$MRC
MRC GLOBAL INC.

2022 Q2 Form 10-Q Financial Statement

#000143774922011708 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $848.0M $742.0M $686.0M
YoY Change 23.62% 21.84% 18.48%
Cost Of Revenue $677.0M $606.0M $534.0M
YoY Change 17.94% 19.76% 11.95%
Gross Profit $171.0M $136.0M $152.0M
YoY Change 52.68% 32.04% 68.89%
Gross Profit Margin 20.17% 18.33% 22.16%
Selling, General & Admin $120.0M $107.0M $105.0M
YoY Change 17.65% 7.0% 9.38%
% of Gross Profit 70.18% 78.68% 69.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.00M $10.00M $11.00M
YoY Change -9.09% -9.09% 0.0%
% of Gross Profit 5.85% 7.35% 7.24%
Operating Expenses $120.0M $107.0M $105.0M
YoY Change 17.65% 7.0% 9.38%
Operating Profit $51.00M $29.00M $47.00M
YoY Change 410.0% 866.67% -883.33%
Interest Expense -$5.000M $6.000M -$5.000M
YoY Change -183.33% 0.0% -16.67%
% of Operating Profit -9.8% 20.69% -10.64%
Other Income/Expense, Net -$6.000M $0.00 $1.000M
YoY Change -700.0% -83.33%
Pretax Income $20.00M $23.00M -$3.000M
YoY Change 300.0% -866.67% -57.14%
Income Tax $6.000M $7.000M $1.000M
% Of Pretax Income 30.0% 30.43%
Net Earnings $14.00M $16.00M -$4.000M
YoY Change 250.0% -633.33% -20.0%
Net Earnings / Revenue 1.65% 2.16% -0.58%
Basic Earnings Per Share $0.10 $0.12
Diluted Earnings Per Share $164.9K $0.12 -$48.48K
COMMON SHARES
Basic Shares Outstanding 83.48M 83.30M 82.67M
Diluted Shares Outstanding 84.90M 84.30M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.00M $31.00M $48.00M
YoY Change -66.67% -76.52% -59.66%
Cash & Equivalents $21.00M $31.00M $48.00M
Short-Term Investments
Other Short-Term Assets $36.00M $28.00M $19.00M
YoY Change 12.5% 16.67% 0.0%
Inventory $555.0M $500.0M $453.0M
Prepaid Expenses
Receivables $489.0M $453.0M $379.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.101B $1.012B $899.0M
YoY Change 14.57% -1.65% -6.94%
LONG-TERM ASSETS
Property, Plant & Equipment $282.0M $88.00M $91.00M
YoY Change 196.84% -10.2% -11.65%
Goodwill $264.0M $264.0M
YoY Change 0.0% 0.0%
Intangibles $199.0M $204.0M
YoY Change -10.36% -10.92%
Long-Term Investments
YoY Change
Other Assets $23.00M $23.00M $22.00M
YoY Change 21.05% 21.05% 15.79%
Total Long-Term Assets $763.0M $774.0M $772.0M
YoY Change -2.68% -3.01% -5.28%
TOTAL ASSETS
Total Short-Term Assets $1.101B $1.012B $899.0M
Total Long-Term Assets $763.0M $774.0M $772.0M
Total Assets $1.864B $1.786B $1.671B
YoY Change 6.82% -2.24% -6.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $433.0M $400.0M $321.0M
YoY Change 23.71% 18.34% 21.59%
Accrued Expenses $108.0M $87.00M $80.00M
YoY Change 33.33% 2.35% -14.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000M $3.000M $2.000M
YoY Change 200.0% -97.14% -50.0%
Total Short-Term Liabilities $549.0M $525.0M $436.0M
YoY Change 17.81% -6.75% 9.27%
LONG-TERM LIABILITIES
Long-Term Debt $353.0M $300.0M $295.0M
YoY Change 19.26% 8.3% -22.16%
Other Long-Term Liabilities $204.0M $26.00M $32.00M
YoY Change 500.0% -27.78% -21.95%
Total Long-Term Liabilities $557.0M $326.0M $327.0M
YoY Change 68.79% 4.15% -22.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $549.0M $525.0M $436.0M
Total Long-Term Liabilities $557.0M $326.0M $327.0M
Total Liabilities $1.162B $851.0M $763.0M
YoY Change 45.98% -2.85% -6.84%
SHAREHOLDERS EQUITY
Retained Earnings -$809.0M -$819.0M
YoY Change 2.41% 4.87%
Common Stock $1.749B $1.748B
YoY Change 0.34% 0.46%
Preferred Stock
YoY Change
Treasury Stock (at cost) $375.0M $375.0M
YoY Change 0.0% 0.0%
Treasury Stock Shares $24.22M $24.22M
Shareholders Equity $702.0M $339.0M $323.0M
YoY Change
Total Liabilities & Shareholders Equity $1.864B $1.786B $1.671B
YoY Change 6.82% -2.24% -6.18%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $14.00M $16.00M -$4.000M
YoY Change 250.0% -633.33% -20.0%
Depreciation, Depletion And Amortization $10.00M $10.00M $11.00M
YoY Change -9.09% -9.09% 0.0%
Cash From Operating Activities -$50.00M -$13.00M $40.00M
YoY Change -317.39% -154.17% -51.81%
INVESTING ACTIVITIES
Capital Expenditures -$3.000M $2.000M -$4.000M
YoY Change 50.0% 0.0% 33.33%
Acquisitions
YoY Change
Other Investing Activities -$2.000M $0.00 $1.000M
YoY Change -300.0% -100.0% -96.55%
Cash From Investing Activities -$5.000M -$2.000M -$3.000M
YoY Change 400.0% 100.0% -111.54%
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 -$2.000M -36.00M
YoY Change -151.09% -77.78% 9.09%
NET CHANGE
Cash From Operating Activities -50.00M -$13.00M 40.00M
Cash From Investing Activities -5.000M -$2.000M -3.000M
Cash From Financing Activities 47.00M -$2.000M -36.00M
Net Change In Cash -8.000M -$17.00M 1.000M
YoY Change -88.57% -221.43% -98.68%
FREE CASH FLOW
Cash From Operating Activities -$50.00M -$13.00M $40.00M
Capital Expenditures -$3.000M $2.000M -$4.000M
Free Cash Flow -$47.00M -$15.00M $44.00M
YoY Change -288.0% -168.18% -48.84%

