$DNOW
DNOW Inc.

2017 Q4 Form 10-K Financial Statement

#000156459018002021 Filed on February 14, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017 Q2
Revenue $669.0M $697.0M $651.0M
YoY Change 24.35% 34.04% 29.94%
Cost Of Revenue $541.0M $562.0M $527.0M
YoY Change 20.22% 29.79% 26.08%
Gross Profit $128.0M $135.0M $124.0M
YoY Change 45.45% 55.17% 49.4%
Gross Profit Margin 19.13% 19.37% 19.05%
Selling, General & Admin $128.0M $141.0M $138.0M
YoY Change -5.19% 0.71% -1.43%
% of Gross Profit 100.0% 104.44% 111.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.00M $12.00M $13.00M
YoY Change -14.29% -14.29% 0.0%
% of Gross Profit 9.38% 8.89% 10.48%
Operating Expenses $128.0M $141.0M $138.0M
YoY Change -5.19% 0.71% -1.43%
Operating Profit $0.00 -$6.000M -$14.00M
YoY Change -100.0% -88.68% -75.44%
Interest Expense -$3.000M -$2.000M $0.00
YoY Change 200.0% -33.33% -100.0%
% of Operating Profit
Other Income/Expense, Net -$1.000M -$3.000M
YoY Change
Pretax Income -$3.000M -$9.000M -$17.00M
YoY Change -93.75% -83.93% -71.19%
Income Tax -$33.00M $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.000M -$9.000M -$17.00M
YoY Change -95.77% -83.93% -61.36%
Net Earnings / Revenue -0.45% -1.29% -2.61%
Basic Earnings Per Share -$0.03 -$0.08 -$0.16
Diluted Earnings Per Share -$0.03 -$0.08 -$0.16
COMMON SHARES
Basic Shares Outstanding 108.0M 108.0M 108.0M
Diluted Shares Outstanding 108.0M 108.0M 108.0M

Balance Sheet

Concept 2017 Q4 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $98.00M $99.00M $97.00M
YoY Change -7.55% -24.43% -28.68%
Cash & Equivalents $98.00M $99.00M $97.00M
Short-Term Investments
Other Short-Term Assets $18.00M $22.00M $21.00M
YoY Change 12.5% 0.0% -27.59%
Inventory $590.0M $562.0M $529.0M
Prepaid Expenses
Receivables $423.0M $466.0M $418.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.129B $1.149B $1.065B
YoY Change 17.73% 12.21% -3.88%
LONG-TERM ASSETS
Property, Plant & Equipment $119.0M $126.0M $130.0M
YoY Change -16.78% -17.65% -19.25%
Goodwill $328.0M $119.0M
YoY Change 5.47%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.000M $6.000M $5.000M
YoY Change -16.67% -33.33% -50.0%
Total Long-Term Assets $620.0M $631.0M $633.0M
YoY Change -3.73% -8.15% -10.34%
TOTAL ASSETS
Total Short-Term Assets $1.129B $1.149B $1.065B
Total Long-Term Assets $620.0M $631.0M $633.0M
Total Assets $1.749B $1.780B $1.698B
YoY Change 9.11% 4.03% -6.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $290.0M $310.0M $285.0M
YoY Change 17.89% 60.62% 39.02%
Accrued Expenses $103.0M $84.00M $76.00M
YoY Change 41.1% 13.51% 8.57%
Deferred Revenue $19.00M
YoY Change
Short-Term Debt $35.00M $35.00M $47.00M
YoY Change -20.45% -33.96% -7.84%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $394.0M $422.0M $386.0M
YoY Change 13.54% 44.52% 26.97%
LONG-TERM LIABILITIES
Long-Term Debt $162.0M $163.0M $128.0M
YoY Change 149.23% 12.41% -28.89%
Other Long-Term Liabilities $1.000M $1.000M $1.000M
YoY Change 0.0% -50.0% -50.0%
Total Long-Term Liabilities $163.0M $164.0M $129.0M
YoY Change 16200.0% 11.56% -29.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $394.0M $422.0M $386.0M
Total Long-Term Liabilities $163.0M $164.0M $129.0M
Total Liabilities $564.0M $593.0M $522.0M
YoY Change 34.29% 33.86% 6.1%
SHAREHOLDERS EQUITY
Retained Earnings -$730.0M
YoY Change 7.67%
Common Stock $2.020B
YoY Change 0.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.185B $1.187B $1.176B
YoY Change
Total Liabilities & Shareholders Equity $1.749B $1.780B $1.698B
YoY Change 9.11% 4.03% -6.39%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income -$3.000M -$9.000M -$17.00M
YoY Change -95.77% -83.93% -61.36%
Depreciation, Depletion And Amortization $12.00M $12.00M $13.00M
YoY Change -14.29% -14.29% 0.0%
Cash From Operating Activities -$8.000M -$33.00M -$53.00M
YoY Change -116.33% -206.45% -180.3%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M -$2.000M $0.00
YoY Change 0.0% 100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $12.00M $1.000M $0.00
YoY Change 33.33% -100.0%
Cash From Investing Activities $11.00M -$1.000M $0.00
YoY Change 37.5% 0.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.000M 34.00M 47.00M
YoY Change -96.25% -197.14% -62.4%
NET CHANGE
Cash From Operating Activities -8.000M -33.00M -53.00M
Cash From Investing Activities 11.00M -1.000M 0.000
Cash From Financing Activities -3.000M 34.00M 47.00M
Net Change In Cash 0.000 0.000 -6.000M
YoY Change -100.0% -100.0% -700.0%
FREE CASH FLOW
Cash From Operating Activities -$8.000M -$33.00M -$53.00M
Capital Expenditures -$1.000M -$2.000M $0.00
Free Cash Flow -$7.000M -$31.00M -$53.00M
YoY Change -114.0% -196.88% -171.62%

