$MRC
MRC GLOBAL INC.

2018 Q3 Form 10-Q Financial Statement

#000143909518000040 Filed on November 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $1.071B $959.0M
YoY Change 11.68% 20.93%
Cost Of Revenue $899.0M $807.0M
YoY Change 11.4% 14.47%
Gross Profit $172.0M $152.0M
YoY Change 13.16% 72.73%
Gross Profit Margin 16.06% 15.85%
Selling, General & Admin $140.0M $130.0M
YoY Change 7.69% 4.84%
% of Gross Profit 81.4% 85.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.00M $17.00M
YoY Change 0.0% -5.56%
% of Gross Profit 9.88% 11.18%
Operating Expenses $140.0M $130.0M
YoY Change 7.69% 4.84%
Operating Profit $32.00M $22.00M
YoY Change 45.45% -161.11%
Interest Expense $10.00M $9.000M
YoY Change 11.11% -200.0%
% of Operating Profit 31.25% 40.91%
Other Income/Expense, Net $2.000M -$8.000M
YoY Change -125.0% -366.67%
Pretax Income $24.00M $5.000M
YoY Change 380.0% -111.9%
Income Tax $0.00 $2.000M
% Of Pretax Income 0.0% 40.0%
Net Earnings $24.00M $3.000M
YoY Change 700.0% -107.5%
Net Earnings / Revenue 2.24% 0.31%
Basic Earnings Per Share $0.20 -$0.03
Diluted Earnings Per Share $0.20 -$0.03
COMMON SHARES
Basic Shares Outstanding 90.30M 94.50M
Diluted Shares Outstanding 91.70M 94.50M

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.00M $40.00M
YoY Change -27.5% -81.22%
Cash & Equivalents $29.00M $40.00M
Short-Term Investments
Other Short-Term Assets $44.00M $40.00M
YoY Change 10.0% 53.85%
Inventory $849.0M $649.0M
Prepaid Expenses
Receivables $674.0M $578.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.596B $1.307B
YoY Change 22.11% 3.08%
LONG-TERM ASSETS
Property, Plant & Equipment $142.0M $144.0M
YoY Change -1.39% 6.67%
Goodwill $485.0M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $24.00M $20.00M
YoY Change 20.0% -9.09%
Total Long-Term Assets $985.0M $1.029B
YoY Change -4.28% -3.56%
TOTAL ASSETS
Total Short-Term Assets $1.596B $1.307B
Total Long-Term Assets $985.0M $1.029B
Total Assets $2.581B $2.336B
YoY Change 10.49% 0.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $470.0M $449.0M
YoY Change 4.68% 30.52%
Accrued Expenses $131.0M $115.0M
YoY Change 13.91% 16.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $3.000M
YoY Change 33.33% -62.5%
Total Short-Term Liabilities $605.0M $567.0M
YoY Change 6.7% 25.72%
LONG-TERM LIABILITIES
Long-Term Debt $715.0M $444.0M
YoY Change 61.04% -12.43%
Other Long-Term Liabilities $34.00M $22.00M
YoY Change 54.55% 10.0%
Total Long-Term Liabilities $749.0M $466.0M
YoY Change 60.73% -11.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $605.0M $567.0M
Total Long-Term Liabilities $749.0M $466.0M
Total Liabilities $1.354B $1.205B
YoY Change 12.37% 2.55%
SHAREHOLDERS EQUITY
Retained Earnings -$502.0M
YoY Change
Common Stock $1.718B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $225.0M
YoY Change
Treasury Stock Shares $14.62M
Shareholders Equity $774.0M $1.131B
YoY Change
Total Liabilities & Shareholders Equity $2.581B $2.336B
YoY Change 10.49% 0.04%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $24.00M $3.000M
YoY Change 700.0% -107.5%
Depreciation, Depletion And Amortization $17.00M $17.00M
YoY Change 0.0% -5.56%
Cash From Operating Activities -$7.000M -$13.00M
YoY Change -46.15% -115.85%
INVESTING ACTIVITIES
Capital Expenditures -$6.000M -$9.000M
YoY Change -33.33% -10.0%
Acquisitions
YoY Change
Other Investing Activities $6.000M $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 -$9.000M
YoY Change -100.0% -18.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.000M 23.00M
YoY Change -78.26% -192.0%
NET CHANGE
Cash From Operating Activities -7.000M -13.00M
Cash From Investing Activities 0.000 -9.000M
Cash From Financing Activities 5.000M 23.00M
Net Change In Cash -2.000M 1.000M
YoY Change -300.0% -97.83%
FREE CASH FLOW
Cash From Operating Activities -$7.000M -$13.00M
Capital Expenditures -$6.000M -$9.000M
Free Cash Flow -$1.000M -$4.000M
YoY Change -75.0% -104.35%

