$DNOW
DNOW Inc.

2018 Q1 Form 10-Q Financial Statement

#000156459018010156 Filed on May 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $764.0M $631.0M
YoY Change 21.08% 15.15%
Cost Of Revenue $616.0M $517.0M
YoY Change 19.15% 12.15%
Gross Profit $148.0M $114.0M
YoY Change 29.82% 31.03%
Gross Profit Margin 19.37% 18.07%
Selling, General & Admin $141.0M $135.0M
YoY Change 4.44% -11.18%
% of Gross Profit 95.27% 118.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.00M $13.00M
YoY Change -15.38% 8.33%
% of Gross Profit 7.43% 11.4%
Operating Expenses $141.0M $135.0M
YoY Change 4.44% -11.18%
Operating Profit $7.000M -$21.00M
YoY Change -133.33% -67.69%
Interest Expense $1.000M $1.000M
YoY Change 0.0% -150.0%
% of Operating Profit 14.29%
Other Income/Expense, Net -$5.000M -$3.000M
YoY Change 66.67%
Pretax Income $3.000M -$23.00M
YoY Change -113.04% -65.67%
Income Tax $1.000M $0.00
% Of Pretax Income 33.33%
Net Earnings $2.000M -$23.00M
YoY Change -108.7% -63.49%
Net Earnings / Revenue 0.26% -3.65%
Basic Earnings Per Share $0.02 -$0.21
Diluted Earnings Per Share $0.02 -$0.21
COMMON SHARES
Basic Shares Outstanding 108.1M 108.0M
Diluted Shares Outstanding 108.2M 108.0M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.00M $102.0M
YoY Change -21.57% -22.14%
Cash & Equivalents $80.00M $102.0M
Short-Term Investments
Other Short-Term Assets $21.00M $20.00M
YoY Change 5.0% -16.67%
Inventory $609.0M $491.0M
Prepaid Expenses
Receivables $496.0M $412.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.206B $1.025B
YoY Change 17.66% -14.65%
LONG-TERM ASSETS
Property, Plant & Equipment $114.0M $136.0M
YoY Change -16.18% -14.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.000M $6.000M
YoY Change 16.67% -14.29%
Total Long-Term Assets $612.0M $638.0M
YoY Change -4.08% 18.81%
TOTAL ASSETS
Total Short-Term Assets $1.206B $1.025B
Total Long-Term Assets $612.0M $638.0M
Total Assets $1.818B $1.663B
YoY Change 9.32% -4.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $331.0M $305.0M
YoY Change 8.52% 46.63%
Accrued Expenses $77.00M $74.00M
YoY Change 4.05% -21.28%
Deferred Revenue $33.00M
YoY Change
Short-Term Debt $35.00M $46.00M
YoY Change -23.91% -11.54%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $443.0M $399.0M
YoY Change 11.03% 32.12%
LONG-TERM LIABILITIES
Long-Term Debt $175.0M $82.00M
YoY Change 113.41% 49.09%
Other Long-Term Liabilities $1.000M $1.000M
YoY Change 0.0% -66.67%
Total Long-Term Liabilities $176.0M $83.00M
YoY Change 112.05% 43.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $443.0M $399.0M
Total Long-Term Liabilities $176.0M $83.00M
Total Liabilities $626.0M $488.0M
YoY Change 28.28% 31.89%
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 $1.192B $1.175B
YoY Change
Total Liabilities & Shareholders Equity $1.818B $1.663B
YoY Change 9.32% -4.32%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $2.000M -$23.00M
YoY Change -108.7% -63.49%
Depreciation, Depletion And Amortization $11.00M $13.00M
YoY Change -15.38% 8.33%
Cash From Operating Activities -$30.00M -$21.00M
YoY Change 42.86% -123.6%
INVESTING ACTIVITIES
Capital Expenditures $1.000M $1.000M
YoY Change 0.0% 0.0%
Acquisitions $3.000M
YoY Change
Other Investing Activities $0.00 -$2.000M
YoY Change -100.0% 100.0%
Cash From Investing Activities -$1.000M -$2.000M
YoY Change -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.00M 16.00M
YoY Change -18.75% -128.07%
NET CHANGE
Cash From Operating Activities -30.00M -21.00M
Cash From Investing Activities -1.000M -2.000M
Cash From Financing Activities 13.00M 16.00M
Net Change In Cash -18.00M -7.000M
YoY Change 157.14% -121.88%
FREE CASH FLOW
Cash From Operating Activities -$30.00M -$21.00M
Capital Expenditures $1.000M $1.000M
Free Cash Flow -$31.00M -$22.00M
YoY Change 40.91% -125.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
135000000
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-21000000
CY2017Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
2000000
CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-23000000
CY2018Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
72000000
CY2017Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1000000
CY2017Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
3000000
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-18000000
CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-4000000
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
106000000
CY2017Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
102000000
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
1000000
CY2017Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
10000000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-30000000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1000000
CY2017Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
3000000
CY2017Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-2000000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1000000
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2000000