Facts In Submission

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113000000 USD
CY2022Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
22000000 USD
CY2021Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
2000000 USD
CY2022Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
-0 USD
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1000000 USD
CY2021Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2000000 USD
CY2021Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
1000000 USD
CY2022Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
6000000 USD
CY2021Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
6000000 USD
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2000000 USD
CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2000000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2000000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-9000000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-17000000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
14000000 USD
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 USD
CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-1000000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48000000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
119000000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
31000000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
132000000 USD
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
5000000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
6000000 USD
CY2022Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
10000000 USD
CY2021Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
12000000 USD
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
8000000 USD
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4000000 USD
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2000000 USD
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3000000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
742000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
609000000 USD
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
19000000 USD
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
741000000 USD
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
685000000 USD
CY2022Q1 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
219000000 USD
CY2021Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
213000000 USD
CY2022Q1 us-gaap Inventory Net
InventoryNet
500000000 USD
CY2021Q4 us-gaap Inventory Net
InventoryNet
453000000 USD
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
10000000 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
11000000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
31000000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
36000000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
31000000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
25000000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
22000000 USD
CY2022Q1 mrc Lessee Operating Lease Liability To Be Paid After Year Five
LesseeOperatingLeaseLiabilityToBePaidAfterYearFive
193000000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
338000000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
119000000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
219000000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P13Y
CY2022Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.066 pure
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
303000000 USD
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
297000000 USD
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
3000000 USD
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2000000 USD
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
300000000 USD
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
295000000 USD
CY2022Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
0 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
16000000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-3000000 USD
CY2022Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
6000000 USD
CY2021Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
6000000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10000000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9000000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83300000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82300000
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1000000.0
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84300000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82300000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.11
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.11
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
742000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
609000000 USD
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
29000000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
3000000 USD
CY2022Q1 us-gaap Interest Expense
InterestExpense
6000000 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
6000000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
23000000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3000000 USD
CY2022Q1 us-gaap Assets
Assets
1786000000 USD
CY2021Q4 us-gaap Assets
Assets
1671000000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
742000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
609000000 USD
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
303000000 USD
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
297000000 USD

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