Facts In Submission

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;">Business Operations</font><font style="display: inline;font-weight:bold;font-size:10pt;">: &nbsp;</font><font style="display: inline;font-size:10pt;">MRC Global Inc. is a holding company headquartered in Houston, Texas.</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">Our wholly owned subsidiaries are global distributors of pipe, valves, fittings </font><font style="display: inline;font-size:10pt;">(&#x201C;PVF&#x201D;) </font><font style="display: inline;font-size:10pt;">and related products and services across each of the upstream (exploration, production and extraction of underground oil and gas), midstream (gathering and transmission of oil and gas, gas utilities, and the storage and distribution of oil and gas) and downstream (crude oil refining</font><font style="display: inline;font-size:10pt;"> and</font><font style="display: inline;font-size:10pt;"> petrochemical </font><font style="display: inline;font-size:10pt;">and chemical </font><font style="display: inline;font-size:10pt;">processing</font><font style="display: inline;font-size:10pt;"> and general industrials</font><font style="display: inline;font-size:10pt;">) sectors. We have branches in principal industrial, hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia</font><font style="display: inline;font-size:10pt;">,</font><font style="display: inline;font-size:10pt;"> Australasia</font><font style="display: inline;font-size:10pt;">, the Middle East and Caspian</font><font style="display: inline;font-size:10pt;">. &nbsp;</font><font style="display: inline;font-size:10pt;">We obtain</font><font style="display: inline;font-size:10pt;"> products from a broad range of suppliers. </font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#xFEFF;</font> </p> <p><font size="1"> </font></p> </div> </div>
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CY2017Q4 us-gaap Other Liabilities Noncurrent
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us-gaap Other Noncash Income Expense
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us-gaap Other Noncash Income Expense
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us-gaap Other Nonoperating Income Expense
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CY2018Q3 us-gaap Other Nonoperating Income Expense
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us-gaap Payments For Repurchase Of Common Stock
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CY2017Q3 us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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50000000
CY2018Q3 us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
18000000
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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18000000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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3000000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
5000000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
23000000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
15000000
CY2017 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.065
us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.065
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
18000000
CY2017Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
6000000
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
18000000
CY2018Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
6000000
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2017Q4 us-gaap Preferred Stock Shares Authorized
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363000
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2017Q4 us-gaap Preferred Stock Shares Issued
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CY2018Q3 us-gaap Preferred Stock Shares Issued
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CY2017Q4 us-gaap Preferred Stock Shares Outstanding
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CY2018Q3 us-gaap Preferred Stock Shares Outstanding
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CY2017Q4 us-gaap Preferred Stock Value
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us-gaap Proceeds From Lines Of Credit
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us-gaap Proceeds From Lines Of Credit
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1004000000
us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Proceeds From Stock Options Exercised
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21000000
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CY2018Q3 us-gaap Property Plant And Equipment Net
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us-gaap Repayments Of Lines Of Credit
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468000000
us-gaap Repayments Of Lines Of Credit
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808000000
us-gaap Repayments Of Long Term Debt And Capital Securities
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18000000
us-gaap Repayments Of Long Term Debt And Capital Securities
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CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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-548000000
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2743000000
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
959000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3163000000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1071000000
us-gaap Revenues
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2743000000
CY2017Q3 us-gaap Revenues
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959000000
us-gaap Revenues
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3163000000
CY2018Q3 us-gaap Revenues
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1071000000
us-gaap Selling General And Administrative Expense
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388000000
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
130000000
us-gaap Selling General And Administrative Expense
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414000000
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SellingGeneralAndAdministrativeExpense
140000000
us-gaap Share Based Compensation
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12000000
us-gaap Share Based Compensation
ShareBasedCompensation
11000000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
759000000
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
773000000
CY2017 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
2000000
us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
6000000
CY2018Q3 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
5000000
CY2015Q2 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
1000
CY2015Q2 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
363000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
20.54
CY2017Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
17.39
CY2018Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
11751726
CY2018Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
14622930
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
859830
CY2017Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2871204
CY2018Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
175000000
CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
225000000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1800000
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1400000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
94600000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
94500000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
92400000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
91700000
us-gaap Weighted Average Number Of Shares Outstanding Basic
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94600000
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94500000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
90600000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
8000000
CY2017Q3 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
8000000
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
1000000

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