CY2018Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
85000000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
13000000
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
16000000
CY2018Q1 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>
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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 results of operations.</p></div>
CY2013Q4 dnow Number Of Geographic Markets
NumberOfGeographicMarkets
80
CY2013Q4 dnow Number Of Vendors
NumberOfVendors
1000
CY2013Q4 dnow Number Of Vendor Distributed Countries
NumberOfVendorDistributedCountries
40
CY2018Q1 us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
18000000
CY2017 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
8000000
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
238000000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
238000000
CY2018Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
124000000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
119000000
CY2018Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
33000000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
36000000
CY2018Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
33000000
CY2017Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
19000000
CY2018Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
12000000
CY2017Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
15000000
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
32000000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
33000000
CY2018Q1 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
CY2018Q1 dnow Maximum Debt To Capitalization Ratio Allowable
MaximumDebtToCapitalizationRatioAllowable
0.50
CY2016Q1 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0075
CY2016Q1 dnow Percentage Increase In Commitment Fee
PercentageIncreaseInCommitmentFee
0.0005
CY2016Q1 dnow Percentage Of Equity In Customary Security Interest
PercentageOfEquityInCustomarySecurityInterest
0.65
CY2018Q1 dnow Senior Secured Revolving Credit Facility Commitment
SeniorSecuredRevolvingCreditFacilityCommitment
750000000
CY2018Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2019-04-18
CY2018Q1 dnow Operating Profit Loss Margin
OperatingProfitLossMargin
0.009
CY2017Q1 dnow Operating Profit Loss Margin
OperatingProfitLossMargin
-0.033
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
0.241
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
0.018
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q1 dnow Tax Cuts And Jobs Act Of2017 Incomplete Accounting Change In Tax Rate Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingChangeInTaxRateProvisionalIncomeTaxExpenseBenefit
9000000
CY2018Q1 dnow Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit
69000000
CY2018Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-69000000
CY2018Q1 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
IncomeTaxReconciliationRepatriationOfForeignEarnings
33000000
CY2018Q1 dnow Tax Cuts And Jobs Act Incomplete Accounting Change In Tax Rate Net Operating Loss Deferred Tax Asset Provisional Income Tax Expense
TaxCutsAndJobsActIncompleteAccountingChangeInTaxRateNetOperatingLossDeferredTaxAssetProvisionalIncomeTaxExpense
9000000
CY2018Q1 dnow Tax Cuts And Jobs Act Incomplete Accounting Global Intangible Low Taxed Income Provisional Income Tax Expense Benefit
TaxCutsAndJobsActIncompleteAccountingGlobalIntangibleLowTaxedIncomeProvisionalIncomeTaxExpenseBenefit
1000000
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6000000
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8000000
CY2018Q1 dnow Net Income Loss Attributable To Shareholders
NetIncomeLossAttributableToShareholders
2000000
CY2017Q1 dnow Net Income Loss Attributable To Shareholders
NetIncomeLossAttributableToShareholders
-23000000
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
98041
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1807822
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.95
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4000000
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6000000
CY2018Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
35000000
CY2018Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
9000000

Files In Submission

Name View Source Status
0001564590-18-010156-index-headers.html Edgar Link pending
0001564590-18-010156-index.html Edgar Link pending
0001564590-18-010156.txt Edgar Link pending
0001564590-18-010156-xbrl.zip Edgar Link pending
dnow-10q_20180331.htm Edgar Link pending
dnow-20180331.xml Edgar Link completed
dnow-20180331.xsd Edgar Link pending
dnow-20180331_cal.xml Edgar Link unprocessable
dnow-20180331_def.xml Edgar Link unprocessable
dnow-20180331_lab.xml Edgar Link unprocessable
dnow-20180331_pre.xml Edgar Link unprocessable
dnow-ex311_7.htm Edgar Link pending
dnow-ex312_8.htm Edgar Link pending
dnow-ex321_9.htm Edgar Link pending
dnow-ex322_6.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
g2018050123071486027997.jpg Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending