$DNOW
DNOW Inc.

2017 Q2 Form 10-Q Financial Statement

#000156459017014787 Filed on August 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $651.0M $501.0M
YoY Change 29.94% -33.2%
Cost Of Revenue $527.0M $418.0M
YoY Change 26.08% -33.23%
Gross Profit $124.0M $83.00M
YoY Change 49.4% -33.06%
Gross Profit Margin 19.05% 16.57%
Selling, General & Admin $138.0M $140.0M
YoY Change -1.43% -7.28%
% of Gross Profit 111.29% 168.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.00M $13.00M
YoY Change 0.0% 44.44%
% of Gross Profit 10.48% 15.66%
Operating Expenses $138.0M $140.0M
YoY Change -1.43% -7.28%
Operating Profit -$14.00M -$57.00M
YoY Change -75.44% 111.11%
Interest Expense $0.00 -$2.000M
YoY Change -100.0% 0.0%
% of Operating Profit
Other Income/Expense, Net -$3.000M
YoY Change
Pretax Income -$17.00M -$59.00M
YoY Change -71.19% 103.45%
Income Tax $0.00 -$15.00M
% Of Pretax Income
Net Earnings -$17.00M -$44.00M
YoY Change -61.36% 131.58%
Net Earnings / Revenue -2.61% -8.78%
Basic Earnings Per Share -$0.16 -$0.40
Diluted Earnings Per Share -$0.16 -$0.40
COMMON SHARES
Basic Shares Outstanding 108.0M 107.0M
Diluted Shares Outstanding 108.0M 107.0M

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.00M $136.0M
YoY Change -28.68% 19.3%
Cash & Equivalents $97.00M $136.0M
Short-Term Investments
Other Short-Term Assets $21.00M $29.00M
YoY Change -27.59% -52.46%
Inventory $529.0M $589.0M
Prepaid Expenses
Receivables $418.0M $354.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.065B $1.108B
YoY Change -3.88% -36.03%
LONG-TERM ASSETS
Property, Plant & Equipment $130.0M $161.0M
YoY Change -19.25% 12.59%
Goodwill $119.0M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.000M $10.00M
YoY Change -50.0% 150.0%
Total Long-Term Assets $633.0M $706.0M
YoY Change -10.34% -4.72%
TOTAL ASSETS
Total Short-Term Assets $1.065B $1.108B
Total Long-Term Assets $633.0M $706.0M
Total Assets $1.698B $1.814B
YoY Change -6.39% -26.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $285.0M $205.0M
YoY Change 39.02% -38.99%
Accrued Expenses $76.00M $70.00M
YoY Change 8.57% -33.96%
Deferred Revenue
YoY Change
Short-Term Debt $47.00M $51.00M
YoY Change -7.84%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $386.0M $304.0M
YoY Change 26.97% -32.14%
LONG-TERM LIABILITIES
Long-Term Debt $128.0M $180.0M
YoY Change -28.89% 125.0%
Other Long-Term Liabilities $1.000M $2.000M
YoY Change -50.0% -50.0%
Total Long-Term Liabilities $129.0M $182.0M
YoY Change -29.12% 116.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $386.0M $304.0M
Total Long-Term Liabilities $129.0M $182.0M
Total Liabilities $522.0M $492.0M
YoY Change 6.1% -10.71%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.176B $1.322B
YoY Change
Total Liabilities & Shareholders Equity $1.698B $1.814B
YoY Change -6.39% -26.65%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$17.00M -$44.00M
YoY Change -61.36% 131.58%
Depreciation, Depletion And Amortization $13.00M $13.00M
YoY Change 0.0% 44.44%
Cash From Operating Activities -$53.00M $66.00M
YoY Change -180.3% -29.79%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$8.000M
YoY Change -100.0% 166.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$182.0M
YoY Change -100.0% 355.0%
Cash From Investing Activities $0.00 -$190.0M
YoY Change -100.0% 341.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 47.00M 125.0M
YoY Change -62.4% -327.27%
NET CHANGE
Cash From Operating Activities -53.00M 66.00M
Cash From Investing Activities 0.000 -190.0M
Cash From Financing Activities 47.00M 125.0M
Net Change In Cash -6.000M 1.000M
YoY Change -700.0% -125.0%
FREE CASH FLOW
Cash From Operating Activities -$53.00M $66.00M
Capital Expenditures $0.00 -$8.000M
Free Cash Flow -$53.00M $74.00M
YoY Change -171.62% -23.71%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-14000000
CY2017Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
3000000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2000000
us-gaap Inventory Write Down
InventoryWriteDown
8000000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
4000000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
172000000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
109000000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4000000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
68000000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
13000000
us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
-1000000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
7000000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-3000000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-1000000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2000000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
1000000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-74000000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
155000000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1000000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
182000000
CY2013Q4 dnow Number Of Vendors
NumberOfVendors
1000
CY2013Q4 dnow Number Of Vendor Distributed Countries
NumberOfVendorDistributedCountries
40
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
46000000
CY2016Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
136000000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
5000000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
50000000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
6000000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
37000000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7181595
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>
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
237000000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
236000000
CY2017Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
107000000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
93000000
CY2017Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
30000000
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
25000000
CY2017Q2 us-gaap Customer Advances And Deposits Current
CustomerAdvancesAndDepositsCurrent
25000000
CY2016Q4 us-gaap Customer Advances And Deposits Current
CustomerAdvancesAndDepositsCurrent
27000000
CY2017Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
13000000
CY2016Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
17000000
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
33000000
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
31000000
us-gaap Line Of Credit Facility Initiation Date1
LineOfCreditFacilityInitiationDate1
2014-04-18
CY2016Q1 dnow Line Of Credit Facility Covenant Terms Minimum Asset Coverage Ratio
LineOfCreditFacilityCovenantTermsMinimumAssetCoverageRatio
1.50
CY2016Q1 dnow Maximum Debt To Capitalization Ratio Allowable
MaximumDebtToCapitalizationRatioAllowable
0.45
CY2015 dnow Maximum Debt To Capitalization Ratio Allowable
MaximumDebtToCapitalizationRatioAllowable
0.50
CY2016Q1 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0075
CY2013Q4 dnow Number Of Geographic Markets
NumberOfGeographicMarkets
80
CY2016Q1 dnow Percentage Increase In Commitment Fee
PercentageIncreaseInCommitmentFee
0.0005
CY2016Q1 dnow Percentage Of Equity In Customary Security Interest
PercentageOfEquityInCustomarySecurityInterest
0.65
dnow Senior Secured Revolving Credit Facility Commitment
SeniorSecuredRevolvingCreditFacilityCommitment
750000000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2019-04-18
CY2017Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
47000000
CY2017Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
9000000

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