Facts In Submission

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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:6pt;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 results of operations.</p></div>
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EarningsPerShareBasic
-0.59
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.40
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.53
CY2016Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.66
CY2016Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.59
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.40
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.53
CY2016Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.66
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
107000000
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
107000000
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
107000000
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
107000000
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107000000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107000000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107000000
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107000000
CY2017Q4 dnow Number Of Temporary Employees
NumberOfTemporaryEmployees
275
CY2017 us-gaap Defined Contribution Plan Administrative Expenses
DefinedContributionPlanAdministrativeExpenses
12000000
CY2016 us-gaap Defined Contribution Plan Administrative Expenses
DefinedContributionPlanAdministrativeExpenses
13000000
CY2015 us-gaap Defined Contribution Plan Administrative Expenses
DefinedContributionPlanAdministrativeExpenses
14000000
CY2017 us-gaap General Discussion Of Pension And Other Postretirement Benefits
GeneralDiscussionOfPensionAndOtherPostretirementBenefits
The company sponsors two defined benefit plans in the United Kingdom under which accrual of pension benefits have ceased. The second defined benefit plan was acquired from the John MacLean & Sons Electrical acquisition in March 2015.
CY2017Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate
DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate
0.0250
CY2016Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate
DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate
0.0270
CY2017 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate
0.0270
CY2016 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate
0.0370
CY2017 us-gaap Defined Benefit Plan Significant Concentrations Of Risk
DefinedBenefitPlanSignificantConcentrationsOfRisk
the Company’s management believes that there are no significant concentrations of risk associated with plan assets.
CY2016Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
15000000
CY2015 dnow Business Combination Working Capital Adjustments
BusinessCombinationWorkingCapitalAdjustments
6000000
CY2015 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
6000000
CY2015 us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
341000000
CY2015 us-gaap Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
-171000000
CY2015 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
3255000000
CY2014 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
4847000000
CY2015 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-482000000
CY2014 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-131000000
CY2017Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
18000000

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