.0M 108.0M

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $114.0M $236.0M
YoY Change -51.69%
Cash & Equivalents $114.0M $236.0M
Short-Term Investments
Other Short-Term Assets $61.00M $55.00M
YoY Change 10.91%
Inventory $892.0M $882.0M
Prepaid Expenses
Receivables $665.0M $773.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.732B $1.946B
YoY Change -11.0%
LONG-TERM ASSETS
Property, Plant & Equipment $143.0M $118.0M
YoY Change 21.19%
Goodwill $457.0M $333.0M
YoY Change 37.24%
Intangibles $134.0M $67.00M
YoY Change 100.0%
Long-Term Investments
YoY Change
Other Assets $4.000M $1.000M
YoY Change 300.0%
Total Long-Term Assets $741.0M $527.0M
YoY Change 40.61%
TOTAL ASSETS
Total Short-Term Assets $1.732B $1.946B
Total Long-Term Assets $741.0M $527.0M
Total Assets $2.473B $2.473B
YoY Change 0.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $336.0M $401.0M
YoY Change -16.21%
Accrued Expenses $106.0M $103.0M
YoY Change 2.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $448.0M $508.0M
YoY Change -11.81%
LONG-TERM LIABILITIES
Long-Term Debt $80.00M $0.00
YoY Change
Other Long-Term Liabilities $4.000M $2.000M
YoY Change 100.0%
Total Long-Term Liabilities $84.00M $2.000M
YoY Change 4100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $448.0M $508.0M
Total Long-Term Liabilities $84.00M $2.000M
Total Liabilities $551.0M $515.0M
YoY Change 6.99%
SHAREHOLDERS EQUITY
Retained Earnings $29.00M $10.00M
YoY Change 190.0%
Common Stock $1.964B $1.947B
YoY Change 0.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.922B $1.958B
YoY Change
Total Liabilities & Shareholders Equity $2.473B $2.473B
YoY Change 0.0%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$19.00M $27.00M
YoY Change -170.37% -18.18%
Depreciation, Depletion And Amortization $9.000M $6.000M
YoY Change 50.0% 100.0%
Cash From Operating Activities $94.00M $67.00M
YoY Change 40.3% -37.96%
INVESTING ACTIVITIES
Capital Expenditures -$3.000M -$12.00M
YoY Change -75.0% -29.41%
Acquisitions
YoY Change
Other Investing Activities -$40.00M $8.000M
YoY Change -600.0% 700.0%
Cash From Investing Activities -$43.00M -$4.000M
YoY Change 975.0% -75.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -55.00M -4.000M
YoY Change 1275.0% -96.55%
NET CHANGE
Cash From Operating Activities 94.00M 67.00M
Cash From Investing Activities -43.00M -4.000M
Cash From Financing Activities -55.00M -4.000M
Net Change In Cash -4.000M 59.00M
YoY Change -106.78% -345.83%
FREE CASH FLOW
Cash From Operating Activities $94.00M $67.00M
Capital Expenditures -$3.000M -$12.00M
Free Cash Flow $97.00M $79.00M
YoY Change 22.78% -36.8%

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<div> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Reclassification</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported operating profit (loss), income (loss) before income taxes or net income (loss).</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p></div>
CY2013Q4 dnow Number Of Geographic Markets
NumberOfGeographicMarkets
90
CY2013Q4 dnow Number Of Vendors
NumberOfVendors
1000
CY2013Q4 dnow Number Of Vendor Distributed Countries
NumberOfVendorDistributedCountries
40
CY2015Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
99000000
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
202000000
CY2014Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
105000000
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
207000000
us-gaap Debt Instrument Term
DebtInstrumentTerm
P5Y
us-gaap Line Of Credit Facility Initiation Date1
LineOfCreditFacilityInitiationDate1
2014-04-18
us-gaap Line Of Credit Facility Annual Principal Payment
LineOfCreditFacilityAnnualPrincipalPayment
750000000
dnow Sub Facility For Letters Of Credit
SubFacilityForLettersOfCredit
150000000
dnow Sub Facility For Swing Line Loans
SubFacilityForSwingLineLoans
50000000
dnow Maximum Debt To Capitalization Ratio Allowable
MaximumDebtToCapitalizationRatioAllowable
0.50
dnow Line Of Credit Facility Covenant Terms Minimum Interest Coverage Ratio
LineOfCreditFacilityCovenantTermsMinimumInterestCoverageRatio
3.00
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-26000000
dnow Operating Profit Loss Margin
OperatingProfitLossMargin
-0.022
dnow Operating Profit Loss Margin
OperatingProfitLossMargin
0.052
CY2014Q2 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
0.374
us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
0.356
CY2015Q2 dnow Net Income Loss Attributable To Participating Securities
NetIncomeLossAttributableToParticipatingSecurities
1000000
dnow Net Income Loss Attributable To Participating Securities
NetIncomeLossAttributableToParticipatingSecurities
1000000
CY2014Q2 dnow Net Income Loss Attributable To Participating Securities
NetIncomeLossAttributableToParticipatingSecurities
1000000
dnow Net Income Loss Attributable To Participating Securities
NetIncomeLossAttributableToParticipatingSecurities
1000000
dnow Net Income Loss Attributable To Nonvested Shares
NetIncomeLossAttributableToNonvestedShares
-1000000
CY2015Q2 dnow Net Income Attributable To Shareholders
NetIncomeAttributableToShareholders
-19000000
CY2014Q2 dnow Net Income Attributable To Shareholders
NetIncomeAttributableToShareholders
27000000
dnow Net Income Attributable To Shareholders
NetIncomeAttributableToShareholders
-28000000
dnow Net Income Attributable To Shareholders
NetIncomeAttributableToShareholders
68000000
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
497263
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
456550
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
534929
dnow Share Based Compensation Arrangement By Share Based Payment Award Options Granted In Period Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedInPeriodGrantDateFairValue
8.06
CY2015Q1 dnow Share Based Compensation Arrangement By Share Based Payment Award Options Grant Date Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantDateExercisePrice
22.44
CY2015Q1 dnow Performance Based Restricted Stock Awards Performance Goal Period
PerformanceBasedRestrictedStockAwardsPerformanceGoalPeriod
P3Y
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13000000
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3000000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5000000
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3545519
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
9443
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4071005
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2492713
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
30.86
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
22.44
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
28.31
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
29.76
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
30.93
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
1000000
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1000000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y1M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y7M6D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
63209
CY2015Q2 us-gaap Loss Contingency Range Of Possible Loss Minimum
LossContingencyRangeOfPossibleLossMinimum
0
CY2015Q2 us-gaap Loss Contingency Range Of Possible Loss Maximum
LossContingencyRangeOfPossibleLossMaximum
25000000
CY2014Q2 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
3000000
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
6000000

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